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.
Drivers
The growing consumption of fish is driving demand for aquaculture techniques
The growing consumption of fish is driving the demand for aquaculture techniques. A decrease in the catching of fishes is another major factor augmenting the market growth. In April 2021, Mowi ASA, a seafood company, completed the acquisition of 100 % of the shares in Lofoten Aqua AS.
Market Opportunities
Increasing seafood trading around the globe
Increasing seafood trading around the globe is projected to offer lucrative growth opportunities in the market over the forecast period. According to Food and Agriculture Organization, exports of shrimp increased from India, Viet Nam, Ecuador, Indonesia, and Argentina. This is attributed to favorable government trading policies and the decline of natural feedstock. Hence, increasing seafood trade worldwide is contributing to the global aquaculture market growth.
Market Restraints
Unfavorable climatic conditions
Unfavorable climatic conditions are affecting the global aquaculture market growth. It was highly vulnerable to adverse impacts of natural, environmental, socioeconomic, and technological conditions.
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Key Takeaways:
The fresh water segment of environment was valued at US$ 221.62 Bn in 2022 and is expected to witness a CAGR of 7.2% over the forecast period. The rising demand for fresh water can be attributed to the rapid expansion of aquaculture. Fresh water is majorly used in aquaculture and fishing.
Market Trends
Adoption of strategic partnerships and agreements by key players for business expansion
The adoption of strategic partnerships and agreements by key players for business expansion are key trends in the market and they are expected to propel the market growth. For instance, in March 2020, Louis Dreyfus Company (LDC) announced a research partnership with Barramundi Asia and Temasek Life Sciences Laboratory (TLL) to develop optimal aquafeed formulations for the rearing of Barramundi fish on a commercial scale. The increasing adoption of such initiatives by key players will favor the market growth.
Competitive Section:
Company Names
Key Companies
- 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
- Selonda Aqauculture S.A
