Milkfish Market Research Report

Market Overview:

The global milkfish market size reached US$ 1.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 2.1 Billion by 2032, exhibiting a growth rate (CAGR) of 4.61% during 2024-2032. The increasing demand for fish as a healthy protein source, the growth of the aquaculture industry, and the popularity of milkfish in traditional Asian cuisine represent some of the key factors driving the market.

Milkfish, also known as Chanos chanos, is a species of fish that is commonly found in the Indian and Pacific Oceans, including the waters around Southeast Asia. It is a medium-sized fish that can grow up to 1 meter in length and weigh up to 14 kilograms. It has a silvery-blue body with a forked tail, and a small mouth with numerous tiny teeth. Milkfish are primarily herbivorous, feeding on algae, plankton, and other small aquatic plants and animals. It is a popular fish for aquaculture, and is farmed in many countries throughout Asia. It is also exported to other parts of the world, particularly to Asian communities in North America and Europe. It is a staple food in various parts of the world, particularly in the Philippines, Indonesia, and Taiwan. Milkfish is usually sold fresh or frozen, and can be prepared in a variety of ways, including grilling, frying, and steaming.

Milkfish Market Trends:

One of the primary factors driving the market is the increasing demand for fish as a healthy protein source. With the growing awareness about the health benefits of fish consumption, more people are incorporating fish into their diets. Milkfish, in particular, is valued for its high protein content, low fat content, and rich array of vitamins and minerals. Additionally, the growth of the aquaculture industry is creating a positive market outlook. Due to the decline in wild fish stocks, aquaculture has become an important source of fish for human consumption. Other than this, milkfish is well-suited for aquaculture, as it is fast-growing, adaptable to a range of environments, and resistant to disease.  Besides this, the emergence of online retail channels has made it easier for consumers to access a wider range of fish products, including milkfish, which is positively influencing the market growth. Online retailers offer convenient, fast, and affordable delivery options, making it easier for consumers to purchase milkfish products from anywhere in the world. Pet owners are increasingly seeking high-quality, protein-rich diets for their pets, and milkfish is considered a healthy and nutritious option. As a result, the growing trend of using milkfish as a key ingredient in the preparation of pet food is also escalating the demand for milkfish. Furthermore, the product is also used in a variety of dishes, including soups, stews, and grilled or fried preparations. Other major factors contributing to the market growth include the rising number of sustainable and environment-friendly aquaculture practices, and the growing interest in ethnic cuisines and exotic foods.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global milkfish market report, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on type and distribution channel.

Type Insights:

• Frozen
• Canned
   

The report has provided a detailed breakup and analysis of the milkfish market based on the type. This includes frozen and canned. According to the report, frozen represented the largest segment.

Distribution Channel Insights:

• Offline
• Online
   

A detailed breakup and analysis of the distribution channel market based on the distribution channel has also been provided in the report. This includes offline and online. According to the report, offline accounted for the majority of the overall market share.

Regional Insights:

• North America 
  • United Kingdom
  • Canada
• Europe 
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific 
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America 
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for milkfish. Some of the factors driving the Asia Pacific market included increasing demand for seafood, rising consumer preference for protein-rich diets, and changing food habits of individuals across the region.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global milkfish market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Komira Group, Liang Shing Frozen Seafoods Co. Ltd., PT Fishnesia Mitra Bersama, W Fresh Supply Co. Ltd., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Milkfish Market Report Scope:

Key Questions Answered in This Report:

• How has the global milkfish market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global milkfish market?
• What is the impact of each driver, restraint, and opportunity on the global milkfish market?
• What are the key regional markets?
• Which countries represent the most attractive milkfish market?
• What is the breakup of the market based on the type?
• Which is the most attractive type in the milkfish market?
• What is the breakup of the market based on the distribution channel?
• Which is the most attractive distribution channel in the milkfish market?
• What is the competitive structure of the global milkfish market?
• Who are the key players/companies in the global milkfish market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the milkfish market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global milkfish market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the milkfish industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.