Fin Fish Market - By Environment Type (Freshwater, Marine Water, & Brackish Water), By Product Type (Pompano, Snappers, Groupers, Salmon, Milkfish, Tuna, Canned, Tilapia, Catfish, Sea bass, & Others), By Form (Whole, Drawn, Dressed or Pan-dressed, Fillets, Steaks, & Others), By Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Convenience Stores, Online Stores, & Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024 - 2030

Fin Fish Market Overview

Report Coverage

The report: “Fin Fish Market Forecast (2022-2027)”, by Industry ARC, covers an in-depth analysis of the following segments of the Fin Fish Market.

By Environment Type: Freshwater, Marine Water, and Brackish Water.
By Product Type: Pompano, Snappers, Groupers, Salmon, Milkfish, Tuna, Canned, Tilapia, Catfish, Sea bass, and Others.
By Form: Whole, Drawn, Dressed or Pan-dressed, Fillets, Steaks, and Others.
By Distribution Channel: Supermarkets/Hypermarkets, Specialty Stores, Convenience Stores, Online Stores, and Others.
By Geography: North America (U.S, Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand, and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia, Rest of South America), and Rest Of The World (Middle East, Africa).

Key Takeaways

• Geographically, Asia-Pacific Fin Fish Market accounted for the highest revenue share in 2021 and it is poised to dominate the market over the period 2022-2027 owing to an expanding population, a diversified fish-eating populace, and the advent of efficient fish farming in the Asia-Pacific region
• Fin Fish Market growth is being driven by the government backing for fish farming and the technological innovation in fishing equipment which decreases the complexities and endeavors in fishing and aqua-farming. However, countries like Bangladesh have restricted fin fish production and processing capacity to match the international markets and this is one of the major factors hampering the growth of the Fin Fish Market
• Fin Fish Market Detailed Analysis of the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Fin Fish Market report. 

Fin Fish Market Segment Analysis – By Environment Type

The Fin Fish Market based on environment type can be further segmented into Freshwater, Marine Water, and Brackish Water. The Freshwater Segment held the largest market share in 2021. This growth is owing to the finfish farming sector principally derived from freshwater aquaculture. Tilapia fish are principally freshwater fish inhabiting shallow waters, rivers, and lakes and are the most consumed fish in the world, being one of the most vital fish in aquaculture after carp and salmon. Freshwater fish cage farming has recently become popular in a few countries in the Asia-Pacific region. The surging application of cages in freshwaters for food fish culture and for fry to fingerling rearing is further propelling the growth of the Freshwater segment.

Furthermore, the Freshwater segment is estimated to grow with the fastest CAGR of 5.2% during the forecast period 2022-2027 owing to the proliferating demand for freshwater fin fish and the seasonal boost in the temperature of freshwater bodies bringing about a surge in natural food for fishes. 

Fin Fish Market Segment Analysis – By Distribution Channel

The Fin Fish Market based on distribution channel can be further segmented into Supermarkets/Hypermarkets, Specialty stores, Convenience Stores, Online Stores, and Others. The Supermarkets/Hypermarkets Segment held the largest market share in 2021. This growth is owing to the surging availability of assortments of Fin Fish and their different kinds from different brands in supermarkets and hypermarkets. The rising sales of Fin Fishes in hypermarkets owing to the soaring consumer preference for these retail channels for shopping attributed to the in-store promotions by retailers, and associated price comparisons are further propelling the growth of this segment.

Furthermore, the Online Stores segment is estimated to grow with the fastest CAGR of 5.7% during the forecast period 2022-2027 owing to the increase in the number of online retail channels, especially in developing economies, augmenting the penetration of modern grocery retail chains during the COVID-19 pandemic.

