The market for Asian sea bass market is expected to expand at a rate of 5% per year, from $960 million in 2023 to US$ 1,492 million in 2033. Because of their rapid reproduction and robustness, the supply has increased, allowing producers to expand output.
It is anticipated that in 2023, the Asian sea bass market would be valued at US$ 960 million. The market is projected to grow at a compound annual growth rate (CAGR) of 5% from 2023 to 2033, when it is valued at US$ 1,492 million. Asia sea bass is becoming more and more popular because of its higher nutritious content and consistently meaty texture. Asian sea bass sales were valued at US$ 853.2 million as of 2022.
Around the world, meals that are high in protein and low in calories are becoming more and more popular. A serving of sea bass has about 125 calories and 25 g of protein. Sea bass is rich in protein, but it also contains important nutrients including omega-3 fatty acids and vitamins B-12 and B-6. Omega-3 fatty acids keep the heart healthy, lower HDL cholesterol, and prevent cancer.
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Unlocking the Potential: An In-Depth Look at the Expanding Asian Sea Bass Market
In an era where protein-rich and low-calorie meals are gaining global popularity, the Asian sea bass market is making significant waves. Projected to grow at a robust 5% CAGR, the market is expected to escalate from its 2023 valuation of US$ 960 million to an impressive US$ 1,492 million by 2033. This growth is attributed to the rapid reproduction and resilience of Asian sea bass, enabling producers to meet the rising demand.
The Nutritional Allure: Asian Sea Bass on the Rise
Asia sea bass is garnering increased attention due to its higher nutritional content and consistently meaty texture. In 2022, Asian sea bass sales were valued at US$ 853.2 million, and by 2023, the market is projected to reach US$ 960 million. With approximately 125 calories and 25g of protein per serving, sea bass is becoming a staple in diets worldwide. Rich in omega-3 fatty acids, as well as vitamins B-12 and B-6, sea bass contributes to heart health, lowers HDL cholesterol, and aids in cancer prevention.
Innovations Transforming Production: The Aquaculture Revolution
The Asian sea bass market is witnessing groundbreaking innovations in production and aquaculture. Automation of production processes and the integration of artificial intelligence are transforming the aquaculture industry. Specifically, these advancements are making waves in sea bass farming, contributing to increased efficiency and output.
Key Takeaways: Navigating Market Dynamics
Key takeaways from the market report shed light on the market’s historical trajectory and future projections. From 2018 to 2022, the Asian sea bass market experienced a 2% CAGR. Farmed Asian sea bass dominated consumption, accounting for 61.5% of sales in 2022. The fillet form constituted more than 37% of Asian sea bass consumption in 2022. Retail channels played a pivotal role, capturing 2/3rd of all sales. Australia maintained its position as the largest consumer, holding a 10.5% market share. The United Kingdom is expected to emerge as the fastest-growing market with a projected CAGR of 4.1%, while India is anticipated to lead in growth with a 5.4% CAGR.
Competitive Landscape: Leaders Paving the Way
Prominent players in the Asian sea bass market, such as Amacore Seafood B.V., Viet Asia Foods (VAFCO), and MainStream Aquaculture, are spearheading transformative initiatives. For instance, Oceanpick Ltd. achieved the Best Aquaculture Practice (BAP) certification, positioning Sri Lanka as a pioneer in sustainable aquaculture practices. MainStream Aquaculture secured a US$ 30 million grant from the Australian government to enhance Asian sea bass production capacity.
Conclusion: Sailing into the Future of Asian Sea Bass
As the Asian sea bass market continues to expand, fueled by nutritional benefits and innovative production methods, the future promises exciting opportunities. The strategic efforts of key players and the market’s adaptability to technological advancements create a dynamic landscape. From sustainable farming practices to the pursuit of large-scale aquaculture facilities, the industry is navigating towards a future where Asian sea bass takes center stage
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
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