Factors such as increase in concern toward food security, technological advancements in the industry.
PORTLAND, OR, UNITED STATES, October 23, 2020 /EINPresswire.com/ — 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.
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Rise in fish production to meet food supply, technological advancements in the field of fish farming, and increase in global protein demand from livestock & fisheries fuel the growth of the global fish farming market. On the other hand, surge in temperature and water pollution happens to hamper the growth to some extent. Nevertheless, evolution in inland fishing and use of more sustainable technology in fish farming are expected to create multiple opportunities in the market.
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.
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.
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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.
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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Key findings of the Fish Farming Market:
• Asia-Pacific is expected to lead the global fish farming market, growing at the highest CAGR of 4.89%, in terms of revenue, from 2018 to 2025.
• Based on environment, the fresh water segment occupied around 61.8% of fish farming market share of the total market in 2017.
• By 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 generation, in the global fish farming market, and is expected to grow at a CAGR of 5.31% from 2018 to 2025.
• The tilapia fish segment is expected to witness significant growth of 4.62%, in terms of revenue, during the fish farming market forecast period.
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Source: EIN Presswire