China to Remain at Epicenter of Live Fish Carriers Market, Accounting for Over 2/5th of Total Sales
Fact.MR latest report provides an in-depth analysis of the global live fish carriers market for the forecast period of 2022 to 2032. The study analyzes various growth drivers somehow influencing the market dynamics. It also uncovers hidden opportunities across various segments in terms of carrier type, length, capacity, and region.
NEW YORK, June 29, 2022 /PRNewswire/ — The global live fish carriers market size was valued at US$ 3.06 Bn in 2021 and is likely to surpass a valuation of US$ 3.2 Bn in 2022. Moreover, with growing consumption of seafood worldwide, the overall demand for live fish carriers is projected to rise at a steady CAGR of 4.9%, totaling a valuation of US$ 5.17 Bn by 2032.
Live fish carriers are vessels equipped with large water filled tanks used for the transportation of live fishes. They have advanced fish handling systems that supply the tanks with oxygen and a continuous flow of water.
Over the years, live fish carriers have become highly-sought after vessels used by companies to transport large volumes of live fish and other marine animals to meet the rising demand. Growing concerns regarding food insecurity coupled with increasing consumption of seafood is a major factor providing impetus to the growth of live fish carriers market.
According to the Food and Agriculture Organization (FAO) of the United Nations, there was a massive increase of 122% in total food fish consumption from 1990 to 2018 and this number is expected to further surge during the forthcoming years due to rapidly growing population. This will in turn create demand for live fish carriers.
Similarly, advancement in live fish carriers is expected to boost the growth during the forecast period. Leading manufacturers like Rolls Royce, Kongsberg, and Saltship are continuously building advanced ships powered by electricity or LNG to comply with the regulations.
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Furthermore, growing popularity of offshore fish farming, rise in the number of commercial fishing companies, and flourishing seafood trade industry will expand the global live fish carriers market size during the forecast period.
Demand is especially high for salt live fish carriers due to their greater length and increased capacity. The salt fish carriers segment held the largest share of around 68.8% in the global live fish carrier market in 2021 and is likely to expand by 1.7X by 2032.
As per Fact.MR, China will retain its monopoly in the global live fish carriers market, accounting for around 19.6% share in 2021. Growth in the country is driven by flourishing seafood industry, increasing fish export business, and strong presence of leading live fish carriers manufacturers.
Key Takeaways:
- Based on carrier type, salt fish carriers segment surpassed a valuation of US$ 2.1 Bn in 2021 and is likely to expand by 1.7X through 2032.
- By capacity, the 2500-5000 m3 live fish carriers segment is expected to create an absolute incremental opportunity of US$ 1.13 billion by the end of 2032.
- Asia Pacific live fish carriers market is poised to exhibit strong growth throughout the forecast period.
- With rapid expansion seafood industry, China live fish carriers market is set to grow at 6.2% CAGR during the forecast period, creating an absolute $ opportunity of US$ 547.9 Mn by 2032.
- Norway live fish carrier market is projected to surpass a valuation of US$ 514.3 Mn in 2022.
- Top 5 companies in live fish carrier cumulatively is expected to account for around 21.5% share in 2022.
Growth Drivers:
- Rising demand for seafood across the world will continue to boost the growth of live fish carriers market.
- Growing popularity of offshore fish farming is expected to push the demand for live fish carriers during the forecast period.
- Introduction of technologically advanced carriers with better fish handling systems and ecofriendly features will create lucrative opportunities for live fish carrier manufacturers during the forthcoming years.
Restraints:
- Higher cost of live fish carriers is challenging the growth of live fish carriers market.
- Low availability of technologically advanced live fish carriers across some developing and underdeveloped regions is also negatively impacting the market growth.
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Competitive Landscape:
Key players operating in the live fish carriers market are focused on developing new innovative solutions to cater to the changing end user demands. They have adopted various strategies such as new product launches, mergers, acquisitions, partnerships, collaborations, etc. to expand their global presence and gain a competitive edge in the live fish carrier market.
For instance,
- In December 2019 TERSAN launched NB1088 LNG powered live fish carrier with technologically advanced fish handling system.
- In 2021, Kongsberg Maritime signed a US$ 8.2m contract with Myklebust Verft to design and equip a new Live Fish Carrier (LFC) for Solvtrans, a leading live fish transportation company.
Key Companies Profiled by Fact.MR
- AquaShip
- Verksted AS
- kongsberg
- Adria Winch
- Macgregor
- Rolls Royce
- Peak Marine Tech
- Artic Group
- Havyard
- Macgregor
- Oliverdesign
- Palfingure Marine
- Saltship
More Valuable Insights on Live Fish Carriers Market
In the latest study, Fact.MR offers a 360-degree view of the global live fish carriers market for the forecast period of 2022 to 2032. The report also highlights key factors such as recent developments and growth drivers influencing sales in the live fish carriers market through detailed segmentation as follows:
By Carrier Type:
- Salt Fish Carriers
- Fresh Water Fish Carriers
- Mixed Carriers
By Length:
- Less than 50 m Live Fish Carriers
- 50 to 75 m Live Fish Carriers
- Above 75 m Live Fish Carriers
By Capacity:
- Less than 2500 m3 Live Fish Carriers
- 2500 to 5000 m3 Live Fish Carriers
- Above 5000 m3 Live Fish Carriers
By Country:
- Spain
- Norway
- Poland
- Germany
- Denmark
- Turkey
- China
- Vietnam
- South Korea
- Japan
- Rest of the World
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Key Questions Covered in the Live Fish Carriers Market Report
- What will be the demand outlook of the live fish carriers market in 2022?
- What is the projected growth rate of the global live fish carriers market during 2022-2032?
- Which are the key drivers bolstering growth in the live fish carriers market?
- Which factors are hindering the growth in the live fish carriers market?
- Which region is expected to exhibit the fastest growth in the global live fish carriers market during 2022-2032?
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