Fin Fish Market To Witness A Pronounce Growth By 2025 | Alpha Group Ltd., Fin Fish Technologies Asia Limited

Fin Fish Market

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

PORTLAND, OR, US, October 20, 2023 /EINPresswire / -- Fin Fish Market by Environment (Freshwater, Marine Water, and Brackish Water) and Fish Type (Tropical Fin Fish and Others): Global Opportunity Analysis and Industry Forecast, 2018 - 2025". According to the report, the global fin fish market accounted for $164.8 billion in 2017 and is expected to attain $238.5 billion by 2025, registering a CAGR of 4.5% during the forecast period, 2018-2025.

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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.

Leading Key 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.

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.

Regional Analysis:

LAMEA was the second largest market in terms of revenue generation, with almost one-fourth share in 2017. This region is further expected to expand at a CAGR of 4.36% during the forecast period. In North America, fin fish has ceased expanding in recent years, however, in South America it has shown strong and continuous growth, particularly in Brazil and Peru. Technological developments in South America and some countries in South Africa are expected to increase the Fin Fish market growth in LAMEA. Moreover, rapid development in the Middle East, in terms of infrastructure and technology result in growth in the LAMEA market. However, weak economies in Africa hamper the growth of the market in this region.

By environment, the freshwater segment is expected to continue its dominance throughout the forecast period and generate almost three-fifths of the global revenue by 2025. This is attributed to the implementation of fisheries policy around the world that have supported the development of freshwater fish cultivation. However, the marine water segment is poised to register the highest CAGR of 4.7%, on account of it being a favorable environment for rearing fish.

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Fresh water was the highest revenue-generating segment, accounting for a major share in 2017 in Fin Fish Market. Fresh water segment is expected to witness highest growth of 4.53% during the forecast period, followed by marine water segment at 4.74%.

Among all the types of fish, the other segment that includes carps mackerels, sea bream, and trout generated maximum revenue in 2017. Carps, belonging to the Cyprinidae family, is a very large group of fish that is native to Asia and Europe. The hardiness and adaptability of carps has encouraged the domestication of this species globally. They are being considered as highly prized coarse fish that are difficult to hook.

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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