(Food-Beverage-News.Com, September 07, 2017 ) The Latin America Fish Processing Market was worth USD 10.9 billion in 2016 and estimated to be growing at a CAGR of 2.94% to reach USD 12.6 billion by 2021. The market is estimated to show evident potential in the mentioned forecasting period. It continues to gain momentum with the ever increasing demand for fish consumption.
Fish Processing is the process which starts with the catching of fishes and ends at final shipping to customers. It includes entire species of aquatic organisms, irrespective of the place they are obtained from. Fish is a very perishable food and hence needs to be stored and preserved properly for protection against decaying. Some of the popular fish processes used for fish preservation are surimi, curing, salting, drying, and smoking.
The major driving factors for the market of Latin America Fish Processing are the emerging market and increasing stability of the economy which will help prospering the market in future. Apart from this, the growing consumption of fish owing to its high nutritional value, increasing demand for different types of seafood and rise in disposable income is responsible for the growth of market in this region. However, the growing popularity of vegetarian and vegan lifestyles could pose as a major threat for the growth of this market.
The Latin America Fish Processing Market is segmented on the basis of Fish Processing Category into Frozen, Preserved and others. On the basis of Application the market is segmented as Food and Non-Food. The food segment leads the market under the segmentation on the basis of application due to increased inclusion of fish in people’s diets. Based on Source the market is categorized as Marine and Inland. The fish harvested from marine sources lead the market due to the development of new techniques for fishing. On the basis of Species the market is segmented as Fish, Crustaceans, Mollusks and Others. On the basis of Equipment the market is segmented as Slaughtering, Gutting, Scaling, Filleting, Deboning, Skinning, Smoking and Others.
On the basis of geography, the market is analysed under various regions namely Brazil, Mexico, Argentina, and remaining countries of South America. Emerging countries like Brazil and Argentina prove to be a growing base for fishery as an occupation and contribute to the GDP of the country. With rise in the population and disposable income, the market in this region is expected to grow in the future years.
Some of the major companies dominating the market, by their products and services are Aurum Freight International Ltd, Ayamo Foods (Brazil), Bomar Seafood (Brazil), Angulo Pride (Mexico), Bajamar Trading Group (Mexico) and Costamar (Mexico).
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