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.
Aquaculture Market Report Coverage
|Base Year:||2022||Market Size in 2022:||US$ 221.62 Bn|
|Historical Data for:||2017 to 2021||Forecast Period:||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR:||7.2%||2030 Value Projection:||US$ 386.66 Bn|
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 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.
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
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.
Frequently Asked Questions