The global live fish carrier market is expected to be valued at US$ 3.2 billion in 2022 and to grow at a CAGR of 4.9% to reach US$ 5.17 billion by 2032. The transportation of live fish from fish farms or fishing vessels to processing plants or markets is referred to as the live fish carrier market. Live fish carriers are specialised vessels designed to transport live fish in a healthy and safe manner while maintaining suitable water quality and temperature conditions. The growing consumption of fish and seafood, as well as the need to transport live fish over longer distances, are driving demand for live fish carriers.
The market for live fish carriers is highly fragmented, with many small and medium-sized players operating. Players such as Slvtrans AS, Intermarine, and Alsaker Fjordbruk dominate the market. These businesses run a fleet of specialised vessels designed to transport live fish in a safe and efficient manner.
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The market is expected to grow in the coming years, driven by increasing demand for seafood, as well as a shift towards more sustainable aquaculture practices. The use of live fish carriers can help reduce mortality rates during transportation, which is a major concern for the industry. Additionally, technological advancements in vessel design and monitoring systems are expected to drive the market growth, by improving the efficiency and safety of live fish transportation.
- Based on carrier type, salt fish carriers segment surpassed a valuation of US$ 2.1 Bn in 2021 and is likely to expand by 1.7X through 2032.
- By capacity, the 2500-5000 m3 live fish carriers segment is expected to create an absolute incremental opportunity of US$ 1.13 billion by the end of 2032.
- Asia Pacific live fish carriers market is poised to exhibit strong growth throughout the forecast period.
- With rapid expansion seafood industry, China live fish carriers market is set to grow at 6.2% CAGR during the forecast period, creating an absolute $ opportunity of US$ 547.9 Mn by 2032.
- Norway live fish carrier market is projected to surpass a valuation of US$ 514.3 Mn in 2022.
- Top 5 companies in live fish carrier cumulatively is expected to account for around 21.5% share in 2022.
What are the Key Trends in the Live Fish Carrier Market?
The live fish carrier market is a niche segment within the wider maritime transportation industry, dedicated to the transportation of live fish, including salmon, trout, and other species. The demand for live fish carriers has been on the rise in recent years, driven by the increasing demand for fresh seafood, particularly in Asian markets.
One of the key trends in the live fish carrier market is the growing focus on sustainability and eco-friendliness. With the global push towards reducing carbon emissions, many companies are investing in cleaner and more energy-efficient vessels to transport live fish. This includes the use of advanced technologies such as hybrid propulsion systems, which combine traditional diesel engines with electric motors, as well as alternative fuel sources like LNG
Key players operating in the live fish carriers market are focused on developing new innovative solutions to cater to the changing end user demands. They have adopted various strategies such as new product launches, mergers, acquisitions, partnerships, collaborations, etc. to expand their global presence and gain a competitive edge in the live fish carrier market.
- In December 2019 TERSAN launched NB1088 LNG powered live fish carrier with technologically advanced fish handling system.
In 2021, Kongsberg Maritime signed a US$ 8.2m contract with Myklebust Verft to design and equip a new Live Fish Carrier (LFC) for Solvtrans, a leading live fish transportation company.