Fin Fish Market Segment Analysis – By Geography

The Fin Fish Market based on geography can be further segmented into North America, Europe, Asia-Pacific, South America, and Rest of the World. Asia-Pacific (Fin Fish Market) held the largest share with 35% of the overall market in 2021. The growth of this region is owing to the increased potential of production from the countries like Hong Kong, Taiwan, Japan, India, and China in the Asia Pacific region. China is the largest producer and the consumption trends have gained importance among consumers owing to the health-improving nutrition profile that supports the discretionary increase in global sales. This is mostly based on the exponential rise of population, a diverse population of fish consumers, and the advancement of efficient fish farming. The aquaculture sector in the Asia-Pacific region remains robust and strong, as per the Asia-Pacific Food and Agriculture Organization. In 2019, the total output was 92.3 million tonnes, making aquaculture the top contributor to fishery products. The economic growth and social furthers like conventional fish intake patterns are further propelling the growth of the Fin Fish Market in the Asia-Pacific region.

Furthermore, the North America region is estimated to be the region with the fastest CAGR rate of 6.4% over the forecast period 2022-2027. This growth is owing to factors like the rapid growth in the demand for protein-based products in the region followed by the increasing health benefits of Fin Fish consumption. 

Fin Fish Market - Drivers

Increasing Beneficial Health Effects Of Fin Fishes Are Fueling The Growth Of The Fin Fish Market

The rise of the Fin Fish Market is being fueled by raising awareness of the health advantages of fish, as well as an increase in fish consumption as a cultural custom. Besides including protein and additional nutrients like vitamin D and selenium, fish (either finfish or shellfish) involves a particular kind of fat, omega-3 fatty acids, that may decrease the hazard of developing heart disease and other medical issues. Tilapia fish includes selenium and antioxidants that combat cancer and treat heart-associated ailments. As per the Office of Dietary Supplements, "Omega-3s have an absorption rate of 95%".Furthermore, the increased use of fish oil in numerous industries like nutritional supplements, food, healthcare, and pharmaceuticals is fueling market growth. Some of the factors driving the market growth are technological advancements in fish farming, which are increasing the fish output. Furthermore, the use of technologies such as artificial intelligence (AI), augmented reality (AR), virtual reality (VR), sensors, drones, robots, and 3D printing is bringing evolution to the fish farming industry, which helps to understand the environment of fish and contributes to the growth of the Fin Fish Market. The increasing beneficial health effects of fin fishes are therefore fueling the growth of the Fin Fish Market during the forecast period 2022-2027.

Soaring Sustainable Feeds In Fin fish Aquaculture Are Propelling The Growth Of The Fin Fish Market

Finfish are typically defined as possessing backbones, gills, and fins. Finfish aquaculture includes an expansive and increasingly distinct set of aquatic species which have both typical and rare needs amidst their cumulative class. Certain essential commonalities that are regarded when attending to the nutritional needs of distinct species of finfish include their habitat (cold water, warm water, marine, freshwater, and more), their natural diet (omnivorous, piscivorous, and more), the life phase of the fishes when they are being fed and additional typical morphological, environmental and production considerations. Finfish aquaculture includes over 200 species of fish in a large group of systems varying from extensive earthen ponds to greatly technical recirculating systems. This extensive biology and environmental diversity influence nutritional needs and feed properties. The evolution of aquaculture from typical animal rearing to greatly particularized species by system combinations has resulted in the growth of the Zeigler Fish Program including the novel species-particular line of feeds. The Zeigler Finfish Tilapia program is planned to offer the optimal formulation for the intensity level of the culture system under consideration. Tilapia fish, once regarded as a low-quality cheap fish has moved up the ranks and presently is outpaced only by Atlantic salmon in grocery store sales. Tilapia fish is characterized by a white, firm-textured fillet with a delicious flavor that quickly takes on a chef’s enthusiasm. Zeigler provides an entire pick of Tilapia feeds, from starter to broodstock diets. The grow-out feeds are accessible in three nutrient densities, Tilapia 40-10, Tilapia 36-6, and Tilapia 32-3, to best match super-intensive RAS systems to reduced intensity pond environments. Zeigler Starter & Fingerling feeds have been the industry standard for numerous years. Presently, all Zeigler Starter feeds include Vpak, an all-natural immunostimulant that assists juvenile development and advances greater survival in stressful culture conditions. These kinds of soaring sustainable feeds in finfish aquaculture are therefore propelling the growth of the Fin Fish Market during the forecast period 2022-2027.

