According to the Food and Agriculture Organization (FAO), fin fish, also known as aqua farming, is defined as farming of aquatic organisms such as fin fish, carps, mollusks, crustaceans, and aquatic plants. This farming procedure involves interventions in the rearing process to enhance production, such as regular stocking, feeding, and protection from predators. Fin fish farming involves 580 species that are currently farmed all over the world, representing a wealth of genetic diversity both within and among species. Fin fish is practiced by some farmers in developing countries and by multinational companies that can hold the ownership of the stock being cultivated. Eating fish is part of the cultural tradition of many people and in terms of health benefits, it has an excellent nutritional profile. It is a good source of protein, fatty acids, vitamins, minerals, and essential micronutrients.
Developed countries are able to export their fin fish production to other developed nations, and developing countries are able to expand their exports by supplying markets in developed countries without facing prohibitive customs duties (although they may face market access issues related to non-tariff measures). For some specific products, such as canned tuna, tariff rate quotas are applied, whereby a certain quantity per year can be imported at a reduced tariff. The widespread reduction of import tariffs has been a major driver of the expansion in international trade over the past 25 years. Regional trade agreements are reciprocal trade agreements establishing preferential terms of trade among two or more trading partners in the same region. They have been important drivers of global trade expansion in the past several decades and apply to a large proportion of global trade, also for fish and fish products.
The global food supply security issue, owing to increase in global population, and rise in protein demand have fuelled the growth of the fin fish market. In addition, zooplankton being a major source of proteins acts as another factor augmenting the fin fish market growth. New technological advancements in the rearing of fish and cultivation of sea plants also supplement the fin fish market growth. External drivers of change, both physical and social, affect the production and consumption of food in Pacific Island countries. Among the physical drivers, climate change has been recognized as a key concern and is expected to aggravate predicted shortfalls in coastal fisheries production, thus, driving fin fish production. Evolution of inland fish farming provides numerous opportunities for fin fish market expansion. In addition, new advancements in technologies in the rearing of fish and cultivation of sea plants drives the growth of the fin fish market.
The report segments the fin fish market on the basis of environment, product, and region. The environment segment includes freshwater, marine water, and brackish water. On the basis of product type, the market is divided into pompano, snappers, groupers, salmon, milkfish, tuna, tilapia, catfish, seabass, and others (carps, mackerels, sea bream, and trout). Based on region, it is analysed across North America (U.S., Mexico, and Canada), Europe (Russia, Norway, Iceland, and rest of Europe), Asia-Pacific (China, Philippine, Japan, Indonesia, Vietnam, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Recent advancements in the fin fish market include a contract for Norwegian offshore company, Farstad Shipping, for its AHTS vessels. The contract was awarded by Ocean Farming AS, a subsidiary of SalMar Group, for the complete mooring installation and hook up of Ocean Farming’s semi-submersible offshore fish farm. Rise in alliances among fin fish industry players is expected to boost the fin fish market growth.
Key players profiled in this report include Cermaq Group AS (Mitsubishi Corporation), Cooke Fin fish Inc., Grupo Farallon Fin fish, Leroy Sea Food Group, Marine Harvest ASA, P/F Bakkafrost, Selonda Fin fish S.A., Stolt Sea Farm, Tassal Group Limited, and Thai Union Group Public Company Limited.
Other major players (not profiled in report) in the value chain are Blue Ridge Fin fish, Eastern Fish Co., Huon Fin fish Group Pty Ltd., ASMAK - International Fish Farming Holding Company, RoyMarine Harvest ASA, Nireus Fin fish S.A., Promarisco, and Stehr Group Pty Ltd.
