The global Asian sea bass market is forecast to reach a valuation of US$ 960 million in 2023. From 2023 to 2033, the market is slated to experience a CAGR of 5%, concluding at a valuation of US$ 1,492 million. Consumption of Asia sea bass is inclining, given its enhanced nutritional value, as well as the consistent meaty texture. As of 2022, sales of Asian sea bass reached a valuation of US$ 853.2 million.
Consumption of foods with high protein and low calorie content is increasing on a global scale. A serving of sea bass has about 125 calories and 25 grammes of protein. In addition to having a high protein content, sea bass also has a lot of other nutrients like omega-3 fatty acids and vitamins B-12 and B-6. The omega-3 helps prevent cancer, manage HDL cholesterol levels, and maintain good cardiac function.
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Several innovative projects in production and aquaculture have been unveiled on the innovation front. The aquaculture industry is seeing advancements in output generation, including the automation of production processes and the incorporation of artificial intelligence. This now includes the raising of sea bass.
Key Takeaways from the Market Report
- From 2018 to 2022, the Asian sea bass market expanded at a 2% CAGR
- By source, farmed Asian sea bass was the most widely consumed, comprising 61.5% of all sales in 2022
- More than 37% of Asia sea bass was consumed in the form of fillets in 2022
- By distribution channel, 2/3rd of all Asian sea bass sales occurred through retail channels
- Australia remains the largest consumer of Asian sea bass, accumulating a share of 10.5%
- The United Kingdom is expected to be the fastest-growing market, registering a CAGR of 4.1%
- India to be the fastest growing market for Asian sea bass, expected to register a 5.4% CAGR
“Asian sea bass are robust creatures, capable of thriving in the most hostile environments and spawning effortlessly. Market players are capitalizing on this opportunity to ramp up their production capacities, leading to immense growth opportunities,” says an analyst at Future Market Insights.
Competitive Landscape
Prominent players profiled in the Asian sea bass market include Amacore Seafood B.V., Viet Asia Foods (VAFCO), MainStream Aquaculture, Shwe Yamone Manufacturing Co. Ltd., A.O. Kingdom International Co. Ltd., Nghi Son Aquatic Product Exim Co. Ltd, Oceanpick, Barramundi Asia, Allegro Aqua, Mattes Seafood and Ocean Treasure. Specific developments with regard to Asian sea bass are as follows:
- In March 2019, Oceanpick Ltd. was awarded the Best Aquaculture Practice (BAP) certification. The receipt of this award led to Sri Lanka becoming a pioneer in aquaculture practices across South Asia. The certification also reinforces the company’s commitment to sustainable farming practices, especially with regard to barramundi production
- In May 2022, MainStream Aquaculture received a US$ 30 million grant from the Australian government. This grant was disbursed to further the Latrobe Valley Aquaculture project, which is aimed at enhancing Asian sea bass production capacity. In collaboration with Opal, the company has proposed to develop the world’s largest indoor bio-secure aquaculture facility for growing and processing sustainable Australian barramundi
- Barramundi Asia, or Barramundi Group Ltd., forged a strategic partnership with Wild Ocean Australia Pty. Ltd. in December 2022. This partnership secured Barramundi Group’s continued involvement in the development of its Kimberley Ocean Barramundi Project; allowing for significant expansion in the region across 13 seawater sites that will ultimately allow the sustainable production of up to 30,000 tons annually.
More Insights Available
Future Market Insights offers an unbiased analysis of the Asian sea bass market, providing historical data from 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the Asian sea bass market, the report is segmented on the basis of source (farmed and wild), form (whole, headed and gutted, fillet and frozen), and sales channel (direct sales-B2B, food service and retail sales) across seven major regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East & Africa).
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Key Segments Profiled in the Asian Sea Bass Industry Survey
By Source:
- Farmed
- Freshwater
- Brakishwater
- Wild
By Form:
- Whole
- Headed and Gutted
- Fillet
- Frozen
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 Stores
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of the Clutch Leaders Award 2022 on account of a high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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