Fish Balls Market Size, Growth, Industry & Revenue | 2032

Report Description

Fish Balls Market Outlook 2032

The global fish balls market size was USD 544.06 Million in 2023 and is estimated to reach USD 813.94 Million by 2032, expanding at a CAGR of 5.25 % during 2024–2032. The market growth is attributed to changing consumer preferences, technological advancements in food processing, and consumer health consciousness.

Growing consumer preferences and advancements in food processing technology are enhancing the market. Fish balls have gained global recognition for their unique flavor and versatility, as a staple in many culinary traditions. This market encompasses a variety of products, including fresh, frozen, and canned fish balls, made from different types of fish such as tuna, mackerel, and salmon. The rising innovation by key players to meet the increasing demand for convenient, nutritious, and sustainable food options is driving the market. For instance,

• In July 2023, Thai Union launched a new line of sustainable fish ball products named SeaChange 2030, under its flagship brand, aiming to appeal to environmentally conscious consumers.

Get Free Sample Report

Innovation in food processing technologies has made it possible to produce fish ball products on a large scale, meeting the increasing demand from consumers. These advancements ensure the preservation of nutritional content, taste, and texture, enhancing the overall consumer experience.  For example, the use of high-pressure processing (HPP) technology, enhances food safety and extends shelf life without compromising on quality.

Health-conscious consumers gravitate toward these products due to their high nutritional value. Fish balls cater to the dietary needs of health-conscious consumers, as they are a rich source of lean protein and omega-3 fatty acids, contributing to a balanced diet, and thereby propelling the market.

Impact of Artificial Intelligence (AI) in Fish Balls Market

Artificial Intelligence (AI) has emerged as a transformative force in the global fish balls market. AI-driven technologies streamline the production process, enhancing efficiency and reducing waste. Advanced machine learning algorithms aid in predicting consumer demand, enabling manufacturers to optimize production schedules and manage inventory effectively. Furthermore, AI-powered quality control systems ensure the consistency of fish balls in terms of size, texture, and taste, thereby elevating the overall product quality.

AI plays a pivotal role in supply chain management, facilitating real-time tracking of raw materials and finished products. This leads to improved transparency and traceability, which are crucial in the seafood industry.

Fish Balls Market Dynamics

Get Free Sample Report

Major Drivers

High consumer preference for seafood products is driving the market. These bite-sized delicacies, rich in protein and omega-3 fatty acids, have become a staple in many cuisines globally.  The global fish balls market thrives on the increasing consumer preference for seafood, propelling the market. For instance,

• In 2020, as per the Food and Agriculture Organization (FAO) report, global per capita fish consumption has reached 20.5 kilograms per year, indicating a strong consumer inclination toward seafood, including fish balls.

Growing demand for ready-to-eat meals is fueling the market. The rise in the demand for ready-to-eat meals significantly drives the market. Busy lifestyles and the need for convenience have increased the consumption of ready-to-eat seafood products.

Increasing use of advanced technologies is expected to propel the market. The adoption of advanced technologies in food processing, such as high-pressure processing equipment (HPP) and modified atmosphere packaging (MAP), has enhanced the quality and shelf life of fish balls. These technologies ensure the preservation of taste and nutritional content, thereby fueling the market.

Existing Restraints

High cost of production is hindering the market. The global fish balls market faces the challenge of high production costs. The use of advanced technologies and sustainable fishing practices are beneficial for quality and environmental reasons, which increases the cost of production. This, in turn, leads to higher retail prices, potentially affecting consumer demand.

Rising concerns over food safety are restraining the market. Concerns over food safety and hygiene pose a significant restraint to the market. Instances of foodborne illnesses linked to seafood consumption, as reported by the Centers for Disease Control and Prevention (CDC), have led to increased scrutiny and stringent regulations in the seafood industry, potentially impacting the market for fish balls.

Increasing veganism and vegetarianism is affecting the market. The trend of veganism and vegetarianism growing worldwide is limiting the market.  For example,

• In 2021, according to a report by The Vegan Society, there was a fourfold increase in the number of vegans in the UK from 2018 to 2021. This shift in dietary preferences affects the demand for seafood products, including fish balls.

Emerging Opportunities

­Rising sustainability concerns are expected to create lucrative opportunities in the market. The shift toward responsibly sourced seafood products provides an opportunity for the fish balls market. Manufacturers are increasingly sourcing from sustainable fisheries to cater to the demand from environmentally conscious consumers.  For instance,

• In 2022, the Marine Stewardship Council reported a 34% increase in the sales of certified sustainable seafood products, reflecting the growing importance of sustainability in the seafood industry.

