Aquaculture Market

Aquaculture Market Size, Growth, Forecast (2023-2028)

The Global Aquaculture Market size was at US$ 295.35 Billion in 2022, and it is predicted that it will reach a valuation of US$ 378.005 Billion by the end of 2028 with an annual expansion rate (CAGR) of 5.80% between 2023 and 2028.

Market Overview:

Aquaculture is the process of cultivating aquatic organisms such as fish, crustaceans, mollusks and other species of aquatic flora and fauna. According to the requirements of the product, fresh, marine and brackish water environments are some of the options available for aquaculture. Aquaculture is run by some farmers in developing countries and multinational corporations that may own the farmed livestock. It is a good source of essential fatty acids, proteins, minerals, vitamins and micronutrients. In aquaculture, the cultivation and harvesting of aquatic species affect the growth and quality of the entire species. Aquaculture promotes the rapid growth and hygiene of plants and animals, regardless of mollusks, algae, fish, algae, crustaceans and other microorganisms, indirectly helping to meet the growing consumer demand for various types of food and extracts. Therefore, this important factor helps drive demand in the aquaculture market.

Recent Developments in Aquaculture Industry:

• In August 2018, AKVA Group established a feed conveyor concept on behalf of flexible feeding, which enables farmers to send and feed silos to all cages, making it easy to use different types and sizes of feed.
• In June 2017, Pentair plc opened a new 87,000-square-foot aquaculture facility at the Schmidt Brewery building in St. Paul, Minnesota, USA.

Aquaculture Market Growth:

The rising trend of smart fishing and augmented trade in seafood are supporting the need for aquaculture products worldwide.

REPORT COVERAGE:

Drivers:

The global aquaculture market is experiencing growth as urbanization increases and personal incomes rise, resulting in increased consumption of protein-rich meats.

Some of the environmental issues to be aware of include water flow considerations, sewage contamination, parasites, exhaust treatment, and unsanitary cultural conditions. Demand for premium products is increasing due to freshness, product diversity and concerns, food safety convenience, as well as social, ethical and environmental qualifications. Rice cultivation has been considered a great growth opportunity for this market. This technology is considered cumulatively as a good method for growing rice and fish because fish provide a safe living environment in dense paddy fields. In return, the fish protect the rice from insects and circulate oxygen around the farm. The high increase in demand for fish oil creates a demand for more fish production, thus increasing the demand for aquaculture in the near future. Fish oil currently accounts for a small percentage of total cooking oil production. Fish oil is used mainly as a dietary supplement, in the medical, pharmaceutical and food industries. It is an efficient source of vitamins A and D and is considered the second most important source for human consumption after wild fish. However, due to the health benefits, it is expected to increase in the coming years. Fish oil is considered the fastest growing protein source in the global food supply chain. Additionally, genetically modified (GM) vegetable oil is supposed to be replaced by fish oil due to the health and nutritional benefits of this oil that can be consumed by humans. Therefore, it is necessary to respond to the growing demand for fish oil in the future, which will boost the aquaculture market in the future. The increasing growth of the aquaculture industry is a major factor driving the growth of the aquaculture products market during the forecast period.

Increasing demand for aqua trade promotion is an important factor in increasing market growth, and rising income levels lead to increased fish consumption, increased trends in smart fish farming, continued decline in natural sources, a surge in the demand for aquaponics and an increase in the demand for fish oil. Rising government support and support in a variety of industries such as food, healthcare, dietary supplements, and pharmaceuticals, as well as increased technological advancements for marine aquaculture, are key drivers the market for aquaculture products. In addition, ongoing research and development activities and modernization, as well as emerging government initiatives to support the aquaculture market, will create even more new opportunities for the aquaculture products market in the outlook period. Aquaculture activities are also used by the industry to preserve endangered species. Also, advanced technology improves aquaculture performance.

The growth of the aquaculture market can be attributed to the mounting demand for food safety.

Currently, aquaculture is an absolute necessity to meet the supply and demand for food. In addition, government rules and regulations in various countries that encourage fish farming to respond to increasing demand to address food insecurity are estimated to further drive market growth. The global aquaculture market is determined to see significant growth over the envisioned period as consumer awareness of balanced nutrient intake increases. The increasing popularity of high protein diets is likely to pave the way for the growth of the global aquaculture market.

Restraints:

Increasing levels of pollution and chemical waste and overfishing of feed are the main factors playing a deterrent role and increasing harmful impacts on the environment and rising food safety problems will hinder the growth of the aquaculture products market during the outlook period. Additionally, the growing adoption of vegan diets and the enforcement of strict regulations on cruelty to animals are major constraints in the global marketplace.

Aquaculture Market Segmentation Analysis:

By type of product, the market is segmented into chemicals, pharmaceuticals, equipment and fertilizers. Among them, it is estimated that the equipment sector will dominate the aquaculture market in 2019 due to the high demand for marine farming. Various marine farming methods include intensive farming, animal husbandry at sea, and online farming.

By species, the global aquaculture market has been segmented into fish, aquatic plants, mollusks, crustaceans, etc. In the species sector, the fish market led the global aquaculture market. Additionally, the aquatic plants sector is foreseen to record the fastest CAGR over the outlook period. Aquatic plants are used in agriculture as food and raw material for building materials, industrial processes and fertilizers.

The global market for culture-based aquaculture is segmented into brackish, fresh and marine water. The marine sector occupied the majority of the global aquaculture market. Marine aquaculture involves the cultivation of marine life for food and other products in tanks and ponds filled with sea or salt water.

Impact of COVID-19 on the Aquaculture Market:

The outbreak of the new coronavirus has had a significant impact on the growth of the global market. During the COVID-19 pandemic, seafood sales decreased slightly due to supply chain disruptions and reduced consumption of food outside the home. However, the consumption of fish at home has increased and the profitability of the aquaculture market is expected to increase in the future.

Geographical Segmentation Analysis:

• North America - the United States and Canada
• Europe - United Kingdom, Spain, Germany, Italy, and France
• The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia
• Latin America  - Brazil, Argentina, Mexico, and Rest of LATAM
• The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

Regional Analysis:

Asia Pacific has the largest share of the worldwide aquaculture market. This is due to the rising demand for modern, high-end aquaculture products that help produce more quality products and improve the efficiency of aquaculture operations with land available for aquaculture. Also, the aquaculture sector in countries such as India, China, Indonesia, Vietnam and Thailand is export oriented. The aquaculture sector is of utmost importance in these countries, and the players here are focused on the adoption of technology and automation that are foreseen to have a positive impact on the market in the region. Aquaculture in North America is expected to see significant growth due to strong support from the US and Canadian governments for expansion.

Key Players in the Market:

Major Key Players in the Global Aquaculture Market are

• Nippon Suisan Kaisha Ltd
• MOWI ASA
• SalMar ASA
• Cooke Aquaculture, Inc
• Austevoll Seafood ASA
• Tassal Group Ltd
• Royal Salmon ASA in Norway
• Multiexport Foods SA
• Campania Pesquera
• Dainichi Corporation
• Surapon
• Foods Public Company Limited
• Camanchaca SA
• Stoly Sea Farm SA
• P / F Bakkafrost
• Tongwei Group Co., Ltd
• Nireus SA
• Thai Union Group PCL
• Kyokuyo Co., Ltd
• Maruha Nichiro Corporation