IMARC Group's report titled "Fin Fish Market Report by Fish Type (Tropical Fin Fish, and Others), Environment (Freshwater, Marine Water, Brackish Water), Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Specialty Stores, Online Stores, and Others), and Region 2024-2032". The global fin fish market size reached US$ 194.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 274.0 Billion by 2032, exhibiting a growth rate (CAGR) of 3.82% during 2024-2032.
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Factors Affecting the Growth of the Fin Fish Industry:
- Health Awareness:
Fin fish is highly regarded for its health benefits. It is a rich source of omega-3 fatty acids, which is essential for cardiovascular health, brain function, and reducing inflammation. It is also a good source of lean protein, vitamins like vitamin D and B2, and minerals including iron, zinc, iodine, magnesium, and potassium. As more people are becoming aware about these health benefits, their inclination to include fin fish in their diet is increasing. Health organizations and dietary guidelines frequently recommend the inclusion of fish in regular diets, which is also catalyzing the demand for fin fish worldwide.
- Aquaculture Growth:
Fin fish is rich in essential nutrients, including omega-3 fatty acids, proteins, vitamins like D and B2, and minerals, such as magnesium, potassium, and zinc. These nutrients are crucial for heart health, brain function, and overall wellness. Increased public knowledge about these benefits, often highlighted through health campaigns and nutritional education, encourages more people to incorporate fish into their diets. There is growing evidence that regular fish consumption may reduce the risk of several diseases, including cardiovascular diseases, Alzheimer's, and type 2 diabetes.
- Technological Advancements:
Innovations in aquaculture, such as recirculating aquaculture systems (RAS), automated feeding systems, and improved water quality management, help increase the yield and health of farmed fish. These systems can also reduce environmental impacts, such as water usage and waste, making fish farming more sustainable. Genetic technologies and selective breeding methods enable the production of fish that grow faster, are more resistant to diseases, and can thrive in a variety of environmental conditions. This not only boosts productivity but also reduces losses due to diseases.
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Leading Companies Operating in the Global Fin Fish Industry:
- Blue Ridge Aquaculture Inc.
- Cermaq Group AS (Mitsubishi Corporation)
- Eastern Fish Company
- Leroy Seafood Group ASA (Austevoll Seafood ASA)
- Mowi ASA
- P/F Bakkafrost
- Stehr Group Pty Ltd.
- Tassal Group Limited
- Thai Union Group PCL
- Wanchese Fish Company (Cooke Inc.)
Fin Fish Market Report Segmentation:
By Fish Type:
- Tropical Fin Fish
- Pompano
- Snappers
- Groupers
- Salmon
- Milkfish
- Tuna
- Tilapia
- Catfish
- Seabass
- Others
Tropical fin fish represents the largest segment due to its diverse applications in culinary traditions worldwide and its adaptability to aquaculture settings, making them a prevalent choice for both consumers and producers.
By Environment:
- Freshwater
- Marine Water
- Brackish Water
Freshwater accounts for the majority of the market share. Freshwater environments are more abundant and accessible than marine settings for aquaculture, reducing costs and logistical challenges, thus supporting larger production volumes of fin fish.
By Distribution Channel:
- Supermarkets and Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Stores
- Others
Supermarkets and hypermarkets exhibit a clear dominance in the market as they provide a wide range of fish products with effective cold storage facilities, making them convenient one-stop shops for consumers seeking variety and freshness in their seafood purchases.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific enjoys the leading position in the fin fish market on account of its long-standing cultural affinity for seafood, coupled with large-scale aquaculture operations and inflating income levels, driving substantial consumption and production of fin fish.
Global Fin Fish Market Trends:
There is a growing consumer preferences for convenience, catalyzing the demand for processed and ready-to-eat (RTE) fin fish products. This includes smoked, frozen, and canned fish, which are easy to prepare and consume. To address the sustainability issues associated with fishmeal and fish oil traditionally used in aquafeeds, there is a shift towards alternative sources like plant-based proteins and insect meal, which are more sustainable and environment friendly.
Increasing disposable incomes and urbanization in emerging economies are contributing to the growth of the market. As people in these regions are adopting more diverse diets, their consumption of fin fish is increasing.
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