Market Trends of Fish Industry
Technological Advancements in Fish Production and Transportation is Fueling the Supply of Fish
- Technological advancements have significantly transformed the fish market, enhancing production and distribution efficiency. Artificial intelligence in the fisheries industry is the future of fish farming, which is expected to improve fish breeding, monitoring, and harvesting. The research uses machine learning for data analysis, including water quality, feeding patterns, and the fish's behavior to detect early disease symptoms. These improvements span fishing techniques, aquaculture, and supply chain logistics, leading to increased production of quality fish in the market.
- Moreover, "Fish-Finder" is an innovation involving sonar and GPS technology to help fishermen locate fish groups more accurately and efficiently, reducing time and fuel costs. The advanced fishing boats have better engines, storage facilities, and processing units, allowing for longer fishing trips and maintaining fish quality. Innovations in fishing gear rods reduce unwanted fish catch and minimize environmental impact. For instance, selective fishing gear targets specific species, allowing non-target species to escape unharmed.
- According to the World Economic Forum's report titled "Investigating Global Aquatic Food Loss and Waste," the loss or wastage of aquatic food in 2021 is 23.8 million metric tons, accounting for 14.8% of the global aquatic food produced in that year. Therefore, to reduce this wastage in transit, refrigeration and freezing technologies in logistics ensure fish remain fresh from the point of capture to consumption, ultimately reducing fish deterioration in transit.
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Asia-Pacific Dominates the Market
- Asia Pacific is a significant fish market due to opportunities created by developing economies. Countries like India and China are now culinary hubs for authentic fish-based dishes, which is evident from the diverse offerings on their restaurant menus.
- Fish production in countries like India and Indonesia is a significant driver of the market's growth. Factors such as urbanization, rising disposable income, and increased demand for protein-rich fish food contribute to this trend. Additionally, consumers' preference for premium-quality products due to freshness and variety is expected to fuel the market's growth during the forecast period.
- Furthermore, governments in the region are identifying the significance and potential of fisheries and aquaculture. For instance, in February 2023, the Government of India introduced the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY) with a targeted investment of USD 726.6 million that aims to formalize the fisheries sector by creating a national registry of stakeholders through the National Fisheries Sector Digital Platform (NFDP). It facilitates access to institutional financing for micro and small enterprises in fisheries, provides incentives for aquaculture insurance, and promotes safety and quality assurance systems.
- In addition, fish processing establishments in the region are using high-pressure processing (HPP) technology, which is a non-thermal technology in which the fish is submerged in a liquid placed in a pressure vessel and uses pressures of about 6000 times the average air pressure at sea level to pasteurize fish meat to improve operational efficiency. HPP technologies developed by Avure Technologies and Food Science Australia are widely used in fish processing. The Seafood Company, a Singapore-based company, uses HPP technology for seafood processing.
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