Fin Fish Market Is Likely To Climb To US$ 238,520 Million By 2025

Factors such as increase in concern toward food security, technological advancements in the industry.

PORTLAND, OR, US, May 10, 2023 /einpresswire.com / -- The growth of the global fin fish market is driven by the surge in fish production to meet food supply, rise in global protein demand from livestock and fisheries, and rapid technological advancement in the field of fin fish. However, rise in water temperature and pollution significantly hinders market growth. Nonetheless, the evolution in inland fishing and the adoption of sustainable technology would provide lucrative opportunities to emerging market players in the near future.

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The global fin fish market size was valued at $164,836 million in 2017, and is expected to reach $238,520 million by 2025, growing at a CAGR of 4.5% from 2018 to 2025. Currently, fin fish is an absolute necessity to meet the food demand and supply. This industry provides high-quality and disease-free fish by rearing fish in an environment that meets the hygiene standards. Fin fish activity is also utilized by industries to conserve the species on the verge of extinction. Moreover, advanced technology enhances the yield of fin fish.

Prominent Market Players

Major players in the industry have adopted strategies such as acquisition, partnership & agreement, merger, and geographical expansion, to expand their market share and increase profitability. The key player in the market include Cermaq Group AS (Mitsubishi Corporation), Cooke Fin fish Inc., Grupo Farallon Fin fish, Leroy Sea Food Group, Marine Harvest ASA, P/F Bakkafrost, Selonda Fin fish S.A., Stolt Sea Farm, Tassal Group Limited, and Thai Union Group Public Company Limited.

Salmon is poised to remain the largest and fastest growing segment

By fish type, the salmon segment is not only expected to remain the largest segment throughout the forecast period but also register the highest growth rate. It is projected to occupy more than a quarter of global shares by 2025, due to the increasing use of modern fishing and fish farming techniques, i.e. intensive salmon farming using open-net cages, which is set to boost market growth in the future.

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The global market is projected to witness significant growth during the forecast period, owing to increased health awareness among consumers about the intake of balanced nutrient quantities. In addition, rise in government rules and regulations in different countries that promote fish farming to meet the growth in demand to cope with food insecurities is expected to further boost the market growth.

Key findings of the study

-- Asia-Pacific is expected to continue to lead the global market, growing at the highest CAGR of 4.68%, in terms of revenue, from 2018 to 2025.

-- Based on environment, the fresh water segment occupied around 60.0% of fin fish market share of the total market in 2017.

-- Based on fish type, the others segment that includes craps mackerels, sea bream, and trout occupied a major share of the global market in 2017, in terms of revenue followed by salmon.

-- China is the largest country, in terms of revenue, in the global market, and is expected to grow at a CAGR of 5.31% from 2018 to 2025.

-- Tilapia fish type is expected to witness significant growth of 4.62%, in terms of revenue, in the fin fish market forecast period.

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Asia-Pacific to dominate the global market in the near future

Asia-Pacific is projected to occupy more than two-thirds of the global market shares by 2025. The region is also anticipated to grow at the highest CAGR of 4.6% during the forecast period, due to the development of efficient aquaculture technology to cater to a large fish consumption market.

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