Fish Farming Market to Reach $376.49 Billion, Globally, by 2025 at 4.77% CAGR, Says Allied Market Research
PORTLAND, Oregon, April 18, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Fish Farming Market by Environment (Freshwater, Marine Water, and Brackish Water) and Fish Type (Fin Fish and Others): Global Opportunity Analysis and Industry Forecast, 2018 - 2025". According to the report, the global fish farming market accounted for $257.94 billion in 2017 and is expected to reach $376.49 billion by 2025, registering a CAGR of 4.77 % from 2018 to 2025.
Increase in consumption of fishes as a cultural tradition, rise in awareness regarding health benefits of fish consumption, and surge in demand for fish oil across various industries are expected to boost the growth of the global fish farming market. However, water pollution and change in climatic conditions across the globe hampers the aquatic ecosystems, which is the biggest challenge for market growth. On the contrary, technological advancements to check the quality of fish feed and increasing awareness regarding the application of fishes for manufacturing of by-products such as fish albumin, glue, and pearl essence are expected to create lucrative opportunities in the near future.
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Freshwater segment holds lion's share
The freshwater segment dominated the market in terms of revenue in 2017, contributing nearly two-thirds of the total market, owing to favorable policies to develop freshwater fish cultivation in various countries such as China and Bangladesh. However, the marine water segment is projected to manifest the fastest CAGR of 4.9% through 2025, owing to favorable environment for rearing fish coupled with smooth trade relations across several countries. The report also analyzes the segment of brackish water.
Fin fish segment to create lucrative opportunities
The fin fish segment is expected to manifest the fastest CAGR of 4.5% during the forecast period. Moreover, the segment held the largest share in 2017, contributing nearly two-thirds of the total market, owing to increased consumption of mollusks to extract luxury pearls across the globe.
Asia-Pacific to dominate the market by 2025
The market in Asia-Pacific region held a lion's share in 2017, contributing about two-thirds of the total market, owing to rise in domestic demand of seafood in the country and growing inclination of government and private sectors to prepare national fisheries development plan to increase fish farming. Moreover, the region is expected to manifest the fastest CAGR of 4.8% during the forecast period. The report also includes analysis of the market in the other regions such as North America, Europe, and LAMEA.
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Key market players
The report includes analysis of the major companies in the market including Cooke Fish Farming Inc., Cermaq Group AS (Mitsubishi Corporation), Leroy Sea Food Group, Grupo Farallon Fish Farming, P/F Bakkafrost, Marine Harvest ASA, Nippon Suisan Kaisha, Ltd., Fish Farming Technologies Asia Limited, Tassal Group Limited, and Thai Union Group Public Company Limited
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