Asian sea bass is forecast to increase at a value CAGR of 5% from 2023 to 2033 market is expected to be valued at US$ 960 million | Future Market Insights, Inc.
The market for Asian sea bass is expected to be the most lucrative across Australia. As of 2022, the continent accounted for 10.5% of global consumption. Australia’s status as the top consumer and producer of Asian sea bass is attributed to the fact that it is the country’s national fish.
NEWARK, Del, May 10, 2023 (GLOBE NEWSWIRE) -- The global Asian sea bass market is forecast to reach a valuation of US$ 960 million in 2023. From 2023 to 2033, the market is slated to experience a CAGR of 5%, concluding at a valuation of US$ 1,492 million. Consumption of Asia sea bass is inclining, given its enhanced nutritional value, as well as the consistent meaty texture. As of 2022, sales of Asian sea bass reached a valuation of US$ 853.2 million.Globally, consumption of food products involving high protein and low-calorie content is rising. Sea bass consists of 25 grams of protein and around 125 calories. In addition to the high protein content, sea bass is rich in omega-3 fatty acids, vitamins B-12, B-6, and a lot of other nutrients. The omega-3 helps maintain good cardiac health, regulate HDL cholesterol levels, and reduce the possibility of cancer.
On the innovation front, several cutting-edge initiatives in production and aquaculture have been introduced. From automating production techniques to incorporating artificial intelligence, the aquaculture sector is witnessing improvements in output generation. This has also extended to sea bass production.
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*Key Takeaways from the Market Report*
· From 2018 to 2022, the Asian sea bass market expanded at a 2% CAGR
· By source, farmed Asian sea bass was the most widely consumed, comprising 61.5% of all sales in 2022
· More than 37% of Asia sea bass was consumed in the form of fillets in 2022
· By distribution channel, 2/3^rd of all Asian sea bass sales occurred through retail channels
· Australia remains the largest consumer of Asian sea bass, accumulating a share of 10.5%
· The United Kingdom is expected to be the fastest-growing market, registering a CAGR of 4.1%
· India to be the fastest growing market for Asian sea bass, expected to register a 5.4% CAGR
“Asian sea bass are robust creatures, capable of thriving in the most hostile environments and spawning effortlessly. Market players are capitalizing on this opportunity to ramp up their production capacities, leading to immense growth opportunities,” says an analyst at Future Market Insights.
*Competitive Landscape*
Prominent players profiled in the Asian sea bass market include Amacore Seafood B.V., Viet Asia Foods (VAFCO), MainStream Aquaculture, Shwe Yamone Manufacturing Co. Ltd., A.O. Kingdom International Co. Ltd., Nghi Son Aquatic Product Exim Co. Ltd, Oceanpick, Barramundi Asia, Allegro Aqua, Mattes Seafood and Ocean Treasure. Specific developments with regard to Asian sea bass are as follows:
· In March 2019, Oceanpick Ltd. was awarded the Best Aquaculture Practice (BAP) certification. The receipt of this award led to Sri Lanka becoming a pioneer in aquaculture practices across South Asia. The certification also reinforces the company’s commitment to sustainable farming practices, especially with regard to barramundi production
· In May 2022, MainStream Aquaculture received a US$ 30 million grant from the Australian government. This grant was disbursed to further the Latrobe Valley Aquaculture project, which is aimed at enhancing Asian sea bass production capacity. In collaboration with Opal, the company has proposed to develop the world’s largest indoor bio-secure aquaculture facility for growing and processing sustainable Australian barramundi
· Barramundi Asia, or Barramundi Group Ltd., forged a strategic partnership with Wild Ocean Australia Pty. Ltd. in December 2022. This partnership secured Barramundi Group’s continued involvement in the development of its Kimberley Ocean Barramundi Project; allowing for significant expansion in the region across 13 seawater sites that will ultimately allow the sustainable production of up to 30,000 tons annually.
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*More Insights Available*
Future Market Insights offers an unbiased analysis of the Asian sea bass market, providing historical data from 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the Asian sea bass market, the report is segmented on the basis of source (farmed and wild), form (whole, headed and gutted, fillet and frozen), and sales channel (direct sales-B2B, food service and retail sales) across seven major regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East & Africa).
*Key Segments Profiled in the Asian Sea Bass Industry Survey*
*By Source:*
· Farmed
· Freshwater
· Brakishwater
· Wild
*By Form:*
· Whole
· Headed and Gutted
· Fillet
· Frozen
*By Sales Channel:*
· Direct Sales-B2B
· Food Service
· Retail Sales
· Modern Trade
· Convenience Store
· Specialty Food Stores
· Wholesale Store
· Discount Stores
· Online Retail
· Other Retail Stores
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*Table of Content*
*1. Executive Summary | Asian Sea Bass Market*
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
*2. Market Overview*
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
*3. Market Background*
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and Their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyers
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
*4. Global Asian Market Analysis 2018 to 2022 and Forecast, 2023 to 2033*
4.1. Historical Market Size Value (US$ Million) & Volume (MT) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (MT) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
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*About Future Market Insights, Inc.*
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