The rise in demand for organic seafoods and the increased usage of sea bass which are associated with health benefits, to fuel growth in the global Sea Bass Market
Covid-19 impact on the Global Sea Bass Market
With a large portion of the world continuing under lockdown due to COVID-19, which has hit the global economy very hard. Food processing and service businesses are some who have taken the brunt of the impact. Across the globe, investors have been concerned about the impact the pandemic is having on the sea bass market.
But, due to the high usage of online channels in the last year, which has strengthened the key players in the market to adopt and encourage them in digital presence. Many consumers have changed their preference to vegetarian and vegan food supply, which restrain the market growth.
Nature insight of sea bass market.
Based on the nature, the farmed segment is projected to show a significant growth rate in the market. Natural sea bass, environment is wild but farmed based sea bass are more successful in the market. The wild sea bass are priced high and rare whereas, farmed sea bass are cultivated in large farms which face the demand for sea bass in the market with cost effective to the costumers. These factors drives the market growth with the highest CAGR in the forecast period.
Fresh Type Sea Bass to Dominate Market Revenues
Based on type, the fresh segment is projected to give the highest growth rate in the market during the forecast period. But however, processed sea bass have gained consumer attention over the period, the increased adoption of packaged food in containers and packets have changed consumer preference from fresh to processed food, as they are easily available in all nearby stores and markets.
The processed sea bass containers can remain stable for a long period of time compared to fresh sea bass. Thus, the processed segment has a larger growth rate in many developed and westernized countries in the globe due to adoption rate of packaged foods.
Speciality Sales Channel Segment to Sustain Market Lead.
Based on sales channel, the sea bass market is segmented into food service, supermarket and hypermarket, speciality stores, and online stores. This segment is significantly show the highest CAGR in the forthcoming years.
But due to the outbreak of Covid-19, online stores have gained a large growth rate in the market. The recent developments in online stores in many large developing countries have resulted in increase of purchase rate in online stores. As a result the online store segment are expected to show the highest CAGR in the market for the forecast period.
Europe and APAC to Remain the Most Remunerative Hubs
Based on region, the sea bass market is segmented into South America, Europe, North America, Asia Pacific, and Middle East And Africa. Europe region holds the largest share in the market, by contributing more then 3/5 of the total market share. Further more, Asia Pacific is anticipated to show the fastest CAGRin the market during the period.
The availability of various counterparts and increased adoption of vegetarian and vegan food habits act as potential challenges
Sea bass is a fish variety that has a popular phase across the globe. Sea bass has numerous benefits towards health that are acknowledged widely. It has a rich source of omega-3 fatty acids which helps in maintaining cardiac health, preventing obesity and regulating HDL level’s, and reducing high risk of cancer.
Vitamins B6 - B12 helps in preventing and maintaining Anomia and blood sugar levels. Moreover, sea bass has a concentration of vitamin A which helps in improving eye health. The health benefits mentioned are the key factor that attracts a large number of customers and fuels the growth of the global sea bass market.
The sea base faces heavy competition from other fish varieties in the market such as tuna, salmon, carp, and other fish varieties that they purchased directly from the market in the fresh stage. Other than fish varieties there are crabs, muscles, lobsters, prawns, and other varieties which are easily available in the market. Fishes like salmon and tuna are cost-effective and are available in all seasons compared to sea bass, which attracts customers. The availability of a different number of options in the market is the biggest challenge for the sea bass market.
The market has registered USD 3.5 billion in 2020 and the market is expected to grow from USD 3.5 billion in 2020 to USD 7.8 billion by 2028, by tricking a CAGR of 6.9? during the forecast period 2018-2028
This report offers detailed information and quality insight with market intelligence. This report is structured in a way that it offers maximum business value and information and provides critical market dynamics and will enable in the process of decision making for the current market players and those who are willing to enter the market. This report studies the forecast period of 10 years.
Proceeding ahead, this report contains information regarding the major key players, the competitive areas and strategies used by the leading companies in the market of sea bass and the growth trends in the forthcoming years are discussed. In addition to it the impact of COVID—19 is discussed with the industry’s initial response and tactics used by the companies to overcome the impact
Recent trends and innovations
- Allegro aqua announced a partnership with Singapore farm, for enhancing sea bass production with better quality sea bass
- Aqua bridge, started its production at Saudi Arabia for juvenile sea base.
- The scientists from Singapore food agency, have innovated a new form of Asian sea bass which is healthier compared to natural sea bass.
- To solve the problem of demand for non native fish in southern Chile, the seabass Chile Inc. Have opened a production centre for sea bass.
Sea Bass Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 3.5 billion in 2020 to USD 7.8 billion|
|Growth Rate||CAGR of 6.9% during 2021-2028|
|Segment Covered||Nature, Type, Sales Channels, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and South Africa|
|Key Players Profiled||Mainstream Aquaculture, Oceanpick, Philosofish S.A, Amacore B.V, Barramundi Group, Blue Ocean Seafood SPA, Corfu Sea Farm S.A, Cromaris D.D, Selonda SA|
Key Segments of the Global Sea Bass Market
Nature Overview, 2018-2028 (USD Billion)
Type Overview, 2018-2028 (USD Billion)
Sales Channels Overview, 2018-2028 (USD Billion)
- Food services
- Supermarket and hypermarket
- Speciality stores
- Online stores
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa