Global Sea Bass Market Extends at a Healthy CAGR of 6.81% by 2030

Introduction

Seabass is a valuable food fish in the tropical and subtropical regions of Asia and the Pacific Rim. European and Asian seabass are common seabass, also called barramundi, hamlet, hind, Connie, graysby, grouper, and sea bass. The different fish that make up the seabass family typically have an elongated body, a big head and mouth, narrow scales, and a broad tail with two branches. The life cycle of the seabass includes time at sea. The carnivorous seabass consumes fish, crabs, mollusks, and other invertebrates as food. While seabass is extensively distributed in the Indo-West Pacific, from South Asia to Papua New Guinea and north from Australia, European seabass is indigenous to the waters around Europe's southern, western, and northern shores. China, Japan, ASEAN, France, the United Kingdom, the United States, and other European nations frequently eat sea bass.

Recent trends in consumer demand for organic food result from consumer understanding of the harmful effects of synthetic fertilizers, insecticides, and pesticides. Numerous businesses are entering this market to accommodate the rising demand from consumers for organic foods. Additionally, some work has been made to enhance the content and formulation of organic feed to maximize the nutritional quality of organic sea bass. The demand for organic seabass is mostly to blame for expanding the world seabass market. The primary concern of the stakeholders continues to be the adoption of new technologies to increase production efficiency, which supports the expansion of the sea bass market.

Market Dynamics

The Growing Demand for Low-Calorie, Protein-Rich Diets and the Versatility of Sea Bass to Drive the Global Sea Bass Market

The global market for sea bass is anticipated to grow due to rising consumer demand for high-protein, low-calorie diets. An average of 25 grams of protein may be found in one serving of sea bass fillet. Calories, on the other hand, are only about 125. Increasing protein intake will help the body improve overall by increasing muscle mass and strength, accelerating the metabolism and fat-burning process, lowering blood pressure levels, and reducing hunger for more extended periods. On the other side, consuming fewer calories improves mood and health while assisting with weight and blood sugar management. Many health-conscious people are drawn to sea bass because of these qualities. Hence increasing the demand for sea bass.

Sea bass has tender, buttery, meaty, luscious flesh with medium-sized, firm flakes. The flavor mixes seamlessly into any food because it is delicate, light, and somewhat sweet. It could also be a starting fish for people new to the seafood industry. This fish's versatility is demonstrated by its use in popular gourmet recipes and regular household fare, which increases the attractiveness of this species. The growth of the sea bass market is driven by the fish's superior flavor and versatile uses.

Sustainable Sea Bass Farming to Create Global Sea Bass Market Opportunities

Particularly among young people and people of generation Z in developing and established nations, sustainability is becoming increasingly important as a deciding factor in product choices. Sustainable business methods may be advantageous to the market in the upcoming years. Techniques like proper waste management practices can be applied to reduce contamination and preserve the cleanliness of aquatic environments. In addition, equilibrium can be restored by releasing some farmed fish into the wild to maintain their population. To reduce chemical imbalances or contaminants, water samples from locations where farms are located will be analyzed, which will also improve the water quality. Thus, it is hoped that such activities will support sustainability and leave a good impression on customers, improving the prospects for the sea bass market in the future.

Regional Insights

The Asia Pacific will command the market with the largest share while growing at a CAGR of 8.42%. The sea bass market is mainly unorganized, and many regional businesses compete for small market shares. Rising consumer demand from the food service sector and government support in the form of credits, loans, and infrastructure are both positive factors that will contribute to the long-term growth of the Asia-Pacific sea bass market. Australia and nations in southern and southeast Asia are responsible for most sea bass farming in the Asia-Pacific region. Barramundi is the most well-liked seafood in this region and throughout the world, with a native variety of sea bass.

Because of the abundance of seafood consumed by the residents of Asia's coastal regions, there is a high demand for fish, especially sea bass. Fishing and farming are the primary sources of income in some parts of the developing countries in this region, which encourages the government to support initiatives that promote higher production, exports, and technical advancement.

Europe will expand at a CAGR of 6.22% and hold USD 3,147 million. Sea bass has a significant market throughout Europe. The prosperous countries in this region include France, Italy, Greece, Spain, and Belgium. Due to their use in delicacies, marine items are in high demand in the area. Because there are several farms in the area, the market for farmed sea bass is primarily in Europe. In terms of flavor and cuisine, Europe is usually a wealthy continent. It has been a rising market for sea bass because of the many cultural traditions and eating habits.

As more and more ocean space is used to set up marine farms, sea bass farming is growing in popularity. Most of the product is consumed in Europe, primarily in Italy, Spain, France, and the UK. The escalating demand and fierce competition force the European market to invest more in innovation and research to strengthen the supply chain. Additionally, particular efforts are made to encourage Greek aquaculture companies. The sister initiatives MedAID and PerformFISH, which will support the growth of Europe's aquaculture industry, will receive funding from the European Commission. The market for sea bass in Europe will grow as a result.

Key Highlights

• The global sea bass market had a revenue share of USD 4,356 million in 2021, presumed to reach USD 7,379 million, expanding at a CAGR of 6.81% during the forecast period. 
• Based on nature, the farmed section is projected to advance at a CAGR of 6.92% and hold the largest market share.
• Based on type, the fresh section is projected to advance at a CAGR of 6.61% and hold the largest market share.
• Based on the sales channel, the specialty store section is projected to advance at a CAGR of 6.82% and hold the largest market share.
• Based on regional analysis, the Asia Pacific will command the market with the largest share while growing at a CAGR of 8.42%.

Competitive Players

Competitive Players in the Market

• Amacore B.V.
• Barramundi Group
• Blue Ocean Seafood SPA
• Corfu Sea Farm SA.
• Cromaris D.D.
• Defne-Tur Aquaculture
• Mainstream Aquaculture
• Oceanpick
• Philosofish S.A.
• Selonda SA.
• Argosaronikos S.A. Fish Farm
• Culmarex
• S.A.U.
• Duntower Corporation

Recent Developments

Market News

• In 2022, Mainstream Aquaculture acquired a 1,100-acre fish farm in Arizona, USA. 
• In 2022, Philosofish S.A. increased its production at its Rhodes Island facility following an investment in a feed barge from Norwegian aquaculture provider AKVA company with a 400-tonne capacity.

Segmentation

Global Sea Bass Market: Segmentation

By nature 

• Wild
• Farmed

By type

• Fresh
• Processed

By sales channel

• Food Service
• Hypermarket/Supermarket
• Specialty Stores
• Online Channels

By region

• North America
• Europe
• Asia-Pacific
• LAMEA