Fin Fish Market by Fish Type (Bass, Catfish, Cod), Type (Fresh, Packaged), Environment, Sales Channel - Global Forecast 2024-2030

Fin Fish Market by Fish Type (Bass, Catfish, Cod), Type (Fresh, Packaged), Environment, Sales Channel - Global Forecast 2024-2030

The Fin Fish Market size was estimated at USD 21.00 billion in 2023 and expected to reach USD 21.94 billion in 2024, at a CAGR 4.70% to reach USD 28.96 billion by 2030.

Fin fish refer to true fish with fins, distinguishing them from other aquatic animals such as shellfish or mollusks. This category encompasses a wide range of freshwater and saltwater species, including well-known types such as cod, salmon, and tilapia. These fish are primarily used for human consumption and have also been integral to aquaculture, where they are farmed under controlled conditions. The expansion of the fin fish market is driven by the increasing global population, rising protein demand, and growth in the aquaculture industry. However, the fin fish sector faces significant challenges. Environmental concerns such as water pollution, habitat destruction, and the impacts of climate change on water temperatures and ocean acidification adversely affect fish health and populations. There are also socio-economic hurdles, including regulatory issues and the management of resources and sustainability practices, which remain critical for industry stability. Despite these issues, advancements in aquaculture technologies and practices can potentially increase yield while reducing environmental impact. Furthermore, there's a growing trend towards organic and sustainably farmed fish, driven by consumer awareness and preference for environmentally friendly products, paving the way for market expansion.

Regional Insights

In the Americas, the fin fish market continues to show moderate growth. This is primarily driven by increased consumption of seafood in dietary patterns and a strong emphasis on healthy living. The United States and Canada are significant contributors to this market, with advances in aquaculture technology and sustainable fishing practices playing key roles in meeting the rising demand. Europe exhibits a high demand for fin fish, supported by strong fishing industries in countries including Norway, which is one of the world's largest producers of salmon. In the Middle East and parts of Africa, there is a growing awareness and adoption of sustainable fishing practices, which are expected to improve the market prospects. In Asia-Pacific, the market for fin fish is witnessing robust growth, attributed to high population growth, increasing disposable incomes, and the cultural significance of fish in local diets, particularly in countries including China and Japan. Technological advancements in aquaculture are also propelling the market forward, with innovations aimed at increasing fish harvests while addressing environmental concerns.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Fin Fish Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Escalating consumption of protein-rich diets across various global population
Increasing demand for frozen and processed fin fish products across online channels

Market Restraints

Fluctuations in raw material availability impacting fin fish supply stability

Market Opportunities

Development of improved aquaculture and processing technologies
Increasing government initiatives aimed at promoting sustainable fishing practices

Market Challenges

Challenges in achieving product standardization across the market

Market Segmentation Analysis

Fish Type: Salmon is versatile in its preparations, served raw, smoked, or cooked.
Environment: Growing fin fish farming in freshwater environments owing to its cost-effectiveness

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Fin Fish Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Fin Fish Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Hatch Blue Achieves EUR 75 Million in Second Funding Round to Boost Sustainable Aquaculture Innovations

Hatch Blue, an investment firm focusing on sustainable aquaculture, has successfully secured EUR 75 million for its Fund II. This fund is aimed at advancing technologies and initiatives that contribute to more sustainable and efficient aquaculture practices. With a target of EUR 120 million for the final close, Hatch Blue's Fund II primarily invests in early-stage companies that are innovating in areas such as fish health, genetics, and novel feed ingredients.

Singapore Food Agency Initiates Tender for Two New Sea-Based Fish Farm Sites

The Singapore Food Agency (SFA) has recently opened a tender for two new fish farming sites, which can be used for the farming of fin fish or crustaceans, located off the southern coast of Singapore, specifically in the Straits of Johor. Aimed at bolstering the nation's self-sufficiency in food production, these sites are part of a strategic effort to enhance local fish supply and stabilize food security. The farms are designed to be state-of-the-art, using technology, including closed containment systems in deeper waters, allowing for the cultivation of high-quality fish with reduced environmental impact.

Innovative Funding Initiatives by SAIC to Enhance Fish Health and Welfare in Aquaculture

The Sustainable Aquaculture Innovation Centre (SAIC) is dedicating over GBP 1 million towards a group of seven collaborative research projects aimed at addressing crucial health and welfare challenges in the fin fish sector. Key areas of focus include improving vaccination techniques, developing better strategies for parasite control, and enhancing overall fish welfare. This investment aims to boost the sustainability and efficiency of fish farming and enrich the quality of farmed fish, benefiting both the industry and consumers.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Fin Fish Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Fin Fish Market, highlighting leading vendors and their innovative profiles. These include AgriMarine Holdings Inc., Alaska General Seafoods by Canfisco Group, Alaska Gold, Brunswick Seafood, Bumble Bee Foods, Clover Leaf Seafoods, Dongwon Group, John West, King Oscar, Lerøy Seafood Group ASA, Marine Harvest ASA, MW Polar Foods, OBI Seafoods, Ocean Brands by Jim Pattison Group, Okanagan Select, Paramount Foods, Peter Pan Seafood, Princes Food & Drinks, Pure Alaska Salmon Company, Raincoast Trading, Safe Catch, SalMar ASA, Silver Bay Seafoods, LLC, St. Jean's Cannery & Smokehouse, Thai Union Group, Trident Seafoods, Vital Choice Wild Seafood & Organics, and Wild Planet Foods by Bolton Group S.r.l..

Market Segmentation & Coverage

This research report categorizes the Fin Fish Market to forecast the revenues and analyze trends in each of the following sub-markets:

Fish Type
Bass
Catfish
Cod
Haddock
Halibut
Mackerel
Salmon
Sardines
Trout
Tuna
Type
Fresh
Packaged
Environment
Brackish Wate
Freshwater
Marine Water
Sales Channel
Convenience Stores
Online Stores
Specialty Stores
Supermarkets/Hypermarkets
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year