Aquaculture Market

The global aquaculture market size was valued at USD 290 Bn in 2022 and is likely to reach USD 437.4 Bn by 2031, expanding at a CAGR of 5.7% during, 2023–2031. The market growth is attributed to the rising consumption of seafood by the population and increasing technological developments within aquaculture equipment and production methods.

Aquaculture or aquafarming is a procedure of fish and other aquatic animal farming within the setting of a controlled aquatic environment for commercial and public use. This farming procedure comprises cultivating and breeding aquatic organisms such as fish, shellfish, and aquatic plants. It involves farming marine and freshwater species in various forms, such as ponds, tanks, and cages.

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Aquaculture serves a wide range of purposes in different sectors and areas including food production, preserving endangered aquatic species, increasing wild stock populations, building aquariums, and habitat restoration. Aquaculture plays a crucial role in meeting the global demand for seafood. It involves farming various species of fish, shellfish, and aquatic plants, providing a sustainable and controlled environment for their breeding and cultivation.

Aquafarming is practiced around the world by farmers and multinational companies that can hold ownership of cultivated stocks. Fish holds cultural importance in many societies and also offers various health benefits due to its excellent nutritional value. Fish is a rich source of protein, vitamins, minerals, fatty acids, and essential micronutrients.

The market report finds that the COVID-19 pandemic negatively impacted the aquaculture market. The aquaculture sector faced disruption in the supply chain, including transport restrictions and logistic challenges. The movement of seafood products was hindered by lockdown measures and border closures.

The lockdown during the pandemic caused disruption in both domestic and international trade of aquaculture products. The closure of restaurants, hotels, and catering services due to lockdown measures affected the supply chain, thus, resulting in limited growth of the market.

Aquaculture Market Dynamics

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Major Drivers

Rising global demand for seafood is expected to be a major driver of the market. As the population grows, dietary preferences shifting towards healthier protein sources. Seafood is rich in various nutrients, which are essential in maintaining brain function, eye health, and an improved immune system. The growing popularity of seafood consumption among consumers worldwide increases the demand for fish in the dietary nutrition sector, particularly for the production of omega-3 supplements.

Increasing adoption of advanced aquaculture technologies is fueling the market. Advances in technology have improved production efficiency, environmental sustainability, and yield management. Innovation in feed formulation, genetic improvement, and automation increased productivity and reduced environmental impacts. The polyculture techniques if adopted aquaculture industry on a larger scale, can reduce water pollution and environmental damage. This is expected to make it easier for new technologies such as recirculating aquaculture systems (RAS) and aquaponics to be accepted and used more widely.

Existing Restraints

Increasing popularity of vegan food consumption and the enforcement of strict laws against animal cruelty are expected to hinder the aquaculture market. Fish farms generate a large amount of effluent with a heavy organic load that affects the local ecosystem hampering the market. Fish farms have environmental impacts such as water pollution, habitat degradation, and the spread of diseases to wild fish individuals.

Emerging Opportunities

Rising awareness among manufacturers about advancements in aquaculture production methods is anticipated to create opportunities for the market. Prominent manufacturers actively seek information about innovative aquaculture practices due to their benefits and cost-effectiveness. For instance, integrating multi-tropic polyculture technology, which effectively reduces organic waste and simultaneously boosts fish output creates an opportunity for the aquaculture market.

Scope of Aquaculture Market Report

The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Aquaculture Market Segment Insights

Type Segment Analysis

Based on type the aquaculture market is divided into Fish & Seaweed and Crustacean. The crustacean segment is further subdivided into lobster, crabs, shrimp, prawns, and crayfish. The fish & seaweed segment is expected to expand at a major growth rate during the projection period due to growing awareness among consumers regarding the nutritional benefits of fish & seaweed inclusion in their regular diet. Fish food and other fish-derived products have high protein content, omega-3 fatty acids, and various essential nutrients.

Fish food contains a low-fat level and provides a lot of nutrients such as vitamins and minerals. The farmed fish provides high-quality proteins for human consumption and also helps to maintain the body lean and muscles strong. Consuming fish once or twice a week reduces the risk of heart attacks and strokes which are some of the major causes of premature death.

