0
2021
Sea Bass Market

Sea Bass Market by Nature (Wild and Farmed), Type (Fresh and Processed), and Sales Channel (Food Service, Hypermarket/Supermarket, Specialty Stores, and Online Channels): Global Opportunity Analysis and Industry Forecast, 2021–2030
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A11856
Pages: 300
Jun 2021 | 2304 Views
Author(s) : Himanshu Vig , Roshan Deshmukh
Tables: 133
Charts: 55
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COVID-19

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The global sea bass market size was $3.5 billion in 2020, and is projected to reach $7.9 billion by 2030, registering a CAGR of 6.8% from 2021 to 2030. 

Sea bass is a common name for a variety of species of marine fishes. Widely consumed sea bass include European sea bass and Asian sea bass, also known as Barramundi. European sea bass are native to the waters of Europe's southern, western, and Africa's northern coasts, whereas Barramundi is widely distributed in the Indo-West Pacific region from South Asia to Papua New Guinea and Northern Australia. Sea bass is widely consumed in China, Japan, ASEAN, France, the UK, the U.S. and other European countries.

Sea-Bass-Market-2021-2030

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Sea bass exhibits numerous health benefits that are being acknowledged by the masses, which has increased its demand. For instance, sea bass is a rich source of omega-3 fatty acids, vitamins B-12 and B-6, and various other nutrients. Omega-3 fatty acids help in maintaining cardiac health, regulate levels of HDL cholesterol, prevent obesity, and reduce the chances of cancer. Furthermore, vitamin B-12 helps prevent anemia, whereas vitamin B-6 helps in maintaining blood sugar levels. Moreover, sea bass contains high concentration of vitamin A, which aids in maintaining vision and overall eye health. Thus, the health benefits mentioned above are attracting a large consumer base, and thus augmenting the global market growth.

The sea bass market faces a fierce competition from other fish species such as Carp, Tilapia, Salmon, Tuna, Cod, and other fishes which can be purchased readily from the market. Besides Finfish, there are Lobsters, Crabs, Scallops, and many other different crustacean easily available. Fish like Salmon and Tuna are more cost-effective as compared to Sea bass, which makes them more attractive to the consumers. The availability myriad of varieties available in seafood to poses challenge for the market.

Segment review

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

On the basis of nature, the farmed segment dominated the sea bass market. Even though the sea bass native environment is wild, players are able to successfully farm sea bass. Wild sea bass are priced higher than farmed sea bass, however, large size farms cultivating sea bass in hatcheries have emerged in the last few years, thus dominating the global market.

Sea Bass Market
By Nature

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Farmed segment would exhibit the highest CAGR of 6.9% during 2021-2030.

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Depending on type, the fresh segment garnered substantial sea bass market share, however, the processed segment is likely to register higher CAGR during the forecast period. Sea bass have no longer remained localized and have gained consumer attention from across the world. Native to Europe and Asia-Pacific, sea bass are now being widely sold in North America as well. With adoption of MAP packaging, the processed fish can now remain shelf stable for longer period of time and thus can be transported easily across countries, resulting in growth of the processed segment.

Sea Bass Market
By Type

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Processed segment would exhibit the highest CAGR of 8.1% during 2021-2030.

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By sales channel, the specialty stores segment dominates the market share, however, the outbreak of the COVID-19 pandemic has accelerated the adoption of online channels for buying sea bass across both developed and developing countries. As a result, the online channels is likely to grow with highest CAGR during the forecast period.

Sea Bass Market
By Sales Channel

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Online channels segment would exhibit the highest CAGR of 8.7% during 2021-2030.

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The report focuses on the market growth prospects, restraints, and opportunities of the global market. The study provides Porter’s five forces analysis to understand the impact of various factors such as competitive intensity of competitors, bargaining power of suppliers, threat of substitutes, threat of new entrants, and bargaining power of buyers of the sea bass market.

Sea Bass Market
By Region

2030
Asia-pacific 
North America
Europe
Lamea

Asia Pacific region would exhibit the highest CAGR of 8.4% during 2021-2030.

