AQUACULTURE MARKET ANALYSIS

 The global aquaculture market was valued at US$ 221.62 Bn in 2022, exhibiting a CAGR of 7.2% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 386.66 Bn by 2030. Aquaculture is a technique of farming aquatic species such as fish, crustaceans, and other flora and fauna species. The global aquaculture market is primarily classified into inland water, brackish water, and marine wate. The process of aquaculture involves regular stocking, feeding, and protection from predators

Global Aquaculture Market- Impact of Coronavirus (Covid-19) Pandemic

Among the most traded food items globally are fish and fish products. Diverse COVID-19 effects have been observed on the fisheries and aquaculture food systems. Global market limitations and closures brought about by the pandemic have had a significant impact on fresh seafood supply chains, which were also negatively impacted by the shutdown of the majority. This circumstance is anticipated to restrain the global aquaculture market expansion.

Global Aquaculture Market - Drivers

Growing awareness regarding the health benefits of fish

Growing awareness regarding the health benefits of fish are propelling the global aquaculture market growth. Fish contains essential nutritional value, such as proteins, vitamins, and micronutrients, which promote better health. Moreover, increasing government support for promoting aquaculture coupled with the increasing population worldwide is again expected to foster the market growth. Hence, growing awareness regarding the health benefits of the fish is augmenting the market growth.

Figure 1. Global Aquaculture Market, By Fish Type, 2022 

Increasing demand for fish oil as it contains omega-3 fatty acids

The 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 diseases. According to University of Maryland Medical Centre, 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.  In August 2022, SKAGINN 3X signed a contract with BlueWild, Norway, to supply a full fish processing factory onboard the company's innovative new trawler. The trawler is designed to deliver sustainability, quality, and efficiency on all levels. This is a milestone agreement for the organization

Global Aquaculture Market - Restraints

 Low acceptance of the market as it is a new and unconventional technique of fish breeding

Low acceptance of the market as it is a new and unconventional technique of fish breeding for consumption is hindering the market growth. This is also attributed to the lack of awareness regarding aquaculture. Hence, low acceptance of the market is expected to restrict the market growth.

 Global Aquaculture Market - Segmentation

Among fish type, craps held the dominant position in the market and accounted for 34% shares in the global aquaculture market in 2022. Carps are a large freshwater fish native to Central Asia. They are extensively farmed in Europe, Asia, and the Middle East, and are a popular angling fish in Europe.

 Global Aquaculture Market - Opportunities

• Growth in rice and fish farming

Growth in rice and fish farming is projected to bring new market opportunities in the near future The practise of growing both rice and fish simultaneously is known as "rice and fish farming," and it is one of the newest methods in agriculture. By diversifying farm operations and increasing both yields, this provides more food and revenue.Thus, growing rice and fish farming coupled with the rising demand for food around the globe is expected to foster the global aquaculture market growth.

• Growing demand for aquaponics around the globe

The growing demand for aquaponics around the globe is expected to offer lucrative market growth opportunities in the near future. It is a new technology that incorporates the 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 worldwide due to all these benefits is expected to foster the global aquaculture market growth in the near future . 

Figure 2. Global Aquaculture Market, By Region, 2022

 Global Aquaculture Market - Trends

The rising disposable income of consumers

The rising disposable income of consumers is encouraging them to spend on highly nutritional value content food products such as fish. Furthermore, the increasing health and wellness trend coupled with the changing lifestyle of consumers is again projected to foster the global aquaculture market growth. Also, a growing number of shrimp farming sites across China is again projected to augment the market growth. In April 2022, Cflow AS participated in the Nor-Shipping from the 4th to the 7th of April. Nor-Shipping is at the center of the oceans. This is where the maritime and ocean industries meet every two years – a natural hub for key decision-makers from across the world to connect, collaborate and do deals to unlock new business opportunities

 Global Aquaculture Market - Regional Insights

China held the dominant position in the global aquaculture market in 2022, accounting for 40% share in terms of value, followed by Rest of the Asia Pacific and Europe, respectively . The rising demand for the latest aquaculture products coupled with available land for aqua farming are boosting the market growth.

 Global Aquaculture Market - Key Developments

• In October 2020, Blue Ridge Aquaculture (BRA) earmarked for the completion of a new, state-of-the-art nursery facility to support its existing farming operations and future growth plans. Blue Ridge Aquaculture ships between 10,000 and 20,000 pounds of live tilapia daily, producing approximately 4 million pounds of the fish annually. These fishes are produced without the use of hormones or antibiotics, and independent investigations have found that they are devoid of other industrial contaminants including mercury (at undetectable levels).
• In August 2021, Cermaq, a salmon producer and Folla Alger, an aquaculture company, entered into an agreement on integrated salmon and kelp farming in collaboration with leading research environments in Norway.
• In April 2019, Atlantic Sea Farms launched new products in the U.S. including Sea-chi, seaweed kimchi, a fermented seaweed salad, and sea-beet kraut to cater to the demand for aquatic products in the country

 Global Aquaculture Market - Key Players

The 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.

*Definition: Aquaculture is a technique of farming aquatic species such as fish, crustaceans, and other flora and fauna species. On the basis of the culture environment, the global 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.