Fin Fish Market Size Set to Experience Steady Growth at a CAGR of 4.92 and Exceed $245 Billion by 2030, Powered by Demand for Sustainable Protein Sources

Fort Lauderdale, FL, March 03, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report 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” in its research database.

“According to the latest research study, the demand of global Fin Fish Market size & share was valued at approximately USD 186.3 Billion in 2022. The market is expected to grow above a CAGR of 4.92 and is anticipated to reach over USD 245.2 Billion by 2030.”

The report analyses the Fin Fish market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Fin Fish market.

What are Fin Fish? How big is the Fin Fish Industry?

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.

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Key Insights from Primary Research

• As per the analysis, the Fin Fish market is likely to grow above a CAGR of around 4.92 between 2022 and 2028.
• The Fin Fish market size was worth around US$ 186.3 Billion in 2022 and is estimated to hit approximately US$ 245.2 Billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• Based on type segmentation, The freshwater segment held the largest market share in 2022.
• 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.
• On the basis of region, the “Asia Pacific region is the current largest market in terms of fin fish” Will Likely Overtake the Global Market.

Market Growth Dynamics: Growth Drivers

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.

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Fin Fish Market: COVID-19 Impact Analysis

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.

Competitive Players

The report contains qualitative and quantitative research on the global Fin Fish Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.

Some of the main players in the global Fin Fish market include

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

Browse the full “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

Fin Fish Market: Segmentation Analysis

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.

Regional Analysis:

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.

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Recent Industry 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.

Key questions answered in this report:

• What is the market size and growth rate forecast for Fin Fish industry?
• What are the main driving factors propelling the Fin Fish Market forward?
• What are the leading companies in the Fin Fish Industry?
• What segments does the Fin Fish Market cover?
• How can I receive a free copy of the Fin Fish Market sample report and company profiles?

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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
  • Southeast Asia
  • Rest of Southeast Asia
• The Middle East & Africa
  • GCC
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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Key Offerings:

• Market Size, Trends, & Forecast by Revenue | 2022−2028
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Type, By Environment, And By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

FREQUENTLY ASKED QUESTIONS

• What is Fin Fish?
• Which key factors will influence Fin fish Market growth over 2023-2030?
• What will be the value of the Fin fish Market during 2023-2030?
• What will be the CAGR value of the Fin fish market during 2023-2030?
• Which region will contribute notably towards the Fin fish Market value?
• Which are the major players leveraging the fin fish market growth?

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