Fin Fish Market Forecasts 2023: Market Share, Size & Forecast Till 2028

According to the latest report by IMARC Group, titled “Fin Fish Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global Fin Fish Market Trends. The report also includes competitor and regional analysis, and contemporary advancements in the market.

The global Fin Fish Market size reached US$ 186.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 242.4 Billion by 2028, exhibiting a growth rate (CAGR) of 4.3% during 2023-2028.

Covied-19 Impact

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Fin Fish Market Overview

Fin fish refers to a species of cartilaginous fish with bony spines or rays that protrude from the body. They contain large amounts of phosphorus, calcium, and other minerals, such as iodine, iron, zinc, magnesium, and potassium. Some common fin fish variants include snappers, salmon, tuna, milkfish, pompano, seabass, catfish, groupers, tilapia, and sea bass. They are cultivated in numerous environments, including brackish, marine water, and freshwater. Their regular consumption helps reduce oxidative stress to the thyroid gland, repair damaged tissues, and improve cardiovascular health, brain function, eyesight, and skin. As a result, fin fish is gaining immense traction across the globe.

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Fin Fish Market Trends

The global fin fish market is primarily driven by the rapid expansion in the food and beverage (F&B) industry. Moreover, there has been a rise in the use of fin fish for preparing numerous dishes, such as rice dishes, sandwiches, and pasta, as well as in salt herring, salmon, and salmon eggs. In line with this, the increasing demand for protein-rich food and the rising health consciousness among consumers are positively influencing market growth.

Additionally, due to the expanding working population, busy schedules, and hectic lifestyles, the surging adoption of Maine sardines, salmon, tuna, and mackerel in ready-to-eat (RTE) meals has catalyzed market growth. Furthermore, numerous technological innovations in fishing equipment that help reduce the complexities and endeavors in aquafarming and fishing are contributing to the market growth. Other factors, including favorable government initiatives, rising demand for seafood cuisines, and inflating consumer disposable incomes, are also anticipated to create a positive market outlook.

Who are the leading players in the Fin Fish Market?

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 and Wanchese Fish Company (Cooke Inc.).

The report has been segmented the market into Fish Type, Environment, Distribution Channel, End Use categories:

Breakup by Fish Type:

·       Tropical Fin Fish

o  Pompano

o  Snappers

o  Groupers

o  Salmon

o  Milkfish

o  Tuna

o  Tilapia

o  Catfish

o  Seabass

·    Others

Breakup by Environment:

·    Freshwater

·    Marine Water

·    Brackish Water

Breakup by Distribution Channel:

·    Supermarkets and Hypermarkets

·    Convenience Stores

·    Specialty Stores

·    Online Stores

·    Others

Regional Insights:

• Asia Pacific
• North America
• Europe
• Middle East and Africa
• Latin America

On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.

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