NEW
YORK, June 18, 2024 /PRNewswire/ -- The
global shark meat market size is estimated to grow by
USD 141.2 million from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of over 2.39% during the forecast period. High
nutritional value is driving market growth, with a trend
towards growing applications of shark body parts.
However, overexploitation and depletion of fish stocks
poses a challenge. Key market players include Aquafin Trade
Inc., Citarella, Crystal Amusements Ltd., East Coast Seafood LLC,
Fujian Haoyuan Food Co. Ltd., Gaudets Seafood, Marder Trawling
Inc., Premier Seafood Ltd., Talleys, Wellfleet Harbor Seafood Co.
Inc., and Wenzhou Haideli Shark Products Co. Ltd..
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Shark Meat Market
Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
2.39%
|
Market growth
2024-2028
|
USD 141.2
million
|
Market
structure
|
Concentrated
|
YoY growth 2022-2023
(%)
|
2.31
|
Regional
analysis
|
APAC, Europe, North
America, South America, and Middle East and Africa
|
Performing market
contribution
|
APAC at 45%
|
Key
countries
|
China, US, Italy, UK,
and Brazil
|
Key companies
profiled
|
Aquafin Trade Inc.,
Citarella, Crystal Amusements Ltd., East Coast Seafood LLC, Fujian
Haoyuan Food Co. Ltd., Gaudets Seafood, Marder Trawling Inc.,
Premier Seafood Ltd., Talleys, Wellfleet Harbor Seafood Co. Inc.,
and Wenzhou Haideli Shark Products Co. Ltd.
|
Market Driver
The shark meat market is anticipated to expand due to the
increasing demand for shark body parts in various industries.
Traditional uses of shark fin and meat continue, but emerging
applications include shark liver oil for cosmetics and health
supplements, sharkskin for leather and sandpaper, shark cartilages
for anti-cancer medications, and shark teeth and jaws for jewelry
and curios. These applications fuel the demand for shark fishing,
thereby boosting meat production.
The shark meat market is currently experiencing significant
growth, with high demand for this product in various regions.
Costal regions are major suppliers of shark meat, using traditional
fishing methods and modern technologies. Regions like India, Malaysia, and Australia are known for their production.
Shark fins are a popular delicacy in Asian countries, driving the
market. However, sustainability concerns have arisen due to
overfishing and illegal fishing practices. Regions like the US and
Europe are focusing on sustainable
sourcing and ethical practices. The market is expected to continue
growing, with potential opportunities for suppliers and investors.
Producers should focus on meeting demand while ensuring ethical and
sustainable practices.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
- The global shark meat market faces significant challenges due
to overexploitation and depletion of marine species. Commercial
fishing and aquaculture activities have negatively impacted fish
stocks, leading to overfishing and threatening the survival of
several shark species. International trade of shark products
contributes to this issue. Many countries and international
organizations have responded with conservation measures, such as
fishing quotas, size limits, and closed seasons or areas. The WTO's
historic fisheries agreement in June
2022 aims to reduce overfishing and protect marine resources
and communities. Illegal, unregulated, and unreported fishing also
contributes to overfishing and declines the growth of the shark
meat market.
- The shark meat market faces several challenges. Supply and
demand dynamics are key issues. Consumers in certain regions prefer
shark meat for its unique taste and nutritional value. However,
overfishing and unsustainable fishing practices threaten the
long-term viability of the industry. Regulations and enforcement
are crucial to ensure the sustainability of shark populations.
Additionally, the high cost of production and logistics can make
shark meat an expensive commodity. Proper management of these
challenges is essential to ensure the continued growth and success
of the shark meat market.
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challenges - Request a sample report!
Segment Overview
This shark meat market report extensively covers market
segmentation by
- Product
- 1.1 Shark meat
- 1.2 Shark fin
- End-user
- 2.1 Commercial
- 2.2 Residential
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 North America
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Shark meat- Shark meat is a globally traded
commodity, with significant consumption in Southeast Asia, Africa, and parts of America. In the UK,
Australia, and the US, it is used
in fish and chips under different names. Due to its strong ammonia
odor and short shelf life, shark meat is typically processed into
fillets and steaks before sale. In Australia, it is known as flake, while in the
UK, it is called rock salmon. In Germany, smoked dogfish bellies are a
delicacy. Asian countries use headed and gutted dogfish for various
dishes, including Japanese and Chinese cuisine.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
The Shark Meat Market encompasses various species, including the
Requiem shark, Shortfin mako shark, Porbeagles, and Thresher shark.
These sharks are sourced from both non-coastal and coastal regions.
Seafood enthusiasts and restaurants continue to seek out exotic
seafood options, leading to a demand for shark meat in Asian
cuisine. Consumer preferences for sustainable fishing practices are
increasingly important, yet illegal fishing practices remain a
concern for animal welfare advocates. The flesh of endangered shark
species, such as the Thresher shark, is often targeted,
contributing to their population decline. Shopping options for
shark meat may vary, with some offering legally sourced,
sustainably caught options. Shark fin, a traditional dish in many
cultures, remains a contentious issue due to its association with
illegal fishing practices and animal welfare concerns.
Market Research Overview
The Shark Meat Market refers to the global trade of shark fins,
meat, and other related products derived from various shark
species. Sharks are hunted primarily for their fins, which are used
in the production of shark fin soup, a delicacy in many Asian
countries. However, the demand for shark meat is also increasing
due to its high nutritional value and unique taste. Sharks are a
valuable source of protein, omega-3 fatty acids, and other
essential nutrients. The market for shark meat is diverse, with
consumers in different regions preferring specific shark species
and preparation methods. The market is influenced by various
factors, including fishing regulations, consumer preferences, and
supply and demand dynamics. The sustainability of the shark meat
market is a significant concern due to the overexploitation of
shark populations and the potential impact on marine ecosystems.
Efforts are being made to promote the consumption of sustainable
and responsibly sourced shark meat to ensure the long-term
viability of the market.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- End-user
-
- Geography
-
- APAC
- Europe
- North America
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio