Sea Bass Market

Market Overview

The global sea bass market size was valued at USD 3,770 million in 2021. It is expected to reach USD 6.30 billion by 2030, growing at a CAGR of 6.8% during the forecast period (2022–2030).

 Sea bass is a popular food fish in the Pacific and the tropical and subtropical parts of Asia. In addition to the European sea bass, the Asian sea bass (also known as Barramundi) is a popular food choice. As people become more conscious of the dangers presented by synthetic fertilizers, insecticides, and pesticides, there has been an increase in the demand for food that has been cultivated organically. Numerous firms are entering this market to meet the rising consumer demand for organic food in response to the increasing demand from consumers. Additionally, efforts are being undertaken to improve the formulation of organic feed and feed ingredients to maximize the nutritional value of organic sea bass. The demand for organic sea bass is one of the main factors driving the global sea bass market growth.

Market Dynamics

Global Sea Bass Market Drivers

Increase in Demand for Low-Calorie, Protein-Rich Food

The rising consumer desire for foods with high protein and low-calorie counts drives the surge in sea bass demand worldwide. Sea bass has about 25 grams of protein per fillet serving and has just about 125 calories. Increasing protein consumption will benefit the body by increasing muscular development and strength, speeding up fat burning and metabolism, lowering blood pressure, sating hunger for extended periods, and enhancing blood circulation. Contrarily, eating foods low in calories helps people manage their weight and blood sugar levels and positively impacts their mood and general well-being. Due to these qualities, sea bass is famous among consumers concerned about their health. As a result of the advantages of sea bass discussed above, its consumption is on the rise.

Health Benefits of Seafood Consumption

The general population is becoming more aware of sea bass's multiple health benefits. As a result, the demand for fish has increased, contributing to the proliferation of market growth. In addition, sea bass is a rich source of omega-3 fatty acids, vitamins B-12, B-6, and various other nutrients. Omega-3 fatty acids help maintain cardiac health, regulate HDL cholesterol levels, prevent obesity and reduce the chances of cancer. Moreover, vitamin B-12 helps prevent anemia, whereas vitamin B-6 helps maintain blood sugar levels.

Furthermore, both these vitamins are responsible for increasing energy levels. Sea bass contains a high concentration of vitamin A, which further aids in maintaining healthy vision and overall eye health. Thus, multiple health benefits associated with sea bass attract a large base of health-conscious consumers, thus augmenting the global market growth.

Global Sea Bass Market Restraint

Adoption of Vegan/Vegetarian Diets

Dietary patterns that exclude all forms of animal products, such as veganism and vegetarianism, are gaining popularity. These diets forbid the consumption of fish and other animal items. Instead of consuming more effective dietary items that supply the necessary protein, vegans consume alternatives to animal products such as soy, seitan, and peas. Approximately 10% of European people identify as vegetarian or vegan, which is expected to keep rising over the coming years. Globally, consumers are open to changing their eating patterns and moving towards plant-based diets. Google Trends reports that between 2014 and 2019, interest in veganism increased seven times.

Similarly, the number of vegans in the United States is around 10 million. People are running campaigns around the world to promote the adoption of a vegetarian and vegan diet. They highlight the advantages of such a diet for health while criticizing the drawbacks of a nonvegetarian diet. These initiatives have a detrimental effect on the fish market, particularly sea bass.

Global Sea Bass Market Opportunities

Growing Adoption of Novel Aquaculture Technologies

Adopting cutting-edge technology to boost operational effectiveness has consistently been a hot topic among involved stakeholders. Using the example from the book, the inexpensive feed made from plants will reduce the need for fish meals. In addition, it is anticipated that DNA identification of fish will increase fish output in addition to helping to detect and treat infections. Other improvements revolving around water filtration, habitat building, and fishing techniques can amplify production. Moreover, adopting automation and artificial intelligence has led to a substantial increment in fish production. Thus, the rise in the adoption of such technologies among leading players to expand their production capabilities is expected to offer potential growth opportunities for the market.

Regional Analysis

By region, the global market is segmented into North America, Europe, Asia-Pacific, and LAMEA.

Europe is the highest revenue contributor and is expected to grow at a CAGR of 6.2% during the forecast period. Sea bass farming is becoming more prevalent as ample space in the ocean is used to set up sea farms. A significant portion of the produce is distributed throughout Europe, with Italy, Spain, France, and the United Kingdom being the most significant consumers. The rise in demand and intense competition are compelling the European market to put more effort into innovation and research to improve the supply chain. The European Commission plans to invest in sister projects MedAID and PerformFISH, which will help create a shared knowledge base and expand the European aquaculture industry.

