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Driven by increasing health awareness and technological advancements.
The market's expansion reflects rising consumer demand for nutritious seafood options.” - Allied
market Research
WILMINGTON,NEW CASTLE, DELAWARE, UNITED STATES, June 28, 2024 /EINPresswire / -- According to a new report published by Allied Market Research, titled, "Fin Fish Market by Fish Type, Environment, and Region: Global Opportunity Analysis and industry Forecast, 08 - 05,"The global fin fish market size was valued at $6,86 million in 07, and is expected to reach $8,50 million by 05, growing at a CAGR of .5% from 08 to 05. The others segment consist of carps, mackerels, sea bream, and trout is expected to retain its dominant position, in terms of revenue generation, throughout the forecast period.
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Asia-Pacific held the leading position in the global fin fish market in 07, and is expected to maintain its dominance in the future. The carps segment is expected to retain its dominant position, in terms of revenue generation, throughout the forecast period. Asia-Pacific held the leading position in the global market in 07, and is expected to maintain its dominance in the future as well.
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. 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. However, increase in water pollution and changes in climatic conditions hamper the fin fish market growth. Moreover, fin fish production is vulnerable to adverse impacts of disease and environmental conditions. Disease outbreaks in recent years have affected farmed Atlantic salmon in Chile, and in several countries in Asia, South America and Africa, resulting in partial or sometimes total loss of production.
Fresh water was the highest revenue-generating segment, accounting for a major share in 07 in Fin Fish Market. Fresh water segment is expected to witness highest growth of .5% during the forecast period, followed by marine water segment at .7%.
Among all the types of fish, the other segment that includes carps mackerels, sea bream, and trout generated maximum revenue in 07. 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.
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LAMEA was the second largest market in terms of revenue generation, with almost one-fourth share in 07. This region is further expected to expand at a CAGR of .6% 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.
Fin fish, commonly referred to simply as "fish," are aquatic vertebrates that possess fins and gills. They are a significant source of nutrition and are harvested for consumption, aquaculture, and recreational fishing. Fin fish are categorized into various groups based on their habitat and biological characteristics.
📍Types of Fin Fish:
⚡Freshwater Fish:
- Inhabit rivers, lakes, and ponds.
- Examples: Salmon, Trout, Catfish, Bass, Tilapia.
⚡Saltwater Fish:
- Live in oceans and seas.
- Examples: Tuna, Cod, Mackerel, Snapper, Halibut.
⚡Anadromous Fish:
- Spend most of their lives in saltwater but migrate to freshwater to spawn.
⚡Catadromous Fish:
- Live in freshwater but migrate to the ocean to spawn.
- Examples: Eels.
📍Nutritional Benefits of Fin Fish:
⚡High-Quality Protein:
- Rich source of complete protein, containing all essential amino acids.
⚡Omega- Fatty Acids:
- Fatty fish like salmon, mackerel, and sardines are high in omega- fatty acids, which are beneficial for heart health and brain function.
⚡Vitamins and Minerals:
- Good source of vitamins D and B (riboflavin), calcium, phosphorus, iron, zinc, iodine, magnesium, and potassium.
📍Health Benefits:
⚡Cardiovascular Health:
- Regular consumption of fish, particularly those high in omega- fatty acids, is associated with a reduced risk of heart disease, stroke, and high blood pressure.
⚡Brain Health:
- Omega- fatty acids in fish support cognitive function and may reduce the risk of neurodegenerative diseases.
⚡Bone Health:
- Fish provides calcium and vitamin D, essential for maintaining strong bones.
⚡Anti-Inflammatory Properties:
- Omega- fatty acids help reduce inflammation, which is beneficial for conditions like arthritis.
📍Environmental and Sustainability Considerations:
⚡Overfishing:
- Overfishing is a significant concern, leading to the depletion of fish populations and disruption of marine ecosystems.
⚡Sustainable Fishing Practices:
- Sustainable practices include quotas, protected areas, and selective fishing gear to minimize bycatch.
⚡Aquaculture:
- Fish farming (aquaculture) is increasingly used to meet the demand for fish. Sustainable aquaculture practices aim to reduce environmental impact and ensure fish welfare.
📍Market Trends:
⚡Increasing Demand:
- Global demand for fish is rising due to growing awareness of its health benefits and the popularity of seafood cuisines.
⚡Technological Advances in Aquaculture:
- Innovations in aquaculture technology are improving the efficiency and sustainability of fish farming.
⚡Consumer Preference for Sustainable Seafood:
- There is a growing preference for sustainably sourced seafood, with consumers looking for certifications like MSC (Marine Stewardship Council) and ASC (Aquaculture Stewardship Council).
⚡Value-Added Fish Products:
- The market for value-added fish products, such as ready-to-eat meals, marinated fillets, and fish snacks, is expanding.
📍Challenges:
⚡Climate Change:
- Changes in sea temperature and acidification affect fish habitats and migration patterns.
⚡Disease Management in Aquaculture:
- Preventing and managing diseases in farmed fish is crucial for maintaining healthy stocks.
⚡Pollution and Habitat Destruction:
- Pollution and habitat destruction, such as coral reef damage, threaten fish populations.
Fin fish are a vital part of the global diet and economy, providing essential nutrients and supporting livelihoods. Sustainable fishing and aquaculture practices are crucial to ensuring the long-term availability of these resources. Advances in technology and a focus on sustainability are key to addressing the challenges faced by the fin fish industry. If you need more specific information or data on fin fish, feel free to ask!
📍Key findings of the Fin Fish Market:
→ Asia-Pacific is expected to continue to lead the global market, growing at the highest CAGR of .68%, in terms of revenue, from 08 to 05.
→ Based on environment, the fresh water segment occupied around 60.0% of fin fish market share of the total market in 07.
→ Based on fish type, the others segment that includes craps mackerels, sea bream, and trout occupied a major share of the global market in 07, 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.% from 08 to 05.
→ Tilapia fish type is expected to witness significant growth of .6%, in terms of revenue, in the fin fish market forecast period.
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.
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📍The key player in the market include:
. Cermaq Group AS (Mitsubishi Corporation)
. Cooke Fin Fish Inc.
. Grupo Farallon Fin Fish
. Leroy Seafood Group
. Marine Harvest ASA
. P/F Bakkafrost
. Selonda Fin Fish S.A.
. Stolt Sea Farm
. Tassal Group Limited
. Thai Union Group Public Company Limited
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry Fish Market
David Correa
Allied Market Research
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