Sea Bass Market Expected to Reach $ 7.9 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Sea Bass Market by Nature, Type, and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the sea bass market size was valued at $3.5 billion in 2020, and is projected reach $7.9 billion by 2030, registering a CAGR of 6.8% from 2021 to 2030.

Rise in demand for food with high protein and low calorie count acts as a key driving force of the global sea bass market. One fillet serving of sea bass, on an average, contains close to 25 grams of protein. The calories, on the other hand, are only around 125. An increased protein intake will aid in improving muscle mass, muscle strength, accelerate fat burning & metabolism, reduce blood pressure levels, curb hunger for longer, and have an overall positive impact on the body. Consumption of low calories, on the other hand, helps in controlling weight, control blood sugar levels, and has a positive bearing on the mood & well-being of consumers. These properties of sea bass attract health-conscious consumers, which notably contributes toward the growth of the overall market. 

However, vegan and vegetarian diets are becoming more popular and more common among people. These kinds of diets avoid the consumption of animal products, which includes fish. Vegans are using substitutes to animal products, like soy, seitan, and peas, to get their required protein intake, instead of having food that is more efficient for meeting the protein intake requirements. About 10% of the European population is vegetarian and vegan, and the percentage is likely to increase steadily in upcoming years. Moreover, consumers around the world are willing to change their eating habits and are shifting toward plant-based foods. According to Google trends, interest in veganism has been witnessed 7X between 2014 and 2019. On the similar lines, about 10 million individuals of the U.S. are vegan. Global campaigns are being run by people to advocate the conversion to veganism and vegetarianism. They are promoting the health benefits of such a diet while pointing out the negative impacts of a nonvegetarian diet. These campaigns are taking effect to a certain extent, which is negatively impacting the seafood market, including the sea bass market.

The outbreak of the COVID-19 pandemic has negatively impacted the global sea bass market growth. Engaged players have witnessed widespread disruptions in supply chains during the initial few months of pandemic. However, the demand for sea bass is likely to foresee high demand, owing to increase in consciousness among consumers regarding health and fitness during the pandemic.

The global sea bass market is segmented into nature, type, sales channel, and region. Depending on nature, the global market is bifurcated into wild and farmed. By type the market is segmented into fresh and processed. On the basis of sales channel, it is fragmented into across food service, hypermarket/supermarket, specialty stores, and online sales channels. The global market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

Key Findings Of The Study

•  Region wise, Europe dominates in terms of sea bass market share, however, Asia-Pacific is anticipated to grow at a robust CAGR of 8.4% during the forecast period.
•  Depending on nature, the farmed segment led in terms of market share in 2020, and is expected to grow with robust CAGR in the upcoming years.
•  On the basis of type, the fresh segment accounted for more than four-fifths share of the market in 2020; however, the processed segment is projected to grow at the highest CAGR during the sea bass market forecast period.
•  As per sales channel, the online segment is expected to gain high share in the upcoming years.

The major players profiled in the global sea bass market analysis include Amacore B.V., Barramundi Group, Blue Ocean Seafood SPA, Corfu Sea Farm S.A., Cromaris D.D., Defne-Tur Aquaculture, Mainstream Aquaculture, Oceanpick, Philosofish S.A., and Selonda SA. Other prominent players analyzed in the report are Argosaronikos S.A. Fish Farm, Culmarex, S.A.U., Duntower Corporation, Luckyfish Co., NHL Fresh Fish, and Ozsu Fish UK Limited.