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The crustacean segment is expected to expand at a significant growth rate in the coming years due to advancements in technology and environmental sustainability. The aquaculture industry has made significant advancements in the production of crustaceans. Technological innovations, improved breeding techniques, and better management practices have led to increased production efficiency, higher yields, and better-quality crustaceans. This factor helps crustacean farming be more economically viable and sustainable.

Compared to traditional wild-caught fishing, crustacean aquaculture is often seen as a more sustainable and environmentally friendly option. Controlled farming environments can help minimize the impact on natural habitats, reduce overfishing, and protect wild populations of crustaceans.

Rearing Product Segment Analysis 

In terms of rearing product, the aquaculture market is segregated into fertilizers, chemicals, equipment, and pharmaceuticals. The pharmaceuticals segment is expected to hold a significant market share during the forecast period due to growing food safety measures and increasing demand for seafood.

As with any form of livestock farming disease prevention and control are crucial in aquaculture. Pharmaceuticals, including vaccines, antibiotics, and therapeutics, are used to manage and treat diseases in farmed aquatic organisms. The expansion of aquaculture increases the demand for effective disease management solutions. These factors lead to boosting the pharmaceutical segment in the aquaculture market.

The equipment segment is projected to expand at a considerable growth rate during the projection period due to the expansion and intensification of aquaculture operations. Equipment such as cages, tanks, nets, water treatment systems, feeding systems, and monitoring devices are essential for efficient and sustainable aquaculture practices. The equipment helps in aquaculture such as, they need to improve fishery production efficiency, provides ensure optimal environmental conditions, reduce labor intensity and cost, and minimize disease outbreaks.

Environment Segment Analysis

On the basis of the environment, the global market is segregated into freshwater, brackish water, and marine water. The freshwater segment is projected to register a considerable CAGR during the forecast period due to increasing demand for freshwater aquatic products and sustainable fishing practices.

There is a growing consumer demand for freshwater fish, crustaceans, and other aquatic products, due to their nutritional value, taste, and versatility in culinary applications. Freshwater aquaculture is less expensive to set up and maintain than marine aquaculture due to its versatile species and favorable production conditions. The freshwater environment supports a diverse range of species that are suitable for aquaculture.

This includes popular fish such as tilapia, catfish, trout, and carp among others. They provide ideal conditions for aquaculture, including stable water quality, and lower the risk of environmental factors such as storms and tides compared to the seaside area. These favorable production conditions in freshwater provide a conducive environment for efficient and productive fish farming.

The marine water segment is anticipated to hold significant revenue shares of the market during the projection period due to the inclusion of wider aquatic ecosystems combined and efforts to improve the health of both terrestrial and marine habitats. Marine water provides fish feed directly from ecosystems and is sensitive to climate change.

Marine aquaculture consists of a wide range of aquatic ecosystems, including ocean, seas, and coastal areas. There are various initiatives taken to enhance the health of habitats with sustainable fishing practices. Marine waters have the availability of naturally occurring food sources within the marine environment.

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Distribution Channel Segment Analysis

On the basis of distribution channel, the aquaculture market is segmented into hypermarket/supermarket, traditional retail, specialized retailers, and online retailer. The traditional retail segment is expected to register a robust growth rate during the forecast period due to increasing demand for fresh raw fish from fast-food restaurants and eating-food joints.  

Traditional retail has a wide availability of various fresh, marine, and brackish water-based aquatic food. They provide an easy shopping experience also customers can touch and observe their products to test their quality. Major players in the market are expanding their sales presence and manufacturing plants, which in turn, is boosting the segment.

The online retail segment is expected to hold a significant share of the market owing to proving convenience, availability of product information, and price comparison. Online retail offers convenience to both consumers and aquaculture businesses. Consumers can browse and purchase a wide range of aquaculture products from the comfort of their homes which eliminates the need to visit physical stores.

The online platforms allow consumers to access aquaculture products and supplies from anywhere. Online retail platforms provide detailed product descriptions, customer reviews, and ratings, allowing consumers to gather information and choose the most cost-effective options.