Fin Fish Market - Challenges

Challenges Of Fin Fish Nutrition Are Hampering The Growth Of The Fin Fish Market:

Finfish nutritionists are being challenged to formulate feeds that not only satisfy the nutritional needs of livestock but also reduce production costs, restrict environmental effects, and improve product quality. These challenges add significant complications to finfish nutrition. Protein depicts the largest single constituent of finfish diets and is also the most expensive. The high demand and expense of high-protein feedstuffs keep protein at the forefront of finfish nutritional research. Protein needs for growing finfish are usually 20–55% of total dietary consumption. Plant feedstuffs are less costly than animal products. However, they display their own challenges in that they frequently lack EAA, are abundant in complex carbohydrates, and may include antinutritional compounds (NRC 1993). Soybeans are a great example of these somewhat questionable feedstuffs. Fish oil replacement in aquaculture feeds, whether partial or total, decreases feed cost and reliance on capture fisheries. However, the absence of fish-oil-based finishing diets can result in an undesirable fillet fatty acid profile. Recognizing substitute lipid sources that approximate the nutritional value afforded by fish oil and keep up fillet quality remains a major challenge in finfish nutrition. These issues are hampering the growth of the Fin Fish Market.

Fin Fish Industry Outlook:

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Fin Fish Market. The Fin Fish top 10 companies are:

1. Cermaq Group AS (Mitsubishi Corporation)
2. Cooke Fin fish
3. Leroy Seafood Group ASA (Leroy)
4. Marine Harvest ASA (Marine)
5. Alpha Group Ltd.
6. Fin fish Technologies Asia Limited
7. Nippon Suisan Kaisha, Ltd.
8. P/F Bakkafrost (Bakkafrost)
9. Tassal Group Limited (Tassal)
10. Thai Union Group PLC (Thai Union)

Recent Developments

• In April 2021, Thai Union Ingredients (TUI) introduced its novel UniQ™DHA tuna oil series, continuing the focus of parent firm Thai Union Group PCL on Health Living, Healthy Oceans, and building on the success of the UniQ™BONE product introduced in January. The UniQ™DHA tuna oil series comes in two shapes: the first is UniQ™DHA crude oil, which is generated from picked raw materials through a gentle extraction process, leading to the purest and highest-quality crude oil in the market and with a very soaring refining yield that distributes a DHA content of 28% to 30%. The second, UniQ™DHA refined oil, takes the crude oil as its base and has similar DHA levels to those discovered in fresh fish.
• In January 2021, in line with Thai Union Group PCL's spotlight on guaranteeing that every portion of every fish is correctly utilized to decrease wastage and correctly safeguard the valued ocean resources, the Group's innovative Thai Union Ingredients subsidiary has introduced a novel product, UniQTMBONE bone powder, generated by transforming tuna bone into a fine, off-white powder with a neutral taste and smell. UniQTMBONE, which can be effortlessly utilized for different kinds of food, capsules, tablets, and as an additive for pet food and pet nutrition, is being generated at Thai Union Group PLC's currently-opened bone powder production facility at the Songkla Canning factory in southern Thailand. TUI product lines already involve marine oil, by the side of additional creative, nutritional products.
• In March 2019, Cermaq introduced a Brand Platform: "True Arctic - Slow Raised Salmon". Cermaq’s farming in Norway shows up north of the Arctic Circle, where the water is cold and the salmon grows slower, leading to particular product qualities. As consumers increasingly pay more attention to the basis of the food, the Arctic impact depicts market value.

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