Herring Market

Herring Market Outlook (2024 to 2034)

The global herring market is projected at a value of US$ 9.27 billion in 2024 and has been forecasted to expand at a CAGR of 1.3% to end up at US$ 10.57 billion by 2034.

Worldwide demand for herring and herring-based products is high, driven by the several health advantages offered by its high nutrient content. Vitamin B12, vitamin D, omega-3 fatty acids, and other essential minerals with low mercury levels have boosted the popularity of herring. The growing health-conscious population has further accelerated the market, contributing to its overall expansion.

Over the coming years, herring consumption is projected to increase albeit at a sluggish pace in several previously stagnant regions. As herring occupies a lower position in the food chain, it is considered a highly sustainable seafood option and is recommended by various regional governments, including that of the United States.

• With increasing per capita spending on aquaculture products, the market is projected to expand in developing regions such as East Asia, South Asia, and Latin America. In addition, the rising use of herring as feed and bait is projected to drive market growth, leading to an increase in herring market size.
• Product sales are expected to rise over the long term due to innovations such as extended shelf life for ready-to-eat products and the introduction of new flavorful sauces and gravies.
• Prominent herring species include Atlantic herring, Pacific herring, Araucanian herring, and others, with Atlantic and Pacific herring being the most widely consumed globally.

Report Attribute	Detail
Herring Market Size (2024E)	US$ 9.27 Billion
Forecasted Market Value (2034F)	US$ 10.57 Billion
Global Market Growth Rate (2024 to 2034)	1.3% CAGR
United States Market Share in North America (2034F)	76.5%
Japan Market Growth Rate (2024 to 2034)	2.3% CAGR
North America Market Share (2024E)	24.5%
East Asia Market Growth Rate (2024 to 2034)	2% CAGR
Key Companies Profiled	Acme Smoked Fish Holding Corp.; Bay View Packing Company; Feature Foods International Inc.; Lowell international foods; Ma Baensch; Noon Hour Food Products; Ocean Beauty Seafoods; Santa Bremor; Schwartz Food Distribution; Vita Food Products.

What are the Opportunities for Herring Suppliers Worldwide?

“Expansion of International Trade and Growth of e-Commerce Platforms”

Ecologically, fresh aquatic food availability is typically restricted to regions near water bodies. However, the rise of international trade and e-commerce platforms has mitigated this accessibility issue and spurred market growth. Platforms like Walmart, Amazon Fresh, and Licious now deliver fresh seafood directly to consumers' doorsteps, offering a range of packaging options, including weight and cut type, within a few hours to a few days.

Advent of innovative, cost-effective freezing technologies and e-grocery services has significantly boosted the e-commerce fish industry. More people are opting to buy fish online from the comfort of their homes instead of visiting crowded fish markets. Online fish merchants are targeting this growing customer base as it represents a lucrative market.

Attractive brand websites, along with discounts, coupons, and diverse product offerings directly from manufacturers, are drawing consumer interest. As manufacturers expand their market presence and the global online shopping industry grows, these factors are positively influencing herring market growth.

“Preference for Herring Driven by Lean Protein Content”

Herring is an excellent source of omega-3 fatty acids, which enhance heart health by lowering triglyceride and VLDL levels while raising HDL levels. Additionally, it provides selenium and vitamins D and E, which act as antioxidants and support bone health.

Popularity of herring has also increased due to its role as a lean protein source. Being lower on the food chain, herring exhibits minimal biological magnification and mercury accumulation compared to other fish. These benefits, combined with lower mercury levels, have accelerated herring’s acceptance among health-conscious individuals.

What are the Roadblocks in the Way of Herring Supplying Companies?

“Risk of Food Poisoning from Poor Storage Facilities and Declining Herring Population”

Poorly stored and refrigerated herring can lead to food poisoning. The rising demand from distant regions has resulted in the increased use of preservatives to extend shelf life during shipping, which can negatively impact consumer health. Cured or pickled herring is high in sodium, leading to government guidelines advising against excessive consumption. Moreover, the herring population is declining due to overfishing and rising pollution, prompting stricter regulations on catch limits, which could present significant challenges for manufacturers.