End-user Segment Analysis

On the basis of end-user, the market is divided into pharmaceuticals, seafood industry, and others. The seafood industry segment is anticipated to account for a major market share due to the advancement of technology and aquacultural practices. The adoption of new technologies such as Recirculating Aquaculture Systems (RAS) and commercial aquaponics, helps in improving productivity and decreases the environmental impact.

The pharmaceutical segment is anticipated to grow at substantial growth rate during the projection period. The segment growth is owing to various health benefits provided by medicines and nutrition derived from fish. For example, the Ghol fish has some significant medicinal value due to this reason, pharmaceutical manufacturers use these fish for producing dissolvable stitches.

Oily fish such as salmon, Atlantic mackerel, and sardines, are rich in omega-3 fatty acids. These essential fatty acids have been associated with numerous health benefits, including cardiovascular health, brain development, and reduced inflammation. Pharmaceutical companies extract and utilize omega-3 fatty acids from fish for the production of dietary supplements and pharmaceutical products.

Regional Analysis

In terms of region, the global aquaculture market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market during the projection period due to rising demand for aquacultural products from the general population and government initiatives supporting aquafarming, implemented across various countries. A large number of farmers in emerging economies such as India, China, and South Korea, rely on fish farming as an additional income source along with traditional agriculture.

The increasing number of customers consuming a wide range of seafood products, which offer various health benefits, is driving the market in the region. These initiatives have a vital role in economic growth and fostering innovation. Asia Pacific is known as a manufacturing powerhouse and efficient production capabilities and a skilled labor force.

The market in Europe is projected to grow rapidly during the forecast period, due to the established infrastructure with expertise and diverse aquaculture species. Europe has a long history and tradition of aquaculture, with well-established infrastructure, research institutions, and expertise in the field.

Europe has a diverse range of aquaculture species that are cultivated, including Atlantic salmon, rainbow trout, sea bass, sea bream, mussels, oysters, and other shellfish. This variety reduces dependency on a single species and provides diverse opportunities for market

 

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Segments

Type

• Fish & Seaweed
• Crustacean
  • Lobster
  • Crabs
  • Shrimp
  • Prawns
  • Crayfish

Rearing Product

• Fertilizers
• Chemicals
• Equipment
• Pharmaceuticals

Environment

• Fresh Water
• Brackish Water
• Marine Water

Distribution Channel

• Hypermarket/Supermarket
• Traditional Retail
• Specialized Retailers
• Online Stores

Region

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Cermaq Group AS
• Nireus
• Cooke Aquaculture
• Maruha Nichiro Corporation
• Lerøy
• Mowi
• TASSAL GROUP
• KAI CHUANG MARINE INTERNATIONAL
• Thai Union Group PCL
• Aquaculture of Texas, Inc.
• ATLANTIC SEA FARMS
• Stehr Group
• CPI Equipment Inc.

Competitive Landscape

These companies adopted development strategies including mergers, acquisitions, partnerships, collaboration, product launches, and production expansion to expand their consumer base worldwide. These companies are recognized for their sustainable aquaculture practices, innovation in fish health management, and high-quality seafood products. They provide a wide range of feed products customized to different species, including fish, shrimp, and other aquatic organisms. For instance,

• In April 2023, Kelly Cove Salmon Ltd. a division of Cooke Aquaculture got a certificate of determination from New Brunswick authority for the construction of its proposed USD 72 million land-based Atlantic salmon post-smolt aquaculture facility at Bayside, N.B. This is important progress for the company after the successful assessment environmental impact of the said facility.

• In February 2023, Thai Union Group PCL’s John West, a leading brand for canned fish, launched new two Vegan Fish-Free tuna products and named free tuna with tomato & basil and the other one is fish-free tuna with a dash of oil.

• In December 2022, Cermaq Group AS announced a collaboration with BioSort. The collaboration between these companies led to the development of a mechanism known as iFarm. The aim of this project is to improve fish health and welfare by using Artificial intelligence and machine learning.