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The shark meat market size is forecast to increase by USD 141.2 million, at a CAGR of 2.39% between 2023 and 2028. The market's growth hinges on several factors, such as the high nutritional value of shark fins, the increasing demand for shark fin soup, and the growth of sustainable fishing practices. These elements collectively drive market expansion, reflecting a balance between consumer demand and environmental sustainability. The high nutritional value of shark fins, often sought after for their perceived health benefits, contributes to their popularity in culinary practices, particularly in dishes like shark fin soup. Concurrently, the increasing demand for such delicacies fuels the market. Moreover, the adoption of sustainable fishing practices addresses concerns about overfishing and environmental impact, further supporting market expansion.
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The market is a niche segment influenced by factors such as non-coastal regions with demand for exotic seafood. However, the market faces challenges due to concerns over endangered shark species and illegal fishing practices affecting animal welfare. Despite this, seafood enthusiasts and restaurants serving Asian cuisine and traditional dishes drive demand. Key species like the Requiem shark, Shortfin mako shark, Porbeagles, and Thresher shark are sought after. The market is governed by regulations, including those from the National Oceanic and Atmospheric Administration. Harbor seals and Gray seals are also part of the ecosystem affected by these practices. Top manufacturers navigate the market's complexities, including the raw material price system and the ethical considerations surrounding the consumption of shark meat. Our market growth analysis report analyzed the market growth and forecasting data with 2023 as the base year, along with the key trends, and challenges. A holistic analysis of market growth and trends, drivers, and challenges will help stakeholders in the value chain refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the market 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. 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.
Moreover, 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 and 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 the market during the forecast period.
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.
Further, regulatory measures and conservation efforts respond to concerns like overfishing and environmental impact, ensuring long-term sustainability. As demand for it 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 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.
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.
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The shark meat segment was the largest segment and was valued at USD 594.40 million in 2018. It 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. They are mostly processed into fillets and are sold globally. Additionally, they 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.
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APAC is estimated to contribute 45% to the growth of the global market research and growth during the forecast period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout 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. They 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.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, which forecasts to enhance their presence in the market report.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 11 market companies, including:
The market analysis and report of 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 market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market forecast report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.
Customer Landscape
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
The market offers a range of seafood products derived from various types of shark meat. Local fishermen play a crucial role in providing ethically sourced products. Consumers can find shark meat in different forms, such as fish balls, surimi, fish sausage, and Schillerlocken, known for its firm texture and mild flavor. Processing and packaging methods ensure the meat retains its quality. In Florida, the Florida Senate oversees regulations concerning shark fishing. Saltwater is a crucial component in preparing shark meat, along with ingredients like urea, vinegar, lemon juice, and milk used to reduce the fishy odor. The market offers both online shopping and offline shopping options, including specialty seafood markets and grocery stores catering to those seeking exotic cuisines. Top manufacturers prioritize the sustainability of sourcing and the quality of the flesh of sharks.
Market Scope |
|
Report Coverage |
Details |
Page number |
153 |
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 2023-2024(%) |
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 |
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 report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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