Mackerel Market Insights
Mackerel is witnessing significant popularity in the fish industry across the globe. The increasing awareness among people concerning the health benefits of fishes in the diet, which is fuelling the demand for Mackerel market. Mackerel being beneficial for health and economical to the pocket, is gaining significant traction across the globe. The growing popularity of the Mackerel in the fisheries market is majorly due to the ever-increasing perception of people to have healthy meals and protein-rich Mackerel in the diet. The market is going through radical changes due to the rise in the Total Allowable Catches (TAC) and fishing quotas across the world turning favourable for the global Mackerel market sales.
Significant Competition to the Market by Substitute Products
In the fisheries industries, products such as Mackerel acquire their spot in both developed and developing regions being economical and beneficial for health, hence, boosting the market growth. However, the unavailability of the Mackerel in several areas is a factor hindering the market growth. It has gained demand in the market as customers are realizing the benefits of omega-3 fatty acids in their diet. It reduces cholesterol, boosts brain development and decreases the risk of depression and asthma. There are several regions that are potentially interesting the market but are challenging due to the volatile trade restrictions that may get replaced at short notice. Along with the Mackerel, Nile perch, Tilapia, Pelagics, Salmon and Tuna are also common among consumers, rendering significant competition to the market as substitutes. The market prices for Atlantic Mackerel is high, so a majority of buyers are more inclined towards the more economic substitute, Pacific Mackerel. Moreover, there has been a considerable population that avoids Mackerel due to its strong smell and greasy nature. Such factors are of crucial concern and a challenge for the market.
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Pacific Mackerel Segment Is Expected to Lead the Market
Mackerel market is segmented on the basis of species type, catch type, form type and region. By species type, Mackerel market can be segmented as Atka Mackerel, King Mackerel, Spanish Mackerel, Atlantic Mackerel, Horse Mackerel and Pacific Mackerel. By catch type, the market can be classified into, wild catch and aquaculture. By form type, the market is categorized into, fresh whole Mackerel, frozen whole Mackerel, fresh Mackerel fillets and frozen Mackerel fillets. The penetration of Pacific Mackerel in the fishing industry is significant due to its economical pricing and health benefits offered by the fish. Wild catch also dominates the market to avoid the side effects of antibiotics or pesticides.
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Developing Economies Prevail In the Global Market
The Mackerel market has been broadly divided into seven regions: North America, South America, Europe, CIS and Russia, Japan, APEJ and MEA. APEJ is anticipated to be the preeminent market in the global Mackerel market after Europe owing to the increasing population and coastal areas in the region promoting fishing and fish cultivation. The mackerel market is experiencing a massive shift due to the rising number of Total Allowable Catches (TAC) and fishing quotas across the world. Australia and Iceland have raised its TAC for slimy mackerel by a stunning 450 percent and 14 percent, respectively. Nigeria also bears a significant market but is difficult because of the stringent trade restrictions. Norway is a significant exporter of the Norwegian whole frozen Mackerel in the world but due to its high price majority of the population is shifting towards the more economic Pacific Mackerel or to other substitute fishes. Japan imports nearly a 100,000 tons of Norwegian Mackerel per year although the amount of locally caught Mackerel is very high too. Apart from APEJ, North America and Europe are also anticipated to manifest growth in the upcoming years in the Mackerel market. Some of the key market players in the Mackerel market are Generale Conserve SpA, Euclid Fish Company, Killybegs Seafood, Caley Fisheries Limited, John Nagle Co., Sinopesca Group, Toyota Tsusho Foods Corporation, Auckland Fish Market, and other prominent players.
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