Portland, OR, Jan. 13, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research,the global fish farming market generated $271.61billion in 2018, and is projected to reach $376.48 billion by 2025, witnessing a CAGR of 4.7% from 2018 to 2025.The report offers adetailed analysis of changing market trends, top winning strategies, key segments, value chain, major investment pockets, and competitive landscape.
Surge in fish production to cater to the food supply, technological advancements, and surge in protein demand from livestock and fisheries across the world drive the growth of the global fish farming market. However, increase in temperature levels and water pollution hinders the market growth. On the other hand, evolution in inland fishing and utilization of sustainable technologies present opportunities in the coming years.
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Covid-19 Scenario:
- Restrictions on trade and travel along with a ban on import and export affected the demand for fish. So, fish farmers needed to store their unsold farm inventory. Moreover, many farmers had to sell a large volume of fishes below market prices.
- In addition, restaurants and hotels were closed down. The tourism industry also halted during the pandemic. So, the demand for fish reduced significantly. This led to partial or complete stoppage of fish farming activities.
- The demand would grow steadily as lockdown and trade restrictions are lifted off and restaurants open during the post-lockdown period.
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The report provides detailed segmentation of the global fish farming market based on environment, fish type, and region.
Based on environment, the freshwater segment contributed to the largest market share, accounting for more than three-fifths of the total share in 2018, and is estimated to maintain its leadership statusthroughout the forecast period. Contrarily, the marine water segment is projected to portray the highest CAGR of 4.8% from 2018 to 2025.
Based on fish type, the fin fish segment held the highest share in 2018, contributing to nearly two-thirds of the global fish farming market share, and is estimated to maintain its dominant share in terms of revenue throughout the forecast period. However, the others segment is expected to witness the highest CAGR of 5.1% from 2018 to 2025.
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Based on region, Asia-Pacific accounted for the largest market share in 2018, contributing to around two-thirds of the total share, and is projected to maintain its lead position throughout the forecast period. Moreover, this region is expected to register the largest CAGR of 4.8% from 2018 to 2025. The report also discusses regions such as North America, Europe, and LAMEA.
Leading players of the global fish farming market analyzed in the research include Alpha Group Ltd., Cermaq Group AS, Fish farming Technologies Asia Limited, Leroy Seafood Group ASA, Cooke Aquaculture, Nippon Suisan Kaisha, Ltd., Marine Harvest ASA, Tassal Group Limited, P/F Bakkafrost, and Thai Union Group PLC.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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