Milkfish Market Segmentation: By Form (Frozen, Canned), By Distribution Channel (Offline, Online), And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
[ 170 + Pages Research Report ] Milkfish Market to surpass USD XXX Billion by 2031 from USD XXX Billion in 2021 at a CAGR of XX% in the coming years, i.e., 2021-2031.
Bandung, or bangos, is another name for milkfish. The only living member of the Canidae family, it is a silvery oceanic food fish. Milkfish are frequently caught as juveniles and grown for food in brackish or freshwater tropical ponds. It's a toothless herbivore with a deeply forked tail that's 1 to 1.5 m (3 to 5 ft) long. It can endure very shallow, warm (88 °F [31 °C]) lagoon water and is widespread throughout the warmer Pacific and Indian oceans. The fish spawns up to multiple million eggs in shallow, brackish water from March to May.
Global Milkfish Market is expected to project a register a CAGR of XX% by 2031
The milkfish market is predicted to rise in the coming years due to factors such as increased availability of the products, increased intake of fish due to its nutritious value, and increased smart fishing using novel equipment. Furthermore, the milkfish market will be impacted by the expansion and development of distribution channels, as well as increased investment in aquaculture research and development.
The frozen segment is expected to grow with a maximum CAGR during 2021-31
Based on Form, the global Milkfish Market is fragmented into Frozen and Canned. In past years, the frozen category held the largest part of the market. Packed salted milkfish items make up the frozen segment. The rising demand for frozen milkfish among customers is a primary element driving segmental growth. Citizens' changing eating patterns and rising demand for fish proteins to meet their daily nutritional needs are likely to drive market expansion during the forecast period.
The online segment is expected to lead with the highest CAGR during 2021-31
Global Milkfish Market is classified based on Distribution Channel into Offline and Online. The online distribution channel is projected to progress at a faster speed. Because of its simplicity and convenience, consumers have begun to use internet portals and mobile apps for shopping. Online platforms offer products at lower prices than offline channels. End-users choose to make purchases using reputable shopping sites or mobile apps, resulting in the rise of the online market.
Health Benefits associated with Milkfish
Milkfish is an excellent source of animal nutrition and aids in meeting protein requirements, particularly in humans. As a result of its nutritious content, milkfish is becoming more popular. Heart disease can be avoided and children's memory and brain development can be improved by eating milkfish regularly. It also supports eye health, lowers cholesterol levels, and aids in the reduction of depression. As a result, the market for milkfish is rapidly expanding due to its health benefits.
Holds the main percentage of the global Fishing Industry
The Milkfish or Bangus is one of the most important, if not the most important, species in the global fishing business. When it comes to Bangus farming, there are many various factors and requirements. Seeds, fertilizers, water, and land all require extensive research and development.
Change in consumption patterns is expected to restrain the Milkfish Market
Changes in consumption patterns as a result of an increasing preference for meat-based diets over seafood are a major market restrain.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Milkfish Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The Asia Pacific is predicted to contribute the biggest market share and grow at the fastest rate. The product was developed in this area and has a large manufacturing capacity. Fishing has been a major industry in this region since prehistoric times. Countries like China, India, and Indonesia make significant contributions to product manufacture. The pace of product consumption in China and India is increasing as demand rises due to a rapidly growing population.
Fisheries and aquaculture provide nutritious food for hundreds of millions of people worldwide, as well as a source of income for more than 10% of the world's population. The COVID-19 pandemic has a significant impact on the fish supply chain, putting employment, wages, and food security at risk. To alleviate the immediate economic and social problems that the crisis is causing in the seafood business, government and industry solutions are required.
Global Milkfish Market is further segmented by region into:
Milkfish Market Segments:
Milkfish Market size was estimated at USD XXX Billion in 2021 and is expected to reach USD XXX Billion in 2031.
Milkfish is an excellent source of animal nutrition and aids in meeting protein requirements, particularly in humans. As a result of its nutritious content, milkfish is becoming more popular.
The Frozen segment accounted for the largest Milkfish Market share.
Key players in the Milkfish Market include Komira Group, LAND & SEA INTERNATIONAL FOOD SUPPLY, Nireus Aquaculture S.A., Siam Canadian Group Limited, Stehr Group, Kaysaint International Co. Ltd, PT. Fishnesia Mitra Bersama, Liang Shing Frozen Seafoods Co., LTD., W Fresh Supply, and Other Prominent Players.
The market is primarily driven by rising fish consumption due to its nutritious value and ease of availability.
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