Fin Fish Market Size, Share, Trends, Growth 2030

Fin Fish Industry Prospective:

The size of the global fin fish market revenue is expected to become 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.

This report discusses market research on the fin fish market, its market growth factors, and its challenges. The report also talks about the opportunities available to stakeholders and potential investors for the fin fish market, discussing the recent changes due to the pandemic.

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Fin Fish Market: Overview

A fin fish falls under the aquaculture market which deals with farming, breeding, rearing, and harvesting of fish, and other aquatic products such as plants and animals. Farming of aquatic species such as fin fish, carps, mollusks, crabs, and aquatic plants is known as fin fish farming or aqua farming. This farming method involves interventions in the raising phase to boost output, such as frequent stocking, feeding, and predator protection. Fin fish farming presently encompasses 580 species that are farmed all over the world, demonstrating a richness of genetic variation both within and between species. Fin fish farming is done in poor nations and by international corporations that own the stock being grown. Many people consider fish to be part of their cultural heritage, and it has a good nutritional profile. Fish is high in protein, omega-3 fatty acids, vitamins, and minerals.

Key Insights

• As per the analysis shared by our research analyst, the global fin fish market is expected to grow annually at a promising CAGR of around 4.92% during the forecast period 2023-2030.
• In terms of revenue, the global fin fish market size was valued at around USD 186.3 billion in 2022 and is estimated to grow to about USD 245.2 billion by 2030.
• The increase in global demand for food sources, rise in ready-to-eat seafood products among the working population, rise in the inclination of people towards seafood for a high protein diet, and numerous benefits of fish consumption, and growing popularity of traditional seafood cuisine culture propel the growth of the fin fish industry.
• Based on type, the tropical fin fish segment held the largest market share in 2022.
• Based on environment, the freshwater segment held the dominating market share in 2022.
• Based on region, the Asia-Pacific region held the largest market share in 2022.

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COVID-19 Impact:

COVID-19 impacted the food supply chain negatively and increased the demand for fisheries. Consumers started to pay higher prices for fin fish, while some varieties such as tilapia and other catfish experience a dip in price. But on the other hand finfish producers are losing money. The intermediaries raised their selling rates to balance rising expenses and retain profitability. Producers lowered labor expenses by reducing the number of employees and their compensation to compensate for increased operational costs and lower income.

However, this compensating method irritated rural working-class people and imposed significant socio-economic difficulties. Finally, consumer views about fish as a protein source have shifted as a result of economic challenges and a lack of support for processing fish caused by COVID regulations.

Fin Fish Market: Growth Drivers

Growth of global population to drive the fin fish market

Global demand for fin fish is expected to increase by a whopping 50% due to the growing affluence and populations, to feed the increasing demand for food sources. The rise in food demands, as a result, will fuel fish farming. Government initiatives are also seen to support the fin fish market which in turn will drive the growth. 

Fin Fish Market: Restraints

Rise in global temperature to restrain the growth of fin fish market

As global temperatures is rising, depletion is observed in the dissolved oxygen concentration in water bodies. Reduced oxygen causes mortality of fisheries. On the other hand, the metabolism rate also increases simultaneously, increasing the levels of carbon dioxide in the water bodies restricting the growth of the global fin fish market.

Fin Fish Market: Opportunities

Technological innovations in fishing equipment to bring up growth opportunities

Technological advancements are observed in fishing equipment as well as fin fish cultivation. Innovative developments are boosting the fin fish market. Genetic improvements in the fishing industry are providing fin fish varieties with high levels of protein and better nutrients. Parasitic diseases in fishes, which were once a concern can be controlled and prevented by using genetic modification, especially in the shellfish variety. These developments provide opportunities for the fin fish industry.

Fin Fish Market: Challenges

Increase in water pollution affects the quality of fin fish production

When a substantial number of contaminants are introduced into any water body, it has an acute effect on the fin fish market, resulting in quick high-scale mortalities and degenerated fish quality. Pollutant discharge at low levels causes pollutants to accumulate in the body composition of fin fish species. Acute and chronic impacts of water pollution in fish species include immunological suppression, metabolic decrease, gill, and epithelial layer damage. The quality is affected due to fin rot, tail rot, gill disease, hepatic tissue damage, and ulceration that negatively affect the market.

Fin Fish Market: Segmentation Analysis

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

Based on the 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.

Recent Developments

• 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.
• 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 September 2019, Cooke Inc. acquired Invergordon fish feed mills, increasing salmon output making it one of the top producers of fin fish in the global market.

Fin Fish Market Report Scope:

Fin Fish Market: Regional Landscape

Asia Pacific to hold significant market share during forecast period

Asia Pacific region is the current largest market in terms of fin fish. Mostly due to the high population, and cuisine culture that prioritized fisheries as a staple diet, this region is expected to stay dominant during the forecast period as well. North America has been observed to be an emerging market, given the rise of population and increased demand for food sources to feed the growing population.

Fin Fish Market: Competitive Landscape

Key players in the global fin fish market that are giving tough competition to newcomers are:

• 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