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Some of the major players profiled in the 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.

COVID-19 Impact Analysis

  •  The sea bass industry is negatively impacted by the outbreak of the COVID-19 pandemic, owing to nationwide lockdowns and restrictions in movement in the initial few months of the outbreak.
  •  Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of sea bass across the   globe, thereby increasing the supply–demand gap. 
  •  However, online sales channels have gained high traction in the last year, as a result players operating in the industry are strengthening their digital presence.
  •  Furthermore, COVID-19 has altered consumer behavior, with more consumer transitioning toward vegetarian and vegan diet, thus restricting the market growth.

Key Benefits For Stakeholders

  •  The report provides an extensive analysis of the current and emerging sea bass market trends and opportunities.
  •  The report provides detailed qualitative and quantitative analysis of the current trends and future estimations that help evaluate the prevailing sea bass market opportunities in the market.
  •  The report covers information related to key drivers, restraints, and opportunities.
  •  The market analysis is conducted by following key product positioning and monitoring the top competitors within the market framework.
  •  The report provides extensive qualitative insights on the potential and niche segments or regions exhibiting favorable growth.

Sea Bass Market Segments

By Nature

  •  Wild
  •  Farmed

By Type

  •  Fresh
  •  Processed

By Sales Channel

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

By Region

  •  North America
    •  U.S.
    •  Canada
    •  Mexico
  •  Europe
    •  Italy
    •  Spain
    •  France
    •  Greece
    •  UK
    •  Portugal
    •  Germany
    •  Rest of Europe
  •  Asia-Pacific
    •  China
    •  India
    •  Japan
    •  Australia
    •  South Korea
    •  ASEAN
    •  Rest of Asia-Pacific
  •  LAMEA
    •  Brazil
    •  Argentina
    •  Saudi Arabia
    •  Turkey
    •  South Africa
    •  Rest of LAMEA
 

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Sea bass is an economically important food fish in the sub-tropical and tropical regions of Asia along with the Pacific region. Sea bass can tolerate a wide range of salinity from full seawater to freshwater. With increasing international trade and growing domestic demand in the region, the production of sea bass witnessed multifold increment in the last few years. Furthermore, engaged players in the industry are vertically integrated to ensure highest possible quality standard and sustainability across the value chain. In addition, adoption of novel technologies such as artificial intelligence and Internet of Things as well as adoption of automation have positively impacted the production yield of sea bass.

However, the outbreak of the COVID-19 pandemic has negatively impacted the global market. With disruptions in supply chain and closure of hotels, restaurants, and  café (HoReCa) industry, changes in consumer behavior toward vegetarian diet, and increase in prevalence of diseases among fishes, the demand for sea bass has declined. The industry further faces challenges from oil spills, natural disasters, and Brexit. On the contrary, preventing wastage, strengthening the supply chains, innovative marketing channels, promoting direct sales, supporting investment in the fisheries & aquaculture sectors, and enhancing access to social protection systems to reduce vulnerability remain imperative concerns for government as well as engaged stakeholders.

 Production capacity expansion via adoption of new biotechnologies and increase in expenditure on research and development are some of the strategies adopted by leading players to strengthen their foothold and market share. The shift in preference from shrimps to sea bass is likely to be seen in upcoming years, especially in the India and ASEAN region.

 

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FREQUENTLY ASKED QUESTIONS?

A. The global sea bass market size was valued at $3.5 billion in 2020.

A. The forecast period in the sea bass market report is from 2021 to 2030.

A. The base year used for calculaton in the Sea Bass Market report is 2020.

A. Some of the major players operating in the industry 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.

A. The farmed segment is the most influencing segment growing in the Sea Bass Market.

A. Barramundi Group, Selonda SA, Cromaris D.D are some of the leading market players in the sea bass market.

A. The company profile has been selected on the basis of revenue, geographical presence, product offerings and strategies adopted by them.

A. The sea bass market is projected to reach $7.9 billion by the end of 2030.

 

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