Global Fin Fish Market Is Estimated to Grow About USD 245.2 Billion By 2030

28-Feb-2023 | Zion Market Research

The global fin fish market size was worth around USD 186.3 Billion in 2022 and is estimated to grow to about USD 245.2 Billion by 2030, with a compound annual growth rate (CAGR) of approximately 4.92 percent over the forecast period.

Fin fish farming is the harvesting, breeding, growing, and farming of aquatic animals in various types of water settings. Fin fish refers to a certain species of cartilaginous fish that is distinguished by the presence of bony rays or spines coming out from the body. They are a fine source of essential nutrients and minerals such as iron, magnesium, calcium, zinc, iodine, phosphorus, potassium, and calcium. Some of the widely found fin fish types include salmon, catfish, tuna, snappers, groupers, milkfish, seabass, pompano, and tilapia.

Fin fish are fostered in three main types of water namely marine water, brackish water, and freshwater. Their production involves regular stocking and feeding along with the necessary conservation of aquatic life. Consistent consumption of these fish effectively helps in the improvement of overall brain development, cardiovascular health, and, eyesight of people.

The demand for the global fin fish market is expected to surge exponentially due to an increase in the popularity and demand for seafood cuisine among people living in various countries across the globe. In addition, fish are a primary source of protein among people and especially among fitness enthusiasts. It is further capable of enhancing overall cardiovascular health, brain development, and favors the repairment of damaged tissues, and improves eyesight and skin.

Thus, an increase in the awareness about different perks of seafood consumption among people, a rise in the number of health-conscious and fitness enthusiasts, and a rapid inclination of people towards various seafood drive the growth of the market during the forecast period. Besides, the prevalence of numerous initiatives from the government of fish farming due to increased food demand further bolsters the growth of the fin fish industry during the forecast period. Furthermore, significant advancements in R&D activities, genetic improvements in finfish, control of parasitic diseases in fish, and manipulation of chromosome sets in shellfish create ample opportunities for the growth of the market during the forecast period. However, the rise in global temperature and the prevalence of water pollution might restrict the growth of the market during the forecast period.

Global Fin Fish Market

The global fin fish market is segmented based on type, environment, and region.

Based on environment, the market is bifurcated into freshwater, brackish water, and marine water. The freshwater segment held the largest market share in 2022 and is further predicted to occupy and significant market share during the forecast period.

The growth of this segment is mainly due to the presence of favorable aquaculture initiatives from the government in order to initiate and revamp the cultivation of freshwater fish in the region. For instance, in countries such as Bangladesh, China, and Thailand, aquaculture and fishers are rigorously governed by the fisheries policy, most popularly being freshwater aquaculture. These factors drive the growth of the segment during the forecast period.

Based on fish type, the market is bifurcated into tropical fin fish and others. The tropical fin fish segment held the dominating market share in 2022 and is further predicted to grow rapidly at a dominating CAGR during the forecast period. The major reason for the growth of this segment is that there has been a remarkable increase in the consumption of mollusks in food that have immense nutritional value. In addition, an increase in the demand for luxury pearls that are removed from mollusks, and the prevalence of pristine and innovative technologies and fishing techniques drive the growth of the segment during the forecast period.

Based on region, the Asia-Pacific region held the largest market share in 2022 and is further expected to grow exponentially at a dominant CAGR during the forecast period. The major reason for the growth of the market in this region presence of an immense population, the prevalence of seafood cuisine culture, a notable increase in inclination towards seafood among people, a rise in food demand, an increase in the standard of living, prevalence of traditional fish consumption patterns, and increase in awareness about seafood diet among people drive the growth of the market in this region.

This review is based on a report by Zion Market Research, titled Fin Fish Market By Type (Tropical Fin Fish and Others), By Environment (Fresh Water, Marine Water, and Brackish Water), and By Region - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2023-2030.”- Report at https://www.zionmarketresearch.com/report/fin-fish-market

Recent Developments

  • In October 2022, South Africa announced the launch of specific standards that are required to be met for chilled finfish, crustaceans, marine mollusks, and others. The South African National Standard (SANS) 3091 mentions the necessary requirements for the preparation, packaging, transportation, handling, processing, and storage of various seafood products that are intended for human consumption. This is done so that consumers have access to fresh and high-quality seafood.
  • In 2019, Cermaq farming offered new True Arctic salmon, using cold water reservoirs resulting in the slow growth of salmon. This provides distinct product attributes since consumers are paying greater attention to the origin of the food.

The global fin fish market is dominated by players such as:

  • Cermaq Group AS
  • Marine Harvest ASA
  • Thai Union Group PLC
  • Tassal Group Limited
  • Fin Fish Technologies Asia Limited
  • Thai Union Group PLC
  • Leroy Seafood Group ASA
  • Blue Ridge Aquaculture Inc.
  • Alpha Group Ltd.
  • Cooke Aquaculture
  • Wanchese Fish Company
  • Aquaculture Technologies Asia Limited.

The global fin fish market is segmented as follows:

By Type

  • Tropical
  • Others

By Environment

  • Fresh Water
  • Marine Water
  • Brackish Water

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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