The size of the global fin fish market revenue is expected to become around USD 186.3 Billion in 2022 and is estimated to grow to about USD 245.2 Billion by 2030, with a compound annual growth rate (CAGR) of approximately 4.92 percent over the forecast period.
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➤ The fin fish market is expected to be driven by the global population growth.
It is anticipated that the global demand for fin fish will increase by a significant 50% as a result of the increasing affluence and population, which is necessary to meet the expanding demand for food sources. As a consequence, the increase in food demand will increase the demand for fish aquaculture. The fin fish market is also anticipated to benefit from government initiatives, which will subsequently stimulate growth.
➤ The fin fish market’s development will be restricted by the increase in global temperature.
The concentration of dissolved oxygen in water bodies is decreasing as global temperatures continue to increase. Fisheries are susceptible to mortality due to diminished oxygen levels. Conversely, the global fin fish market’s growth is constrained by the concurrent increase in the metabolism rate, which in turn elevates the levels of carbon dioxide in the water bodies.
➤ Technological advancements in fishing equipment to generate growth prospects
Fin fish cultivation and fishing equipment have both undergone technological advancements. The fin fish market is experiencing a surge in growth due to innovative developments. Fin fish varieties are being enhanced with superior nutrients and elevated protein levels as a result of genetic advancements in the fishing industry. Genetic modification, particularly in the bivalve variety, can be employed to regulate and prevent parasitic diseases in fish that were previously a cause for concern. The fin fish industry is presented with opportunities as a result of these developments.
➤ The quality of fin fish production is influenced by the increase in water pollution.
The fin fish market is acutely affected by the introduction of a significant number of contaminants into any water body, which leads to rapid high-scale mortalities and deteriorated fish quality. Fin fish species accumulate pollutants in their body composition as a result of low-level pollutant discharge. Immunological suppression, metabolic decline, and injury to the epithelial and gill layers are among the acute and chronic effects of water pollution on fish species. The market is adversely affected by fin rot, tail rot, gill disease, hepatic tissue injury, and ulceration, which all contribute to a decline in quality.
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The Global Fin Fish Market is segmented based on product, application and region
Global Fin Fish Market: Product Segment Analysis
● Tropical
● Others
Global Fin Fish Market: Application Segment Analysis
● Fresh Water
● Marine Water
● Brackish Water
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The global Fin Fish market profiles key players such as:
● Cermaq Group AS
● Marine Harvest ASA
● Thai Union Group PLC
● Tassal Group Limited
● Fin Fish Technologies Asia Limited
● Thai Union Group PLC
● Leroy Seafood Group ASA
● Blue Ridge Aquaculture Inc.
● Alpha Group Ltd.
● Cooke Aquaculture
● Wanchese Fish Company
???? Recent Developments
• Cermaq farming introduced new True Arctic salmon in 2019, which exhibited a sluggish growth rate due to the use of cold water reservoirs. This offers unique product attributes, as consumers are increasingly concerned with the origin of the food.
• South Africa announced the implementation of specific standards for chilled finfish, crustaceans, marine mollusks, and other aquatic organisms in October 2022. The South African National Standard (SANS) 3091 specifies the essential requirements for the preparation, packaging, transportation, handling, processing, and storing of a variety of seafood products that are intended for human consumption. This is done to ensure that consumers have access to high-quality, fresh seafood.
➤ During the forecast period, Asia Pacific is expected to maintain a substantial market share.
The Asia Pacific region is currently the greatest market for fin fish. It is anticipated that this region will continue to be dominant during the forecast period, primarily due to its high population and cuisine culture, which places a high value on fish as a staple diet. North America has been identified as an emerging market due to the increasing demand for dietary sources to meet the growth of the population.
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