The global sea bass market garnered $3.5 billion in 2020, and is expected to garner $7.9 billion by 2030, manifesting a CAGR of 6.8% from 2021 to 2030.

PORTLAND, OREGON, UNITED STATES, May 29, 2023 /EINPresswire.com/ -- Novel technologies such as artificial intelligence, Internet of Things, and automation are anticipated to play a vital role for improvement of production yield in upcoming years, however, adoption of such technologies are likely to remain a challenge for small farms.

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Leading players of the global sea bass market analyzed in the research include Defne-Tur Aquaculture, Mainstream Aquaculture, Oceanpick, Philosofish S.A., Amacore B.V., Barramundi Group, Blue Ocean Seafood SPA, Corfu Sea Farm S.A., Cromaris D.D., and Selonda SA.

However, vegan and vegetarian diets are becoming more popular and more common among people. These kinds of diets avoid the consumption of animal products, which includes fish. Vegans are using substitutes to animal products, like soy, seitan, and peas, to get their required protein intake, instead of having food that is more efficient for meeting the protein intake requirements. About 10% of the European population is vegetarian and vegan, and the percentage is likely to increase steadily in upcoming years. Moreover, consumers around the world are willing to change their eating habits and are shifting toward plant-based foods. According to Google trends, interest in veganism has been witnessed 7X between 2014 and 2019. On the similar lines, about 10 million individuals of the U.S. are vegan. Global campaigns are being run by people to advocate the conversion to veganism and vegetarianism. They are promoting the health benefits of such a diet while pointing out the negative impacts of a nonvegetarian diet. These campaigns are taking effect to a certain extent, which is negatively impacting the seafood market, including the sea bass market.

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The report offers detailed segmentation of the global sea bass market based on nature, type, sales channel, and region. Based on nature, the farmed segment contributed to the highest share in 2020, accounting for 95% of the total market share, and is projected to maintain its lead during the forecast period. In addition, the segment is estimated to witness the highest CAGR of 6.9% from 2021 to 2030.

Based on type, the fresh segment held the largest market share, contributing to more than four-fifths of the global sea bass market in 2020, and is anticipated to maintain its leadership status during the forecast period. However, the processed segment is expected to portray the largest CAGR of 8.1% from 2021 to 2030.

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Based on region, Europe held the highest share in 2020, contributing to more than two-fifths of the total market, and is expected to continue its dominance by 2030. However, Asia-Pacific is projected to witness the fastest CAGR of 8.4% during the forecast period.

David Correa
Allied Analytics LLP
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