Rapid technological advancement in aquaculture and the rising demand for livestock-based protein propels the growth of the global fin fish market
PORTLAND, Oregon, April 8, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "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.
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.
Freshwater fin fish to remain the largest contributor to the global market revenue
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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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.
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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Key market players
The key players analyzed in the report 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. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.
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SOURCE Allied Market Research