Nowadays, the demand for aquaculture protein is increasing largely owning to the surging consumption of processed foods in developed and developing nations. To meet this demand, commercial aquaculture manufacturers and fish industries are focusing on grander outputs of aquaculture products. This has led to the increasing application of Asian Sea Bass in the food industry, finds Future Market Insights (FMI) in a new study.
As per the report, application of Asian sea bass is expected to be considerably higher than others sources of pharmaceutical products and animal feed. FMI has forecast the Asian sea bass market to surpass US$ 239 Mn by 2021. The rising demand of frozen and ready-to-eat Asian Sea Bass will drive growth in the United States and India. Gradually and progressively Asian Sea Bass and its forms are making space across retail shelves even untapped and remote markets due to its ability to thrive in harsh and varied environmental conditions.
Moreover, manufacturers are developing advanced production as well as harvesting technology to increase the yield of Asian sea bass. These novel technologies are also anticipated to reduce the incidence of diseases in Asian sea bass.
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Lately, there is an increasing demand for aquaculture businesses to make products, product context- where the ingredients came from, and how the end product is manufactured more transparent. Key players nowadays are using clean labeling as catchword for advertising and selling the products.
As sales continue to rise, FMI has projected the demand for sea bass in fillet form to be considerably highly. It is also projected to account for over 36% of sales in the global market.
Key Takeaways from the Asian Sea Bass Market Study
- Asian sea bass market will report 5% CAGR between 2021 and 2031 as market players focus on research and development activities
- The rising demand for ready-to-eat and frozen food will fuel demand in the U.S., enabling it to account for 80% of sales in North America through 2031
- The U.K. will showcase steady rate of growth backed by rising demand for farmed sea bass
- France and Russia will remain highly lucrative, registering double-digit growth through forecast period
- The expansion of aquaculture sector will support growth in China
“Market players will continue focusing on strategies for expansion to gain edge amid increasing competition. Research and development initiatives undertaken by them will primarily aim at the discovery of better quality and cost-effective sea basses,” said an analyst at FMI.
Who is winning?
Several top manufacturers of Asian Sea Bass are concentrating on providing Asian Sea Bass at an optimum price, owing to their increasing demand from across the world. Different companies have implemented integrated production approach to delivering cost-effective products in the market. This also is intended to expand their footprints and improve their production capacity Prominent players of Asian Sea Bass are involving in research and development activities by incorporating recombinant DNA technology for accumulating all the desired functionality for farming of Asian sea bass.
A few of the leading players operating in the Asian Sea Bass market are: Amacore B.V., Viet Asia Foods (VAFCO), MainStream Aquaculture, Shwe Yamone Manufacturing Co., Ltd., A.O.Kingdom., NGHI SON AQUATIC PRODUCT EXIM CO., LTD, Oceanpick, Barramundi Asia, Allegro Aqua, Mattes Seafood, Ocean Treasure among others and other players.
Asian sea bass Market by Category
- Farmed Asian Sea Bass
- Freshwater Asian Sea Bass
- Brakishwater Asian Sea Bass
- Wild Asian Sea Bass
- Whole Asian Sea Bass
- Headed and Gutted Asian Sea Bass
- Fillet Asian Sea Bass
- Frozen Asian Sea Bass
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 Platform
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa
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Key Questions Answered in the Report
- At what rate is the demand for Asian sea bass is expected to grow?
The global Asian sea bass market is estimated to grow at CAGR of 5.0% over the next 5 years.
- Which is the preferred Asian sea bass form?
Asian sea basses are more preferred in fillet form owing to increasing demand for extended shelf-life and ease of storage and handling.
- Which are the leading companies in the Asian sea bass market?
Some of the leading companies operating in the market are Amacore B.V., Viet Asia Foods (VAFCO), MainStream Aquaculture, Shwe Yamone Manufacturing Co., Ltd., A.O.Kingdom., NGHI SON AQUATIC PRODUCT EXIM CO., LTD, Oceanpick, Barramundi Asia, Allegro Aqua, Mattes Seafood, Ocean Treasure among others.
- Which is the Preferred Source of Asian Sea Bass?
Asian sea bass is primarily farmed in freshwater and brakishwater.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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