The fin fish production/fishing involves feeding, production, regular stocking, and protection of the aquatic living things. Fin fish are cultivated in three types of environment, which includes freshwater, brackish, and marine water. Apart from this, freshwater aquaculture is the leading segment during the forecast period. The aquaculture products that are rich in nutrients are helpful for brain development and eye care.
The global fin fish market size was valued at $164,836 million in 2017, and is expected to reach $238,520 million by 2025, growing at a CAGR of 4.5% from 2018 to 2025.
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Factors such as increase in concern toward food security, technological advancements in the industry, and rise in awareness about healthy diet fuel the growth of the fin fish industry. Based on type of environments, the market is segmented into fresh water, marine water, and brackish water.
Currently, fin fish is an absolute necessity to meet the food demand and supply. This industry provides high-quality and disease-free fish by rearing fish in an environment that meets the hygiene standards. Fin fish activity is also utilized by industries to conserve the species on the verge of extinction. Moreover, advanced technology enhances the yield of fin fish. The global market is projected to witness significant growth during the forecast period, owing to increased health awareness among consumers about the intake of balanced nutrient quantities. In addition, rise in government rules and regulations in different countries that promote fish farming to meet the growth in demand to cope with food insecurities is expected to further boost the market growth. However, increase in water pollution and changes in climatic conditions hamper the fin fish market growth. Moreover, fin fish production is vulnerable to adverse impacts of disease and environmental conditions. Disease outbreaks in recent years have affected farmed Atlantic salmon in Chile, and in several countries in Asia, South America and Africa, resulting in partial or sometimes total loss of production.
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The global fin fish market is segmented based on environment, fish type, and region. Based on environment, it is classified as freshwater, marine water, and brackish water. The fish type segment comprises of pompano, snappers, groupers, salmon, milkfish, tuna, tilapia, catfish, seabass, and others (carps, mackerels, sea bream, and trout). Based on region, the fin fish market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Major players in the industry have adopted strategies such as acquisition, partnership & agreement, merger, and geographical expansion, to expand their market share and increase profitability. The key player in the market 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.
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Key findings of the Fin Fish Market:
- Asia-Pacific is expected to continue to lead the global market, growing at the highest CAGR of 4.68%, in terms of revenue, from 2018 to 2025.
- Based on environment, the fresh water segment occupied around 60.0% of fin fish market share of the total market in 2017.
- Based on fish type, the others segment that includes craps mackerels, sea bream, and trout occupied a major share of the global market in 2017, in terms of revenue followed by salmon.
- China is the largest country, in terms of revenue, in the global market, and is expected to grow at a CAGR of 5.31% from 2018 to 2025.
- Tilapia fish type is expected to witness significant growth of 4.62%, in terms of revenue, in the fin fish market forecast period.
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