Global Shark Meat Market 2019-2023| Growing Applications of Shark Parts to Boost Growth| Technavio
LONDON--(BUSINESS WIRE)--Apr 22, 2019--The global shark meat market is expected to post a CAGR of close to 6% during the period 2019-2023, according to the latest market research report by Technavio.
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The global shark meat market is expected to post a CAGR of close to 6% during the period 2019-2023 (Graphic: Business Wire)
A key factor driving the growth of the market is the rise in sustainable fishing practices. The demand for aquaculture in the global shark meat market is rising, and more countries are investing in shark farms, which will drive the market during the forecast period. Aquaculture is the fastest-growing food production process globally. It has overshadowed all other food-sourcing methods, such as traditional agricultural practices and wild fish harvesting. By 2020, the total supply from aquaculture will likely account for over 60% of the global fish and seafood market, which will bode well for the global shark meat market.
As per Technavio, the growing applications of shark parts will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global shark meat market research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global shark meat market: Growing applications of shark parts
The applications of shark parts in other industries are likely to grow considerably. Traditionally, shark fin is used to make shark fin soups, and meat is widely used for fish and chips across the globe. However, the applications of shark body parts in various industries has been fueling the demand for shark fishing, thus boosting the production of meat. For instance, shark liver oil, known as squalene, is used in cosmetics and health supplements such as omega-3 pills. Also, shark cartilages are ground to powder and used in anti-cancer medications. Thus, with varied applications such as these, the market for shark meat is expected to show a positive outlook during the forecast period.
“Apart from the growing application of shark parts, the high nutritional value, the increasing demand for shark fin soup, and the growth prospects in E-commerce are some other major aspects that are expected to contribute largely to the growth of the global shark meat market,” says a senior analyst at Technavio.
Global shark meat market: Segmentation analysis
This market research report segments the global shark meat market by product (shark fin and shark meat) and geographical regions (APAC, Europe, North America, South America, and MEA).
Geographically, the APAC region led the market in 2018, followed by Europe, North America, South America, and MEA, respectively. However, during the forecast period, the MEA region is expected to register the highest incremental growth.
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SOURCE: Technavio Research
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PUB: 04/22/2019 09:38 AM/DISC: 04/22/2019 09:38 AM