KEY BENEFITS FOR STAKEHOLDERS
KEY MARKET SEGMENTS:
o Marine Water
o Brackish Water
o Snappers
o Groupers
o Salmon
o Milkfish
o Tuna
o Tilapia
o Catfish
o Seabass
o Other (Carps, Mackerels, Sea bream, Trout)
Developed countries are able to export their fin fish production to other developed nations, and developing countries are able to expand their exports by supplying markets in developed countries without facing prohibitive customs duties (although they may face market access issues related to non-tariff measures). For some specific products, such as canned tuna, tariff rate quotas are applied, whereby a certain quantity per year can be imported at a reduced tariff. The widespread reduction of import tariffs has been a major driver of the expansion in international trade over the past 25 years. Regional trade agreements are reciprocal trade agreements establishing preferential terms of trade among two or more trading partners in the same region. They have been important drivers of global trade expansion in the past several decades and apply to a large proportion of global trade, also for fish and fish products.
The global food supply security issue, owing to increase in global population, and rise in protein demand have fuelled the growth of the fin fish market. In addition, zooplankton being a major source of proteins acts as another factor augmenting the fin fish market growth. New technological advancements in the rearing of fish and cultivation of sea plants also supplement the fin fish market growth. External drivers of change, both physical and social, affect the production and consumption of food in Pacific Island countries. Among the physical drivers, climate change has been recognized as a key concern and is expected to aggravate predicted shortfalls in coastal fisheries production, thus, driving fin fish production. Evolution of inland fish farming provides numerous opportunities for fin fish market expansion. In addition, new advancements in technologies in the rearing of fish and cultivation of sea plants drives the growth of the fin fish market.
The report segments the fin fish market on the basis of environment, product, and region. The environment segment includes freshwater, marine water, and brackish water. On the basis of product type, the market is divided into pompano, snappers, groupers, salmon, milkfish, tuna, tilapia, catfish, seabass, and others (carps, mackerels, sea bream, and trout). Based on region, it is analysed across North America (U.S., Mexico, and Canada), Europe (Russia, Norway, Iceland, and rest of Europe), Asia-Pacific (China, Philippine, Japan, Indonesia, Vietnam, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Recent advancements in the fin fish market include a contract for Norwegian offshore company, Farstad Shipping, for its AHTS vessels. The contract was awarded by Ocean Farming AS, a subsidiary of SalMar Group, for the complete mooring installation and hook up of Ocean Farming’s semi-submersible offshore fish farm. Rise in alliances among fin fish industry players is expected to boost the fin fish market growth.
Key players profiled in this report include Cermaq Group AS (Mitsubishi Corporation), Cooke Fin fish Inc., Grupo Farallon Fin fish, Leroy Sea Food Group, Marine Harvest ASA, P/F Bakkafrost, Selonda Fin fish S.A., Stolt Sea Farm, Tassal Group Limited, and Thai Union Group Public Company Limited.
Other major players (not profiled in report) in the value chain are Blue Ridge Fin fish, Eastern Fish Co., Huon Fin fish Group Pty Ltd., ASMAK - International Fish Farming Holding Company, RoyMarine Harvest ASA, Nireus Fin fish S.A., Promarisco, and Stehr Group Pty Ltd.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the current fin fish market trends, estimations, and dynamics of the global fin fish market from 2018 to 2025 to identify the prevailing market opportunities.
- The key countries in all the major regions are mapped based on their fin fish market share.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis of the fin fish market segmentation assists in determining the prevailing fin fish market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global industry. Market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of market players.
- The report includes the analysis of the regional as well as global fin fish market, key players, market segments, fish type areas, and growth strategies.
KEY MARKET SEGMENTS:
- By Environment
o Marine Water
o Brackish Water
- By Fish Type
o Snappers
o Groupers
o Salmon
o Milkfish
o Tuna
o Tilapia
o Catfish
o Seabass
o Other (Carps, Mackerels, Sea bream, Trout)
- By Region
- U.S.
