Fin Fish Market

Fin Fish Market Size, Share, Growth (2023-2028)

Fin Fish market was expected to grow at a CAGR of 4.5%, from US$ 185.4 Billion in 2022 to US$ 245.4 Billion by 2028.

Fin Fish Market Overview

Fishes are under aquaculture, which deals with the farming, breeding, rearing, and harvesting aquatic animals and plants. The fin fish belongs to cartilaginous species by bony spines. Fin fish contain omega fatty acids, phosphorous, calcium, iron, zinc, iodine, magnesium, and potassium. Fin fish have various kinds, such as salmon, tuna, milkfish, catfish, tilapia, seabass, and pompano are of the common type. Frequently consuming fin fish results in health benefits such as improved cardiovascular system, brain function, and eyesight. Fin fish are cultivated in three types of environments: marine, brackish, and freshwater. Fin fish production involves regular stocking and feeding with the conservation of aquatic life. Many countries' populations most widely consume fin fish due to its nutritional value.

Fin Fish Market Drivers

The population was increasing at a high growth rate annually, which increased the demand for food. The increasing population is gaining awareness of the health benefits produced by consuming healthy food, which results in an increasing demand for food with nutritional value. The fin fishes are a rich source of vitamins, omega fatty acids, and other minerals that benefit cardiovascular health, brain functioning, and even eyesight and thyroid issues, which drive the Fin Fish market growth. Government initiatives regarding the fin fish market were boosting the market growth. The rise in population was also increasing the development of a different variety of foods, including seafood. Many people prefer seafood instead of poultry for its nutritional benefits and protein value.The world was advancing in all fields, where the advancement of technology was observed in fishing equipment, which had shown better results than before. The innovative developments were being observed, and many had shown better results, boosting the fin fish market value. Genetic modifications are being developed to improve the nutritional properties of the fin fish, which results in good health benefits. The innovative methods are increasing for the cultivation of fish, which results in a variety of fish with improved protein value. The disease caused by the consumption of fin fish, especially shellfish, was considered, and genetic modification was developed to avoid the cause of the disease.

Fin Fish Market Restraints

Rise in global warming and water pollution

The rise in temperature due to global warming affects the fin fish growth and leads to the death of fish in the early stages. A decrease in oxygen levels and an increase in carbon dioxide levels restrict the growth of the Fin Fish Market. The pollution level added to the water determines the mortality rate of the fish. Low-level pollutants accumulate in the fish body, which further shows the effect on the humans who consume the fin fish. Acute and Chronic impacts are observed with the fish species in water pollution, such as a decrease in metabolism, immunological suppression, and damage in finfish's gill and epithelial layers. Introducing contaminants into the water body, which leads to water pollution, was a major restraining factor for the Fin Fish Market.

 According to a "Leprosy Fish Theory," regular fish intake leads to the cause or spread of leprosy, a skin disease. It influences the fin fish market growth in some countries.

Recent developments in the Fin Fish Market

• In October 2022, South Africa announced specific standards that are required to be met for chilled finfish, marine mollusks, and others. The South African National Standard (SANS) proposed the requirements for preparing, packaging, transporting, handling, processing, and storing seafood products intended for human consumption. This was proposed to consumers for the availability of fresh and high-quality seafood.

COVID-19 Impact on the Fin Fish Market

COVID-19 has had an impact mainly on the supply chain of food, which has increased the demand for food products. The fisheries are in high demand during the pandemic due to their high nutritional value. The distributors had increased the selling prices to balance the expenses and profit that the producers had lost due to low labor and lockdown regulations. Consumers started to pay high prices for fin fish varieties such as tilapia and salmon, whereas catfish experienced low prices. The producers decreased labor compensation to balance the operational costs and low profit. The increase in consumer demand for the fishery had influenced the market growth, but the economic challenges impacted the market demand. 

Fin Fish Market Segmentation

By Type

• Tropical

• Salmon

• Milkfish

• Tuna

• Tilapia

• Catfish

• Seabass

• Others

The tropical fin fish segment had the dominant share in the fin fish market value in 2022. It was predicted to have rapid growth with the highest CAGR in the forecast period. The increase in consumption of mollusks having nutritional value was driving the market. The pearls removed from the mollusks were one of the demanding markets, which also drove the fin fish market value. The salmon fish had the highest market value in the tropical segment recently.

By Environment

• Freshwater 

• Brackish water

• Marine water

The freshwater segment held a significant market value in 2022 as the governments are taking the initiative for freshwater cultivation to avoid the health concerns caused by polluted water. The freshwater segment was expected to have the highest demand in the forecast period due to its rapid growth. The marine water has the chance of high contamination, which affects the health of the fish and humans who consume those fish. Many factories are leaving the factory waste into marine sources, which hugely affects marine life animals.

The brackish water is less saline than marine water, which can benefit aquaculture. The level of pollution was low compared to marine water. Still, the pollutants accumulate in the body of fish species, which affects the metabolism, gill, and epithelial tissue damage, which further causes health issues in humans after consumption.

By Distribution Channel

• Supermarkets/Hypermarkets

• Convenience Stores

• Online Stores

The Convenience stores segment has the dominant share in 2022 in the Fin Fish Market Demand. Most people purchase fresh products directly to avoid rapid decomposition. Hence, convenience stores and supermarkets are leading in the market growth value. 

Online stores are gaining traction in the recent period. The busy lifestyle of people was driving the online market. It was projected to expand the market during the forecast period of 2023 to 2028.

Fin Fish Market Regional Analysis:

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East and Africa

Asia-Pacific region was holding the greatest demand in the fin fish market growth in 2022. The rise in demand in this region was due to the high population and given importance to traditional cuisines, including fish as the main ingredient. The health benefits produced by the intake of fin fish, such as the source of vitamins, minerals, and omega fatty acids, were raising the market demand in the Asia-Pacific region. Hence, this region was expected to have increased demand during the forecast period. The increase in innovative cultivation techniques and fishing equipment influenced the market growth. The research and development leading to new species of fin fish with additional nutritional value was boosting the market value. 

The North American Region has been expanding in the fin fish market recently. The increase in population demand for food products was driving the market in North America. The rich source of nutrition was causing the demand in the market growth. The seafood was gaining interest in many people due to its taste and beneficial activity. Traditional food patterns, including fish in the staple diet, boosted the regional segment's market growth.

Europe has gained traction in recent years as fish consumption has increased in this region. It was expected to have decent growth in the forecast period of 2023 to 2028.

Fin Fish Market Key Players

1. Cermaq Group AS

2. Marine Harvest ASA

3. Thai Union Group PLC

4. Tassal Group Limited

5. Cooke Aquaculture

6. Fin Fish Technologies Asia Limited

7. Leroy Seafood Group ASA

8. Blue Ridge Aquaculture Inc.

9. Wanchese Fish Company

10. Aquaculture Technologies Asia Limited