Fin Fish Market size in 2019 is estimated to be $103.5 billion, growing at a CAGR of 4.7% during the forecast period 2020-2025. Fins are usually the most distinctive anatomical features of a fish. Aquaculture deals with the farming, breeding, rearing, and harvesting of aquatic organisms, animals, and plants, which includes fin fish, carps, mollusks, crustaceans, and aquatic plants in all types of water environments. Rise in awareness about health benefits and technological advancement in fish farming are the major factors driving the growth of the market. Moreover, changing lifestyle and advancement of R&D activities further enhance the overall market demand for fin fish during the forecast period 2020-2025.
Environment – Segment Analysis
Based on the Environment, Fin Fish Market is segmented into Fresh Water, Marine Water, and Brackish Water. The fresh water segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 4.2% during the forecast period 2020-2025. The growth in the fish farming sector mainly comes from the freshwater aquaculture sector as the growth of fish is increasing in fresh water. Moreover, increasing demand of fresh water fish are contributing to the growth of this segment.
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Fish Type – Segment Analysis
Based on the Fish Type, Fin Fish Market is segmented into Tropical Fin Fish, Others. In 2019, tropical fin fish held the largest share in the Fin Fish Market. This is mainly owing to increasing consumption of mollusks in food with high nutritional value along with increase in use of luxury pearls. Moreover, use of new fishing techniques and new technologies in the aquaculture of mollusks is also contributing to the growth of this segment.
Geography – Segment Analysis
Asia Pacific dominated the Fin Fish Market share accounting for 45% of the market in 2019. This is mainly owing to increasing population growth, wide base of fish eaters and advancement of efficient fish farming. According to Asia Pacific Food and Agriculture Organization, the aquaculture sector in Asia Pacific region remained healthy and strong. In 2018, the total production is 92.3 million tonnes which remains the largest contributor in fisher products from aquaculture. China is the largest producing country of aquaculture products contributing 63.7 percent of the total production in the Asia Pacific region.
However, the North America region is projected to be the fastest-growing during the forecast period 2020-2025. This is owing to growing demand of proteins and increasing fitness among consumers.
Drivers – Fin Fish Market
Rise in Awareness About Health Benefits
Rising awareness about health benefits of fishes and increase in consumption of fishes as a cultural tradition are some factors driving the growth of Fin Fish Market. In addition, increase in application of fish oil across various industries such as dietary supplements, food industry, healthcare, and pharmaceutical is also set to increase the market growth.
Technological Advancement in Fish Farming
Technological advancement in fish farming increases the demand for fish production are some factor driving the growth of the market. Moreover, implementation of technologies such as AI, augmented reality (AR), virtual reality (VR), sensors, drones, robots, and 3D printing are bringing the evolution in the fish farming industry that helps to understanding about the environment of fish further contributing to the growth of Fin Fish Market.
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Challenges – Fin Fish Market
Increasing water pollution and changes in climatic conditions are challenging the growth of the market. Moreover, the growing health problems owing to consumption of fishes from polluted water are further restraining its market growth during the forecast period 2020-2025.
Fin Fish Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Fin Fish Market. Fin Fish top 10 companies are Alpha Group Ltd., Fish farming Technologies Asia Limited, Cermaq Group AS, Cooke Aquaculture Inc., Lerøy Seafood Group ASA., Marine Harvest Group, Nippon Suisan Kaisha Ltd., P/F Bakkafrost, Tassal Group Limited, and Thai Union Group PCL.
On 17 March 2019, Cermaq farming launches new True Arctic where the water is cold and the salmon grows slowly that resulting in specific product qualities and consumers are increasingly pay more attention to the origin of the food.
On 19 September 2019, Cooke Inc. has acquisition with Invergordon fish feed mills which increases the production of salmon.
In 2019, North America dominates the Fin Fish Market owing to increasing population growth, wide base of fish eaters and advancement of efficient fish farming.
Rise in awareness about health benefits and technological advancement in fish farming is driving the market growth of fin fish.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Fin Fish Market report.
Increasing water pollution and changes in climatic conditions are challenging the growth of the market.
Related Reports :
A. Fish Farming Market
B. Fish Oil Products Market
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