IMARC Group, a leading market research company, has recently released a report titled “Milkfish Market Report by Type (Frozen, Canned), Distribution Channel (Offline, Online), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the market share, size, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the milkfish market?
The global milkfish market size reached US$ 1.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 2.1 Billion by 2032, exhibiting a growth rate (CAGR) of 4.61% during 2024-2032.
Global Milkfish Market Trends:
The rapid advancements in processing and packaging technologies that enhance the shelf life and quality of milkfish are some of the major factors propelling the market growth. In addition to this, the rising shift towards healthier diets, increasing the demand for protein-rich, low-fat options like milkfish, is boosting the market growth. Moreover, the growing disposable income of consumers, leading to heightened consumption of seafood, is acting as a growth-inducing factor.
Along with this, the implementation of various government policies and subsidies that support aquaculture is bolstering the market growth. Furthermore, the escalating utilization of social media and marketing campaigns to increase consumer awareness and preferences for milkfish, is supporting the market growth.
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Factors Affecting the Growth of the Milkfish Industry:
- Growing Adoption of Aquaculture Practices:
The rising adoption of aquaculture practices for organisms, including fish and aquatic plants, is one of the major factors boosting the market growth. Moreover, the widespread utilization of improved breeding techniques, better feed management, and disease control measures are creating a positive outlook for the market growth. Along with this, the increasing adoption of genetically improved strains of milkfish, leading to faster growth rates, higher survival rates, and potentially larger yields, is acting as a growth-inducing factor. Moreover, the growing investment in research and development (R&D) in breeding, disease control, and feed efficiency, leading to significant improvements in production, is propelling the market growth. In addition to this, the rising collaborative efforts between governments, academic institutions, and the private sector to foster innovation, facilitating the development of more resilient and productive aquaculture systems, is enhancing the market growth.
- Increasing Consumer Demand for Milkfish:
The rising consumer demand for milkfish, due to the changing taste preferences and price sensitivity, is one of the major factors contributing to the market growth. In addition to this, the growing product consumption, owing to the health benefits associated with it, such as high protein content and omega-3 fatty acids, is creating a positive outlook for the market growth. Additionally, the increasing prevalence of effective marketing strategies that enhance the visibility and appeal of milkfish is acting as a growth-inducing factor. Along with this, the growing product demand, due to its affordability compared to other protein sources, is anticipated to drive the market growth. Apart from this, the growing acceptance of milkfish as a part of various culinary heritage, boosting its utilization in traditional dishes and celebrations, is offering remunerative growth opportunities for the market.
- Rising Globalization of the Food Industry:
The growing consumption of milkfish across the globe, due to its versatility and nutritional value, is a major factor positively impacting the market growth. Along with this, the rising demand for sustainably sourced and organically farmed milkfish, as consumers become aware of the health implication of chemicals and preservatives, is acting as a growth-inducing factor. Besides this, the introduction of free trade agreements that reduce barriers, making it easier and more profitable to export milkfish, is fostering the market growth. In addition to this, rapid advancements in aquaculture techniques, processing, packaging, and logistics to improve efficiency, better product quality, and reduce environmental impact are fueling the market growth. Apart from this, the rising need for compliance with international regulatory standards, such as food safety, environmental sustainability, and labor practices, is bolstering the market growth. In line with this, the growing popularity of obtaining certifications for sustainable fishing practices that enhance market access and consumer trust is strengthening the market growth.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Komira Group
- Liang Shing Frozen Seafoods Co. Ltd.
- PT Fishnesia Mitra Bersama
- W Fresh Supply Co. Ltd.
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Milkfish Market Report Segmentation:
By Type:
- Frozen
- Canned
Frozen represented the largest segment due to its longer shelf life and ease of transportation.
By Distribution Channel:
- Offline
- Online
Offline channels dominate the market share due to rising consumer preference for fresh purchase and inspection in traditional markets and fishmongers.
Regional Insights:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Asia Pacific’s dominance in the milkfish market is attributed to high consumption rates and cultural significance of milkfish in regional diets.
Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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