Country-wise Analysis

As more people become aware of the health benefits of various fishes including herring fishes, the market is foreseen to reach every corner. Major countries that are contributing to market growth include the United States, China, Japan, South Korea, and Mexico. Among all these countries, the United States is estimated to hold a strong herring market share in North America in 2024.

What Will Lead to Higher Revenue for Herring Fish Suppliers?

“Cold Climate Increasing Appeal of Fish as Source of Body Heat”

Attribute	Canada
Market Value (2024E)	US$ 345.3 Million
Growth Rate (2024 to 2034)	2% CAGR
Projected Value (2034F)	US$ 421.9 Million

Herring consumption in the United States is rising due to its high omega-3 content and low mercury levels. The cold climate in the country makes fish a desirable diet for generating body heat. In response to the growing demand, herring suppliers are considering introducing new sauces with various flavors and textures to attract more customers and boost the popularity of herring among the general population.

What is Leading to Steady Rise in Herring Sales in South Korea?

“Preference for Diverse Culinary Options”

Attribute	South Korea
Market Value (2024E)	US$ 201.5 Million
Growth Rate (2024 to 2034)	2.7% CAGR
Projected Value (2034F)	US$ 263.6 Million

Across the country, diverse culinary preferences and popular soups and dishes create opportunities for suppliers to introduce herring in the form of flavorful sauces, attracting a broad range of customers and expanding their market base. As an island country with a strong fishing culture, there is a natural affinity for seafood, making it easier for people to embrace herring. Combined with its health benefits, this cultural inclination is expected to further drive the market for herring.

Category-wise Evaluation

The market is segmented into various categories. A few of the prominent categories involve species and end use.

Which Species of Herring is Most Desired Worldwide?

“Appealing Taste and Widespread Availability of Atlantic Herring”

Attribute	Atlantic Herring
Segment Value (2024E)	US$ 3.21 Billion
Growth Rate (2024 to 2034)	1.9% CAGR
Projected Value (2034F)	US$ 3.86 Billion

The Atlantic herring is the most sought-after herring species globally, with its sales increasing significantly compared to other species. This popularity is due to its taste and availability. Widely used in various cuisines, the Atlantic herring is processed into a range of products, including pickled, canned, and smoked varieties. Its versatility and nutritional benefits make it a preferred option for those looking for both flavorful and healthy seafood choices.

Why is Herring Extensively Consumed in the Food Industry?

“Herring Due Popular for its Flavor and Versatility”

Attribute	Food
Segment Value (2024E)	US$ 5.13 Billion
Growth Rate (2024 to 2034)	1.4% CAGR
Projected Value (2034F)	US$ 5.9 Billion

The food industry extensively employs herring, making it a key resource for a variety of products consumed globally. Herring is valued for its rich flavor and nutritional benefits and is widely used in processing plants, fisheries, and related industries. This creates numerous job opportunities, contributing to the economic well-being of communities where herring fishing and processing are prevalent. From restaurants to seafood markets, the food industry heavily relies on herring to satisfy consumer demand, establishing it as a growing herring market trend.

Competition Scenario

Key players in the herring industry are introducing some new features and products to increase their dominance in the market, a few of these products include pickled herring and fish oil products.

• In Norway, exports of whole herring fish have jumped high with the export prices reaching four months high and prices at the lowest in the domestic market since the start of the year in February 2023.
• The European Union, Norway, Greenland, Faroe Iceland, United Kingdom, and Iceland signed an agreement on 2023 quotas with a total quota of 511,171 metric tons of herring. This agreement was based on the advice of the International Council for the Exploration of the Sea (ICES), in December 2022.

Fact.MR provides detailed information about the price points of key herring suppliers positioned across the world, sales growth, production capacity, and speculative technological expansion, in this updated market report.

Key Segments of Herring Market Research

• By Species :

  • Atlantic Herring
  • Pacific Herring
  • Araucanian Herring
  • Others

• By Type :

  • Smoked
  • Fresh
  • Frozen
  • Marinated/Picked/Cured
  • Canned

• By End Use :

  • Household
  • Commercial

• By Cut Type :

  • Whole
  • Fillets
  • Roll Mops
  • Others

• By Application :

  • Food
  • Bait
  • Feed

• By Region :

  • North America
  • Latin America
  • Eastern Europe
  • Western Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa