Enjoy complimentary customisation on priority with our Enterprise License!
The shark meat market size is estimated to grow by USD 149.85 million at a CAGR of 2.59% between 2022 and 2027.
One of the key factors driving the market growth is the increasing demand for shark fin soup. There is an increasing demand for fin soup across the world which will significantly contribute to the market growth. Shark fins are widely used to prepare soups and there is a growing popularity for these soups in countries such as China, Thailand, and Singapore. Shark fin soup is mostly prepared by using fin and flavored with chicken or some other stock. Additionally, fin adds flavor as well as texture to the dish because it is considered a delicacy. This dish is mainly served to guests on special occasions or events such as weddings and business banquets. The price of these fin soups ranges between USD 70 - USD 100 per bowl. There is an increasing demand for fin soup for wedding banquets, important business functions, and other special occasions in Asian countries including China, Malaysia, Hong Kong, and Thailand. Hence, such factors are expected to drive market growth during the forecast period.
To get additional information about the market, Request Free Sample
This report extensively covers shark meat market segmentation by product (shark fin and shark meat) and geography (APAC, Europe, North America, South America, and MEA).
The rising use of shark meat in various culinary dishes is fuelling the commercial segment in the market. The commercial use mainly includes catching sharks for their meat, which is widely in different culinary cuisines, especially in coastal areas. However, there is a growing concern regarding the sustainability and conservation of these species. overfishing, habitat degradation, and other human-induced pressures are leading to the extinction of these species. Hence, such factors can moderately hinder the growth of this segment.
The wide use for cooking consumption at home is fuelling the residential segment in the global market. Shark meat has a specific flavor and it is important to choose the right cooking methods to ensure it is cooked safely and to your desired taste. Additionally, meat must be cooked thoroughly to prevent any foodborne illnesses. In some parts of the world, meat is widely considered a delicacy and has been a major part of the traditional diets in coastal communities for generations. Due to the high content of mercury, it is highly advised to limit its consumption, especially for pregnant women, nursing mothers, and young children. Hence, it can moderately hinder market growth during the forecast period.
The shark meat segment is estimated to witness significant growth during the forecast period. There is an increasing consumption in Southeast Asia and some areas of Africa and South America. Additionally, there is wide use of meat in fish and chips in countries such as the UK, Australia, and the US.
The shark meat segment was the largest segment and was valued at USD 584.85 million in 2017.
For a detailed summary of the market segments Request for Sample Report
Shark meat is mostly processed before making it available for consumption as fresh meat has a very strong odor of ammonia and the product shelf life is only for two days. Shark meats are mostly processed into fillets and are sold globally. Additionally, shark meats are known by different names in different parts of the country. For instance, in Australia, it is known as flake while in the UK, it is called rock salmon which is widely used in fish and chips. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
The increasing demand for shark fin segment in Thailand, Vietnam, Indonesia, and Macau increases the market growth. Fins are widely used to prepare fin soup and is one of the popular delicacies in China. Cartilaginous dorsal, pectoral, and caudal fins are some of the main types of fins that are used in soups. These segments are mainly served on special occasions including weddings and banquets and are considered a luxury item in Chinese culture as well as in other Southeast Asian countries. Hence, such factors are expected to fuel the growth of this segment during the forecast period.
APAC is estimated to contribute 46% to the growth of the global market during the forecast period.
Get a glance at the market share of various regions View PDF Sample
Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Some of the main factors that are significantly contributing to the market growth in APAC are the growing population base, increasing awareness about the benefits of seafood, and rising disposable income. Shark meats are widely used in fish and chips, especially in Australia. Additionally, there is a growing popularity for fin soup in countries such as Thailand, Malaysia, Vietnam, and Macau.
On the other hand, there is a growing number of campaigns against the use and consumption which can significantly hinder the market growth in the region. Furthermore, some of the key countries in APAC which are significantly contributing to the market growth in the region include China, Japan, Taiwan, South Korea, Vietnam, Malaysia, Indonesia, and Thailand. Hence, such factors are expected to drive the market growth in the region during the forecast period.
The market is a significant sector within the seafood industry, offering a unique texture and flavor that appeals to consumers worldwide. Found predominantly in coastal regions and highly sought after in Asian countries, shark meat is utilized in various dishes such as soups, stews, and even served raw as sashimi. However, concerns over shark finning and overfishing have prompted environmental and conservation efforts. Laws and regulations have been implemented to mitigate these practices and ensure sustainable fishing practices. Additionally, health risks associated with mercury and other contaminants have led to increased scrutiny and regulatory measures. Despite these challenges, demand for shark meat persists, driven by the global population's growing per capita income and interest in exotic cuisines.
Technological advancements in shark fishing significantly influence market growth, enhancing both efficiency and scale. Modern fishing vessels feature advanced sonar systems utilizing sound waves to detect fish schools and underwater structures, impacting supply and demand dynamics. Integration of global positioning system (GPS) technology enables precise fishing location identification, reducing fuel consumption. Automation in longline fishing, commonly used for species like tuna and swordfish, further improves efficiency. These advancements drive the global shark market, aligning with consumer preferences for sustainable practices and seafood consumption.
Regulatory measures and conservation efforts respond to concerns like overfishing and environmental impact, ensuring long-term sustainability. As demand for shark meat increases, particularly in coastal regions and Asian countries, these technological innovations play a crucial role in meeting market needs while addressing environmental concerns. Consequently, during the forecast period, such advancements are poised to sustain and enhance the growth trajectory of the global shark market.
Overexploitation and depletion of fish stocks are some of the key challenges hindering the market growth. One of the major challenges which can pose a threat to the survival of shark species is overfishing. There is an increase in the depletion of fish stock due to an increase in the international trade of high-value fins, meat, liver oil, cartilage, and skin.
Additionally, there is a growing concern regarding the sustainability of fishing due to overfishing and the decline of populations. As a result, several conservation initiatives are being implemented by many countries to protect species. For example, in June 2022, the World Trade Organization (WTO) reached a historic deal to cut fisheries subsidies and reduce global overfishing. Hence, such factors are driving and hindering the market growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 11 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The Shark Meat Market, primarily found in coastal regions, offers a variety of culinary options, including stews and sashimi, contributing to exotic cuisines worldwide. However, environmental concerns regarding shark finning have led to conservation efforts and stricter laws and regulations. Health risks associated with contaminants have raised awareness, impacting consumer preferences. Despite the global population's rise and per capita income, seafood consumption faces challenges. Technological advances in fishing practices and aquaculture techniques aim to promote sustainable fishing practices. Regulatory measures ensure compliance with conservation efforts during the forecasted period, fostering a balance between seafood demand and environmental conservation in the shark meat market.
The market research and growth report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Shark Meat Market Scope |
|
Market Report Coverage |
Details |
Page number |
146 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2.59% |
Market growth 2023-2027 |
USD 149.85 million |
Market structure |
Concentrated |
YoY growth 2022-2023(%) |
2.28 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 46% |
Key countries |
US, China, Italy, UK, and Brazil |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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 dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our market growth analysis has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
BUY NOW Full Report and Discover more
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.