Anchovy Fish Market Size, Share, Growth, and Industry Analysis, By Type (Frozen & Fresh), By Application (Online Sales & Offline Sales), and Regional Forecast to 2032

ANCHOVY FISH MARKET OVERVIEW

The global Anchovy Fish market size expanded rapidly USD 1.15 bn in 2024 and is projected to grow USD 1.72 bn by 2032, exhibiting a prodigious CAGR 5.1% during the forecast period.

The anchovy fish market is expanding due to increased demand for anchovies in the culinary and industrial markets. These freshwater saltwater fish with a pronounced flavour are known as anchovies. They are very common in Mediterranean and Asian cuisines, and they are also used in processed forms, such as sauces, pastes, and canned products of other characters. The market has expanded as a result of rising seafood consumption and the adoption of healthy diets. Anchovies are an important source of fishmeal and fish oil, which increases the need for them.

COVID-19 IMPACT

Anchovy Fish Industry Had a Negative Effect Due to Reduced Demand during COVID-19 Pandemic

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The impacts on the Anchovy Fish Market were vast as a result of the coronavirus pandemic and the associated lockdown tendencies, as they affected international supply chains, fishing, and processing activities hard. The food service and restaurant industries, which have high use of anchovy products, suffered from diminished demand because of lockdowns and restrictions. Also, other non-essential commodity purchases were less, and their distribution faced problems, which also impeded growth of the market. All these factors contributed to a decline in the market for some time during the pandemic.

LATEST TREND

"Growing demand for sustainable, nutritious product drives market growth globally"

The escalation in the consumption of fresh, sustainably sourced as well as nutritious anchovies is one of the developments in the Anchovy Fish Market global market contributing to this uptake due to environmental awareness among the society. This change in approaches is accelerating the transformation of several producers into sustainable ones. Moreover, demands for anchovies are rising due to their incorporation in health-oriented diets which comprises a lot of plant-based foods. This is in line with the increasing concern on clean label and naturally produced food ingredients.

ANCHOVY FISH MARKET SEGMENTATION

By Type

Based on Type, the global market can be categorized into Frozen & Fresh

• Frozen: In the Anchovy Fish Market, the frozen segment is characterized by ease of use and long shelf life corresponding to the needs of individual customers and businesses. Frozen anchovies have extensive applications in the food processing sector in the preparation of sauces, pastes, and snacks. This segment is anticipated to increase on account of rapid uptake for processed and convenient on-the-go seafood options.
• Fresh: The fresh anchovy market is expected to grow due to the increasing popularity and demand for fresh anchovies among the end-users of the foodservice industry, especially Mediterranean and Asian cuisines. The fishes are appreciated due to their subtle taste and are mainly found in local markets or restaurants. Nonetheless, their short shelf-life and the need for quick distribution often make them harder to supply than the frozen ones.

By Application

Based on application, the global market can be categorized into Online Sales & Offline Sales

• Online sales: The sales of anchovies in the web-based market have been increasing due to the growth in the use of the e-commerce platforms and the ease of use they come with. Consumers can easily buy anchovies from online vendors or direct-to consumer seafood brands who usually deliver to their houses. The online grocery shopping trend that was also enhanced by the pandemic, remains to be the main contributor in the growth of this sub segment.
• Offline Sales: The traditional methods of sales still account for a large share of the Anchovy Fish Market, as they include sales in physical shops, supermarkets, and even fish markets. This method cedes some of the advantages directly, especially with the demand to buy fresh anchovies in the coastal or regional areas. There has been an increase in sales over the internet, but that is not the case with fresh products in particular.

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions.

Driving Factors

"Rising health awareness and protein demand drive Market growth"

Omega-3 fatty acids, vitamins, and minerals are present in anchovies in abundance, making them quite favourable for people who watch their health. Hence, the combined adoption of such diets as well as the growing knowledge about the value of these fish, contributes to the Anchovy Fish Market Growth. The need for anchovies that are rich in protein and healthy fat content is ever on the increase in different parts of the world.

"Marsal fish’s diverse use in sauces and snacks drives market growth"

Marsal fish is offered in several types of processed food products like sauces and dressings and even snacks, which come as a benefit to most proponents. It has a special flavour which enriches the culinary products hence, making it highly used in all cuisines. This diversity in use in processed foods considerably enhances their market consumption.

Restraining Factor

"Overexploitation and restrictions threaten market growth by disrupting supply chains"

The overexploitation of anchovies is a great threat to the industry as it reduces the availability of resources and also affects the marine environment. In addition, there are policies which impose restrictions on fishing and sustainable development which makes the supply difficult producing more problems in the operations of the producers. These aspects can impede the improvement of the market and the efficiency of the supply chain on a regular basis.

Opportunity

"Growing demand for sustainable seafood product’s oil drives market growth"

A potential development factor of the Anchovy Fish Market is the increasing trend of consumption of sustainable seafood. While coconut oil has been widely available for some time, its eco-friendlier with a lesser impact on the environment- and health-friendly oils have entered the market. Even for example the supplementing use of anchovy fish oil rich in omega 3 and eicosapentaenoic acid for capsules health supplements, which uses more anchovies helps in adding a new outlook to the market. These changes have a concrete present and potential future reach in the economy of many countries.

Challenge

"Climate change and overfishing disrupt supply, hindering market growth"

One of the most significant problems in the anchovy fish market is the sensitive environment, which is detrimental to anchovy populations due to climate change. Sea surface temperature increases, and excessive fishing activities also affect their natural environments and presence. Such prerequisites do not only affect supply but also cause an imposition of strict laws against fishing. Such impediments rear existing board operational costs while causing the disruption of the stability of the market.

ANCHOVY FISH MARKET REGIONAL INSIGHTS

• North America

"North America's demand for protein-rich products drives market growth"

North America dominates with the largest Anchovy Fish Market Share owing to the high sales of processed anchovy products such as sauces and snacks offered, especially in the foodservice. In addition, the prevalence of protein-rich foods in the region encourages further development of the market. The United States Anchovy Fish Market is notably important thanks to the high demand of fish remains among consumers conscious in their food intake and the acceptance of cuisines even more Mediterranean. It is this demand, however, that further cements North America’s position on the continent as the strongest player in the market.

• Europe

"Europe's product-based cuisine and sustainable sourcing drive market growth significantly"

Europe plays a great role in the market for anchovy fish due to the longstanding food heritage, especially among the Mediterranean nations like Spain, Italy, and Greece. Cuisines in the region have an anchovy base; it is included in food, sauces, and gourmet products. This is also due to the region’s concern with seafood being sustainably sourced, which appeals to consumers and increases the demand. In addition, the presence of a well-established seafood processing industry in Europe aids the growth of the market.

• Asia

"Asia's product consumption and seafood awareness drive market growth significantly"

Asia adds to the anchovy fish market owing to the high consumption of anchovies in the local cuisines, most particularly in Japan, South Korea, the Philippines, and other Asian countries. In this sense, anchovies are used in a variety of fermented products, soups, and snacks, thus ensuring constant demand. In addition, the region has a highly developed fishing industry that guarantees an able supply of fresh as well as processed anchovies. Also, the growing health awareness among the public as well as the liking for seafood propels the option market in Asia.

KEY INDUSTRY PLAYERS

"Major companies drive market growth through responsible fishing, product innovation, and eco-friendly strategies"

Major companies active in the anchovy fish market enhance growth by engaging in responsible fishing methods and expanding their product mix. In this regard, they emphasize processing innovations to satisfy the demand for sauces, snacks, and fish oil capsules. Uptake of strategic marketing and collaboration with retailers improves product availability, while eco-friendly initiatives further complement consumer behaviour and accelerate market growth.

List of Top Anchovy Fish Companies

• Mah Protein Co. Ltd. (Iran)
• LSK Fishery Sdn. Bhd (Malaysia)
• SR EXPORTS & IMPORTS (India)
• KuttySoora Seafoods (India)
• Taj Agro Products (India)

KEY INDUSTRY DEVELOPMENTS

July, 2024: The notable change that happened in the Anchovy Fish Market was in when Peru managed to carry out the first season of anchovy fishing in the central northern part of the country, attaining over 98% of its quota for north-central zone. This development has played a beneficial role for the global fish meal and fish oil production, with Peru being one of the countries that supply around 20% of fishmeal to the global market. Due to this rise in supply, fish meal production in the first five months of 2024 has risen by 40% when compared to the same five months of 2023, which is one of the major factors contributing to the improvement in the market.

Global Anchovy-Based Fish Oil Output Up by 10% (July 2024): Fish oil production increased by 10% globally compared to 2023, mainly due to better catches in Peru. However, the Gulf of Mexico and Chile underperformed in small pelagic fisheries

Sustainability Initiatives in Anchovy Fishing (February 2024): Anchovy biomass assessments in Peru showed that better resource management was done, which made the fishing sustainable in the region. These studies are very important in maintaining the stocks​

Recovery of Anchovy Stocks in Europe and Chile (May 2024): Improved fishing trends for anchovy and small pelagic fish were reported in parts of Europe and Chile. However, inconsistent performances in other regions balanced the gains

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.