- Canada
- Mexico
- Russia
- Norway
- Iceland
- Rest of Europe
- China
- Philippine
- Japan
- Indonesia
- Vietnam
- Australia
- Rest of Asia-Pacific
- Latin America
- Middle East
- Africa
Table of Contents
Chapter 1: INTRODUCTION
Chapter 2: EXECUTIVE SUMMARY
Chapter 3: MARKET OVERVIEW
Chapter 4: FIN FISH MARKET, BY ENVIRONMENT
Chapter 5: FIN FISH MARKET, BY FISH TYPE
Chapter 6: FIN FISH MARKET, BY REGION
Chapter 7: COMPANY PROFILES
Executive Summary
According to this report titled, 'Fin Fish Market by Fish Type, Environment, and Region: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,' the global fin fish market size was valued at $164,836 million in 2017, and is expected to reach $238,520 million by 2025, growing at a CAGR of 4.5% from 2018 to 2025. The others segment consist of carps, mackerels, sea bream, and trout is expected to retain its dominant position, in terms of revenue generation, throughout the forecast period.Asia-Pacific held the leading position in the global fin fish market in 2017, and is expected to maintain its dominance in the future. The carps segment is expected to retain its dominant position, in terms of revenue generation, throughout the forecast period. Asia-Pacific held the leading position in the global market in 2017, and is expected to maintain its dominance in the future as well.
Currently, fin fish is an absolute necessity to meet the food demand and supply. This industry provides high-quality and disease-free fish by rearing fish in an environment that meets the hygiene standards. Fin fish activity is also utilized by industries to conserve the species on the verge of extinction. Moreover, advanced technology enhances the yield of fin fish. The global market is projected to witness significant growth during the forecast period, owing to increased health awareness among consumers about the intake of balanced nutrient quantities. In addition, rise in government rules and regulations in different countries that promote fish farming to meet the growth in demand to cope with food insecurities is expected to further boost the market growth. However, increase in water pollution and changes in climatic conditions hamper the fin fish market growth. Moreover, fin fish production is vulnerable to adverse impacts of disease and environmental conditions. Disease outbreaks in recent years have affected farmed Atlantic salmon in Chile, and in several countries in Asia, South America and Africa, resulting in partial or sometimes total loss of production.
Fresh water was the highest revenue-generating segment, accounting for a major share in 2017 in Fin Fish Market. Fresh water segment is expected to witness highest growth of 4.53% during the forecast period, followed by marine water segment at 4.74%.
Among all the types of fish, the other segment that includes carps mackerels, sea bream, and trout generated maximum revenue in 2017. Carps, belonging to the Cyprinidae family, is a very large group of fish that is native to Asia and Europe. The hardiness and adaptability of carps has encouraged the domestication of this species globally. They are being considered as highly prized coarse fish that are difficult to hook.
LAMEA was the second largest market in terms of revenue generation, with almost one-fourth share in 2017. This region is further expected to expand at a CAGR of 4.36% during the forecast period. In North America, fin fish has ceased expanding in recent years, however, in South America it has shown strong and continuous growth, particularly in Brazil and Peru. Technological developments in South America and some countries in South Africa are expected to increase the Fin Fish market growth in LAMEA. Moreover, rapid development in the Middle East, in terms of infrastructure and technology result in growth in the LAMEA market. However, weak economies in Africa hamper the growth of the market in this region.
Key Findings of the Fin Fish Market:
Asia-Pacific is expected to continue to lead the global market, growing at the highest CAGR of 4.68%, in terms of revenue, from 2018 to 2025.
Based on environment, the fresh water segment occupied around 60.0% of fin fish market share of the total market in 2017.
Based on fish type, the others segment that includes craps mackerels, sea bream, and trout occupied a major share of the global market in 2017, in terms of revenue followed by salmon.
China is the largest country, in terms of revenue, in the global market, and is expected to grow at a CAGR of 5.31% from 2018 to 2025.
Tilapia fish type is expected to witness significant growth of 4.62%, in terms of revenue, in the fin fish market forecast period.
Major players in the industry have adopted strategies such as acquisition, partnership & agreement, merger, and geographical expansion, to expand their market share and increase profitability. The key player in the market include Cermaq Group AS (Mitsubishi Corporation), Cooke Fin fish Inc., Grupo Farallon Fin fish, Leroy Sea Food Group, Marine Harvest ASA, P/F Bakkafrost, Selonda Fin fish S.A., Stolt Sea Farm, Tassal Group Limited, and Thai Union Group Public Company Limited.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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