Dublin, Aug. 29, 2024 (GLOBE NEWSWIRE) — The “Global Fin Fish Market by Fish Type (Bass, Catfish, Cod), Type (Fresh, Packaged), Environment, Sales Channel – Forecast 2024-2030” report has been added to ResearchAndMarkets.com’s offering.
The Fin Fish Market grew from USD 21.00 billion in 2023 to USD 21.94 billion in 2024. It is expected to continue growing at a CAGR of 4.70%, reaching USD 28.96 billion by 2030.
This category encompasses a wide range of freshwater and saltwater species, including well-known types such as cod, salmon, and tilapia. These fish are primarily used for human consumption and have also been integral to aquaculture, where they are farmed under controlled conditions. The expansion of the fin fish market is driven by the increasing global population, rising protein demand, and growth in the aquaculture industry.
However, the fin fish sector faces significant challenges. Environmental concerns such as water pollution, habitat destruction, and the impacts of climate change on water temperatures and ocean acidification adversely affect fish health and populations. There are also socio-economic hurdles, including regulatory issues and the management of resources and sustainability practices, which remain critical for industry stability.
Despite these issues, advancements in aquaculture technologies and practices can potentially increase yield while reducing environmental impact. Furthermore, there’s a growing trend towards organic and sustainably farmed fish, driven by consumer awareness and preference for environmentally friendly products, paving the way for market expansion.
Regional Insights
In the Americas, the fin fish market continues to show moderate growth. This is primarily driven by increased consumption of seafood in dietary patterns and a strong emphasis on healthy living. The United States and Canada are significant contributors to this market, with advances in aquaculture technology and sustainable fishing practices playing key roles in meeting the rising demand.
Europe exhibits a high demand for fin fish, supported by strong fishing industries in countries including Norway, which is one of the world’s largest producers of salmon. In the Middle East and parts of Africa, there is a growing awareness and adoption of sustainable fishing practices, which are expected to improve the market prospects.
In Asia-Pacific, the market for fin fish is witnessing robust growth, attributed to high population growth, increasing disposable incomes, and the cultural significance of fish in local diets, particularly in countries including China and Japan. Technological advancements in aquaculture are also propelling the market forward, with innovations aimed at increasing fish harvests while addressing environmental concerns.
Recent Developments
Hatch Blue Achieves EUR 75 Million in Second Funding Round to Boost Sustainable Aquaculture Innovations
Hatch Blue, an investment firm focusing on sustainable aquaculture, has successfully secured EUR 75 million for its Fund II. This fund is aimed at advancing technologies and initiatives that contribute to more sustainable and efficient aquaculture practices. With a target of EUR 120 million for the final close, Hatch Blue’s Fund II primarily invests in early-stage companies that are innovating in areas such as fish health, genetics, and novel feed ingredients.
Singapore Food Agency Initiates Tender for Two New Sea-Based Fish Farm Sites
The Singapore Food Agency (SFA) has recently opened a tender for two new fish farming sites, which can be used for the farming of fin fish or crustaceans, located off the southern coast of Singapore, specifically in the Straits of Johor. Aimed at bolstering the nation’s self-sufficiency in food production, these sites are part of a strategic effort to enhance local fish supply and stabilize food security. The farms are designed to be state-of-the-art, using technology, including closed containment systems in deeper waters, allowing for the cultivation of high-quality fish with reduced environmental impact.
Innovative Funding Initiatives by SAIC to Enhance Fish Health and Welfare in Aquaculture
The Sustainable Aquaculture Innovation Centre (SAIC) is dedicating over GBP 1 million towards a group of seven collaborative research projects aimed at addressing crucial health and welfare challenges in the fin fish sector. Key areas of focus include improving vaccination techniques, developing better strategies for parasite control, and enhancing overall fish welfare. This investment aims to boost the sustainability and efficiency of fish farming and enrich the quality of farmed fish, benefiting both the industry and consumers.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 182 |
| Forecast Period | 2024 – 2030 |
| Estimated Market Value (USD) in 2024 | $21.94 Billion |
| Forecasted Market Value (USD) by 2030 | $28.96 Billion |
| Compound Annual Growth Rate | 4.7% |
| Regions Covered | Global |
Market Insights
Market Segmentation Analysis
- Fish Type: Salmon is versatile in its preparations, served raw, smoked, or cooked.
- Environment: Growing fin fish farming in freshwater environments owing to its cost-effectiveness
Market Drivers
- Escalating consumption of protein-rich diets across various global population
- Increasing demand for frozen and processed fin fish products across online channels
Market Restraints
- Fluctuations in raw material availability impacting fin fish supply stability
Market Opportunities
- Development of improved aquaculture and processing technologies
- Increasing government initiatives aimed at promoting sustainable fishing practices
Market Challenges
- Challenges in achieving product standardization across the market
Industry Insights
- Market Disruption Analysis
- Porter’s Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
Key Company Profiles
- AgriMarine Holdings Inc.
- Alaska General Seafoods by Canfisco Group
- Alaska Gold
- Brunswick Seafood
- Bumble Bee Foods
- Clover Leaf Seafoods
- Dongwon Group
- John West
- King Oscar
- Leroy Seafood Group ASA
- Marine Harvest ASA
- MW Polar Foods
- OBI Seafoods
- Ocean Brands by Jim Pattison Group
- Okanagan Select
- Paramount Foods
- Peter Pan Seafood
- Princes Food & Drinks
- Pure Alaska Salmon Company
- Raincoast Trading
- Safe Catch
- SalMar ASA
- Silver Bay Seafoods, LLC
- St. Jean’s Cannery & Smokehouse
- Thai Union Group
- Trident Seafoods
- Vital Choice Wild Seafood & Organics
- Wild Planet Foods by Bolton Group S.r.l.
Market Segmentation & Coverage
Fish Type
- Bass
- Catfish
- Cod
- Haddock
- Halibut
- Mackerel
- Salmon
- Sardines
- Trout
- Tuna
Type
Environment
- Brackish Water
- Freshwater
- Marine Water
Sales Channel
- Convenience Stores
- Online Stores
- Specialty Stores
- Supermarkets/Hypermarkets
Region
Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
For more information about this report visit https://www.researchandmarkets.com/r/fpxfa2
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