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Live Fish Carriers Market to Top US$ 5.17 Bn Amid Burgeoning Seafood Consumption Worldwide
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.
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 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 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:
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