Dublin, May 13, 2024 (GLOBE NEWSWIRE) -- The "Global Fin Fish Market Report by Fish Type, Environment, Distribution Channel, and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The latest industry analysis indicates a promising expansion of the global fin fish market, with projections estimating it to ascend from a value of US$ 194.2 Billion in 2023 to a remarkable US$ 274.0 Billion by the year 2032. This signifies a compound annual growth rate (CAGR) of 3.90% over the forecast period of 2023-2032, marking a robust period of growth for this sector.
The market's momentum is attributed to several key trends, including a significant upsurge in the food and beverage (F&B) industry worldwide. Fin fish, comprising various species such as snappers, salmon, and tuna, are increasingly utilized in culinary preparations. Health-conscious consumers are seeking protein-rich diets, and fin fish meet this demand, further driving the market's expansion. Technological advancements in fishing and aquaculture are also streamlining operations, thereby stimulating market growth.
The burgeoning preference for ready-to-eat (RTE) meals among the global working population, characterized by busy lifestyles, is yet another factor propelling market demand. Fin fish varieties like salmon and tuna have become staples in RTE foods, catering to the need for convenient and quick meal options.
Market Segmentation Analysis
The comprehensive market report provides a detailed analysis of the fin fish market segmentation. This includes a dissection based on fish type, with categories ranging from tropical fin fish to catfish and seabass, environment (freshwater, marine water, and brackish water), distribution channel (including supermarkets, hypermarkets, and online stores), and geographic breakdown covering regions such as North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa.
Market Participants and Regional Outlook
The analysis also includes an examination of the competitive landscape, highlighting leading players that contribute significantly to the industry. This dynamic market is influenced by varying regional dietary preferences and governmental initiatives that encourage sustainable aquaculture practices. Each region's performance, influenced by cultural food preferences and economic conditions, plays a crucial role in the overall market dynamics.
Market Drivers and Prospects
Factors such as the increasing disposable incomes of consumers and governmental initiatives promoting fish farming are pivotal to the market trajectory. The industry continues to adapt to changes brought about by the global health crisis and remains resilient amid the challenges posed by the pandemic. The forecast period looks at a market ripe with opportunities for growth, making it a key industry to watch.
The report ultimately serves as an indicator of the fin fish market's potential, underpinned by a confluence of favorable trends and consumer behaviors that point toward a vibrant and flourishing industry in the coming decade.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 138 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $194.2 Billion |
| Forecasted Market Value (USD) by 2032 | $274 Billion |
| Compound Annual Growth Rate | 3.9% |
| Regions Covered | Global |
Companies Featured
- 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
- Wanchese Fish Company (Cooke Inc.)
For more information about this report visit https://www.researchandmarkets.com/r/eh6g48
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