Aquaculture is a technique of farming aquatic species such as fish, crustaceans, and other flora and fauna species. On the basis of culture environment aquaculture market is primarily classified into inland water, brackish water, and marine water. The process of aquaculture involves regular stocking, feeding, and protection from predators.
The global aquaculture market is estimated to be valued at US$ 210,790.00 million in 2021 and is expected to exhibit a CAGR of 6.6% over the forecast period (2021-2028).
China held dominant position in the global aquaculture market in 2020, accounting for 55.5% share in terms of value, followed by Rest of the Asia Pacific and Europe, respectively. Surge in demand for latest aquaculture products coupled with available land for aquafarming has been one of the major factors contributing to the growth of China aqualculture market growth. Additionally, aquaculture market players have been focusing on technology adoption coupled with automation which has propelled the target maret growth in China.
Figure 1. Global Aquaculture Market Value (US$ Mn), by Region, 2020
Global Aquaculture Market: Drivers
Growing awareness regarding the health benefits of fish is propelling the market growth of the aquaculture. Fish contain an essential nutritional value such as proteins, vitamins, micronutrients that promote better health. Moreover, increasing government support for promoting aquaculture coupled with the increasing population around the globe is again expected to foster market growth. Hence, growing awareness regarding the health benefits of the fish is augmenting the market growth of aquaculture.
Increasing demand for fish oil as it contains omega-3 fatty acids is expected to accelerate the market growth. Omega-3 fatty acids are essential fatty acids that are popular for treating cardiovascular disease. According to the University of Maryland Medical Center, fish oil has been shown to lower levels of fats in the blood, and reduce the risk of stroke, heart attack, death, and abnormal heart rhythms in people who have already suffered heart ailments.
|Base Year:||2020||Market Size in 2021:||US$ 210,789.80 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||6.6%||2028 Value Projection:||US$ 265,599.10 Mn|
Blue Ridge Aquaculture, Cermaq ASA, Cooke Aquaculture Inc., Eastern Fish Co., Huon Aquaculture Group Pty Ltd., International Fish Farming Co. – Asmak, Marine Harvest ASA, Nireus Aquaculture S.A., Promarisco, and Selonda Aqauculture S.A
|Restraints & Challenges:||
Global Aquaculture Market: Opportunities
Growth in the rice and fish farming is projected to bring new market opportunities in the near future. Rice and fish farming is one of the emerging method in which rice and fish farming used for cultivating both rice and fish. This provide the additional food and income by diversifying farm activities and increase both the yields. Thus, growing rice and fish farming coupled with the rising demand for food around the globe is expected to foster the market growth of the aquaculture.
Growing demand for aquaponics around the globe is expected to offer lucrative market opportunities in the near future. It is new technology that incorporates cultivation of fish and plants together in a controlled environment. By-products of fishes are useful for plant growth when transformed into nitrate by nitrifying bacteria. The rising adoption of aquaponics around the globe due to all these benefits is expected to foster the market growth of aquaculture in the near future.
The rising disposable income of the consumers is encouraging them to spend on highly nutritional value content food products such as fish. Also, increasing health and wellness trend coupled with the changing lifestyle of the consumers is again projected to foster the market growth of the aquaculture. Also, a growing number of shrimp farming sites across China is again projected to augment market growth. All these factors are projected to propel the market growth of aquaculture.
The increasing trend of smart fish farming is supporting the market growth of aquaculture. This is attributed to technological advancement in the fishing solution. Growing demand for an efficient and effective fishing solution is encouraging manufacturers to introduce the smart fishing solution in order to increase fish productivity. Growing technological advancement and rising awareness regarding the smart fishing solution is further projected to foster the market growth of the aquaculture.
Figure 2. Global Aquaculture Market Share, By Fish Type, 2020
Key Takeaways of the Graph:
Global Aquaculture Market: Restraints
Low acceptance of the market as it is a new and unconventional technique of fish breeding for consumption is hindering the demand. This is also attributed to lack of awareness regarding aquaculture. Hence, low acceptance of the market is expected to restrict the market growth.
Harmful effect of aquaculture on environment is expected to limit the adoption of such practices. This factor is expected to hinder the market growth of aquaculture in the near future.
Global Aquaculture Market: Competitive Landscape
Major players operating in the global aquaculture market include, Blue Ridge Aquaculture, Cermaq ASA, Cooke Aquaculture Inc., Eastern Fish Co., Huon Aquaculture Group Pty Ltd., International Fish Farming Co. – Asmak, Marine Harvest ASA, Nireus Aquaculture S.A., Promarisco, and Selonda Aqauculture S.A.
Aquaculture is the cultivation of freshwater aquatic organisms for food and other purposes. This rapidly growing field is focused on harvesting fish in water systems. Aquaculture has also been able to meet the needs of a less than adequately served market, with less harmful waste being released into the environment, because the water is delivered directly to the operations and transported to the fish where it is used. Aquaculture is one of the few animal products that has consistently shown consistent growth despite the global recession, with fish production consistently exceeding demand.
With aquaculture there are two separate but intertwined markets that are not necessarily thought of when discussing the same. On one hand we have the marine aquaculture industry, which includes the vast majority of fish being raised for food and other aquaculture related markets. These include farmed Atlantic salmon, Pacific salmon, Coho salmon, grey fish, haddock and striped bass. The other ocean aquaculture markets included inland salmon farming, tropical aquaculture which involves raising tropical and marine fish, tropical aquaculture fish production, wild fish farming, aquaculture from sea turtles, and oceanic aquaculture which is basically trawling, netting or plowing of ocean waters for fish.
Increasing number of hatcheries is expected to propel growth of the global aquaculture market over the forecast period. For instance, in March 2021, Kelly Cove Salmon Ltd., the Atlantic Canadian salmon farming division of Cooke Aquaculture Inc., received approval from the Nova Scotia Department of Fisheries and Aquaculture for the development of a new land-based salmon hatchery near Centreville on Digby Neck.
Major players operating in the global aquaculture market are focused on adopting partnership strategies to enhance their market share. For instance, in August 2021, Cermaq partnered with Folla Alger for integrated salmon and kelp farming in collaboration with leading research environments in Norway.
Key features of the study: