Aquaculture market

Aquaculture Market, By Fish Type (Carps, Mollusks, Crustaceans, Salmon, Milkfish, Trout, Mackerels, Sea bream, Sea bass, Others), By Environment (Environment Application, Fresh Water, Marine Water, Brackish Water), By Region (North America, Latin America, Europe, Middle East & Africa, and Asia Pacific)

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Jul 2023
CMI4708
120 Pages
Excel & Pdf
Agrochemicals

Summary

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

Report Coverage	Details
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
Geographies covered:	North America: U.S. and Canada Latin America: Brazil, Argentina, Mexico, and Rest of Latin America Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe Asia Pacific:, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific Middle East: GCC Countries, Israel, and Rest of Middle East Africa: South Africa, North Africa, and Central Africa
Segments covered:	By Fish Type: Carps, Mollusks, Crustaceans, Salmon, Milkfish, Trout, Mackerels, Sea bream, Sea bass, Others By Environment: Environment Application, Fresh Water, Marine Water, Brackish Water
Companies covered:	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
Growth Drivers:	Increasing demand for fish oil as it contains omega-3 fatty acids Growing awareness regarding the health benefits of fish
Restraints & Challenges:	Low acceptance of the market as it is a new and unconventional technique of fish breeding for consumption is hindering the market growth

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.

Table of Content

Table of Contents

Segmentation

Detailed Segmentation:

Global Aquaculture Market, By Fish Type:
- Carps
- Mollusks
- Crustaceans
- Salmon
- Milkfish
- Trout
- Mackerels
- Sea bream
- Sea bass
- Others
Global Aquaculture Market, By Environment:
- Fresh Water
- Marine Water
- Brackish Water
Global Aquaculture Market, By Region:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa

- Frequently Asked Questions -

What will the market size of the global aquaculture market be in 2030 and at what rate will it grow?

The global aquaculture market is estimated to surpass US$ 386.66 Billion by 2030, exhibiting a CAGR of 7.2% between 2023 and 2030.

What are the major growth driving factors for the market during the forecast period?

Growing awareness regarding the health benefits of fish and increasing demand for fish oil as it contains omega-3 fatty acids are factors boosting the market growth.

What is the projected Compound Annual Growth Rate (CAGR) of the market during the forecast period (2023-2030)?

The market is expected to exhibit a CAGR of 7.2% during the forecast period (2023-2030).

Who are the prominent players operating in the market?

The major players operating in the 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 AqaucultureS.A

What are the key factors hampering the market growth?

Low acceptance of the market as it is a new and unconventional technique of fish breeding for consumption and harmful effect of aquaculture on the environment are factors hindering the market growth.