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.
Globally, consumption of food products involving high protein and low-calorie content is rising. Sea bass consists of 25 grams of protein and around 125 calories. In addition to the high protein content, sea bass is rich in omega-3 fatty acids, vitamins B-12, B-6, and a lot of other nutrients. The omega-3 helps maintain good cardiac health, regulate HDL cholesterol levels, and reduce the possibility of cancer.
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On the innovation front, several cutting-edge initiatives in production and aquaculture have been introduced. From automating production techniques to incorporating artificial intelligence, the aquaculture sector is witnessing improvements in output generation. This has also extended to sea bass production.
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.
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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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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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