NEW YORK, Sept. 27, 2023 /PRNewswire/ -- The shark meat market size is expected to grow by USD 149.85 million from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 2.59% during the forecast period. APAC is estimated to contribute 46% to the growth of the global market during the forecast period. The growth of the global shark meat market in the APAC region is primarily driven by several key factors, including an expanding population base, heightened awareness of seafood benefits, and increased disposable income. Shark meat is notably prominent in dishes like fish and chips, especially in Australia. Additionally, shark fin soup has gained popularity in countries such as Thailand, Malaysia, Vietnam, and Macau. However, it's worth noting that there is a growing number of campaigns opposing the use and consumption of shark meat and shark fin, which could potentially impede market growth in the region. Among the significant contributors to the market in APAC are countries such as China, Japan, Taiwan, South Korea, Vietnam, Malaysia, Indonesia, and Thailand. As a result of these factors, the global shark meat market is expected to experience growth in the APAC region during the forecast period. High nutritional value is notably driving the shark meat market. However, factors such as overexploitation and depletion of fish stocks may impede market growth. The market is segmented by product (Shark meat and Shark fin), end-user (Commercial and Residential), and geography (APAC, Europe, North America, South America, and Middle East and Africa). Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology. The FREE sample report is available in PDF format
Key Segment Analysis
- The shark meat segment is estimated to witness significant growth during the forecast period. There is a rising consumption of shark meat, particularly in Southeast Asia, as well as in certain regions of Africa and South America. Furthermore, shark meat finds extensive use in dishes like fish and chips in countries such as the UK, Australia, and the US. However, it is important to note that shark meat typically undergoes processing before reaching consumers since fresh shark meat tends to have a strong ammonia odor and a very short shelf life, lasting only two days. The meat is commonly processed into fillets and distributed globally. Additionally, shark meat goes by different names in various parts of the world. For instance, in Australia, it is known as flake while in the UK, it is called rock salmon which is widely used in fish and chips. These factors are expected to contribute to the growth of this segment, thereby driving market expansion during the forecast period.
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Company Insights
The shark meat market is concentrated, and the companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market's competitive landscape and offers information on several market companies, including Aquafin Trade Inc., Citarella, Crystal Amusements Ltd., East Coast Seafood LLC, Fujian Haoyuan Food Co. Ltd., Gaudets Seafood, Marder Trawling Inc., Premier Seafood Ltd., Talleys, Wellfleet Harbor Seafood Co. Inc., and Wenzhou Haideli Shark Products Co. Ltd.
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FAQS
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ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by End-user
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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