Increasing convenience and versatility create opportunities in the market. The ease of cooking and versatility of fish balls have made them a popular choice among consumers. They fit into a variety of dishes, from soups to stir-fries, catering to diverse culinary preferences. This has led to a rise in the demand for ready-to-cook seafood products, thereby driving the market.

Scope of the Fish Balls Market Report

The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics are included in the report.

Regional Outlook

In terms of region, the global fish balls market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific has dominated the market in 2023, due to the deep-rooted culinary traditions in these regions, where fish balls are a staple in many local cuisines. The high population in the region, particularly in China, has contributed to the high demand for these products. The presence of numerous local manufacturers, offering a variety of fish balls catering to different taste preferences are propelling the market. For instance,

• In March 2024, Narong Seafood expanded its product line with the introduction of innovative flavored fish balls, aimed at younger consumers in Asian markets.

North America is projected to hold a significant share of the market during the assessment years, due to the increasing consumer preference for seafood, driven by its health benefits and unique flavor. The growing trend of home cooking, coupled with the rising popularity of global cuisines, is anticipated to fuel the market in the region. For instance,

• In October 2023, Siam Canadian Group launched a new premium range of fish balls made from sustainably sourced fish, targeting high-end markets in North America and Europe.

  Get Free Sample Report
  

Fish Balls Market Segment Insights

Fish Type Segment Analysis

On the basis of fish type, the global market is segregated into tuna, mackerel, salmon, and others. The tuna segment held the largest market share in 2023, owing to the rich taste and high nutritional value of tuna, which made it a preferred choice for consumers globally. Additionally, the wide availability and affordability of tuna is driving the segment.

The salmon segment is projected to hold a dominant share of the market during the forecast period, due to the increasing consumer awareness about the health benefits associated with salmon, such as its high omega-3 fatty acid content. Moreover, the unique flavor of salmon is expected to attract a larger consumer base. Additionally, advancements in aquaculture technology, enabling sustainable and efficient salmon farming, are anticipated to enhance the segment.

Get Free Sample Report

Packaging Type Segment Analysis

Based on packaging type, the fish balls market is divided into fresh fish balls, frozen fish balls, and canned fish balls. The frozen fish balls segment held the major share of the market in 2023, owing to the convenience and extended shelf life offered by frozen products, which catered to the busy lifestyles of consumers globally. The consistent quality and year-round availability of these products, irrespective of seasonal fluctuations in fresh fish availability, further fuels the segment.

The canned fish balls segment is projected to hold a dominant share of the market in the coming years, attributed to the increasing consumer preference for convenient, ready-to-eat food products. Canned fish balls, with their long shelf life and ease of preparation, are expected to meet this rising demand effectively. Additionally, advancements in canning technology, ensuring better preservation of taste and nutritional value, are expected to propel the segment.

Processing Method Segment Analysis

Based on the processing method, the fish balls market is bifurcated into handmade and machine-made. The machine-made segment led the market in terms of revenue in 2023, due to the efficiency and consistency offered by machine processing, which enables large-scale production to meet the high demand. Additionally, machine-made fish balls have a uniform size and shape, which appeals to consumers seeking consistent quality.

The handmade segment is projected to hold a dominant share of the market in the coming years, owing to the increasing consumer preference for artisanal and gourmet food products, which are perceived as premium quality and authentic. Handmade fish balls, with their unique textures and flavors, are expected to cater to this rising demand effectively. Moreover, the growing trend of local and sustainable food production further drives the segment.

Get Free Sample Report

End-user Segment Analysis

On the basis of end-user, the global market is segregated into household, foodservice industry, and others. The household segment held the largest market share in 2023, owing to the increasing consumer preference for home-cooked meals, driven by health consciousness and the desire for personalized food experiences. Additionally, the availability of a variety of fish balls, catering to different taste preferences, is driving the market.

The foodservice industry segment is projected to hold a dominant share of the market during the projected period, due to the expanding global food service industries, characterized by a growing number of restaurants, hotels, and catering services. The use of fish balls in a variety of dishes, owing to their versatility and unique flavor, is expected to drive the segment.

Distribution Channel Segment Analysis

Based on the distribution channel the market is segmented into supermarkets/hypermarkets, convenience stores, online retailers, and others. The supermarkets/hypermarkets segment led the market in terms of revenue in 2023, owing to the wide variety of products offered by these stores, allowing consumers to compare and choose according to their preferences. Additionally, the availability of fresh, frozen, and canned options in one place contributes to the popularity of supermarkets/hypermarkets.

The online retailers segment is projected to hold a dominant share of the market in the coming years, due to the increasing penetration of internet and smartphone usage, which has made online shopping a convenient option for consumers. Moreover, the ability of online retailers to provide detailed product information, user reviews, and home delivery services is expected to attract a larger consumer base, further driving the segment.