Asia-Pacific is expected to grow at a CAGR of 8.4%, generating USD 3,425 million during the forecast period. Sea bass farming in Asia-Pacific is mainly carried out by the southern and southeastern Asian countries and Australia. Barramundi, a type of sea bass native to the area, is the most widely consumed species. Seafood is a significant part of the population's diet in coastal areas of Asia, resulting in huge demand for fish, including sea bass. Fishing and farming are significant sources of income in some developing countries in this region. Thus the government supports such programs to boost production, exports, and technology.

The premiumization trend is currently mainstream in the North American sea bass market. It is being leveraged across the seafood industry to increase differentiation from cheaper fish available and to maintain consumer interest. Premium gourmet or selected versions target consumers willing to spend a premium amount for better flavors and quality taste. North America imports the majority share of sea bass from Europe and Asia-Pacific.

Segmental Analysis

The global sea bass market is segmented by nature, type, and sales channel.

By nature, the global sea bass market is bifurcated into wild and farmed.

The farmed segment is the highest contributor to the market and is expected to grow at a CAGR of 6.9% during the forecast period. Aquaculture accounts for one-third of the total supply of fish used for human consumption worldwide. It controls more than 95% of the market for farmed sea bass, making it an extremely profitable industry. The production of sea bass has the potential to replace catches in fisheries and help feed the world's expanding population. There has been a shift towards sea bass farming due to the enormous growth in public awareness of potential environmental issues. Additionally, numerous prohibitions on natural capture have led to the broad adoption of sea bass farming. Moreover, this segment will likely witness increased market share with more players venturing toward sea bass farming rather than wild capture.

The wild segment is the second largest in the global sea bass market. The EU adjusts management measures for northern and southern sea bass annually, based on independent scientific advice from the International Council for the Exploration of the Sea (ICES). ICES suggested continuous suggestions regarding the reduction of catching of sea bass owing to high fishing pressure and reduced fish population. Nevertheless, wild sea bass is priced higher than farmed sea bass due to consumers' positive sentiment regarding the quality of wild sea bass.

By type, the global sea bass market is segmented into fresh and processed.

The fresh segment is the most significant contributor to the market and is expected to grow at a CAGR of 6.6% during the forecast period. The demand for fresh food without processing has been gaining traction in the last few years. The farm-to-table approach is widely adopted by many people across the world, which notably contributes to market growth. In addition, the rise in awareness about the health benefits of eating fresh is helping to bring this change and prompting people to buy fresh food, including seafood. The fresh segment of the sea bass market dominates internationally and is expected to maintain its dominance during the forecast period.

By sales channels, the global sea bass market is segregated into food service, hypermarket/supermarkets, specialty stores, and online sales channels.

The specialty stores segment is the major contributor to the market and is expected to grow at a CAGR of 6.8% during the forecast period. Specialty stores provide customers with high-quality service, detailed product specifications, and expert guidance. The continuously evolving retail industry, along with changes in consumer behavior and improvement in overall lifestyle across the world, has led to the introduction of specialized retail formats. Furthermore, to increase the footfall of customers, specialty stores conduct voucher and coupon campaigns to save money for customers, strengthening the brand image and increasing their revenue.

The online platform serves as a popular medium for purchasing seafood products. This is attributed to easy availability, time-saving feature, and the online platform's home delivery facility. In addition, the online sales of seafood products are increasing significantly, owing to the alarming rise in cases of COVID-19. Moreover, the online sales channel has increased consumer reach, which has evolved as a critical source of revenue for many companies. Furthermore, online sales are expected to grow notably shortly due to the rapid increase in mobile users. The rise in e-commerce sales, improvements in logistics services, ease in payment options, and the facility for international brands to enter the market further boost the market's growth.

Recent Developments

• July 2022 - MainStream Aquaculture acquired a 1,100-acre fish farm in Arizona, United States. Among the biggest producers and suppliers of Barramundi in the world will now be able to add domestic production for the USA market to its increasing portfolio of assets thanks to this transformative acquisition.
• May 2022 - MainStream Aquaculture and Opal welcome the Australian Government's announcement of a USD 30 million grant for the Latrobe Valley Aquaculture project.
• February 2022 - MainStream Aquaculture's table fish brand Infinity Blue began 2022 with a subtle yet significant change in branding. In celebrating the provenance of each farm location, Mainstream can more effectively communicate the taste attributes, sustainability, and product freshness to the market.
• May 2022 - The design of Cromaris' innovative skin packaging, signed by Bruketa & Žinić & Gray, was awarded silver at the international competition "Graphis Packaging." This puts Cromaris in the company of successful global brands, including PepsiCo, Moët Hennessy, Xbox, and Mars Wrigley. Graphis is a reputable New York publisher with a tradition dating back to 1944, which annually awards and publishes prominent projects in design, advertising, photography, and illustration.