What is the global market size of Aquaculture Market?

Global Aquaculture Market size was valued at USD 263.9 billion in 2021 and is poised to grow from USD 278.07 billion in 2022 to USD 422.56 billion by 2030, growing at a CAGR of 5.37% in the forecast period (2023-2030).

Global Aquaculture Market Size, Share, Growth Analysis, By Fish Type(Carps, mollusks), By Environment(Marine water, freshwater) - Industry Forecast 2024-2031

Report ID: SQMIG30H2089 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 75 | Figures: 75

Global Aquaculture Market Insights

Aquaculture Market size was valued at USD 263.9 billion in 2019 and is poised to grow from USD 278.07 billion in 2023 to USD 422.56 billion by 2031, growing at a CAGR of 5.37% in the forecast period (2024-2031).

The production of aquatic animals such as fin fish, carp, mollusks, crabs, and aquatic plants is known as aquaculture, also referred to as aqua farming. This farming technique uses interventions to boost productivity, such as regular stocking, feeding, and predator protection. There is a lot of genetic variety among and between the 580 aquaculture species that are cultivated around the world. Aquaculture is practiced by certain farmers in developing countries and multinational corporations that can claim ownership of the farmed animals. Many people's cultural traditions include eating fish, which has a great nutritional profile. It is crucial for human health as a source of protein, fatty acids, vitamins, minerals, and micronutrients.

The production of farmed fish can be exported by developed nations to other developed nations while developing nations can increase their exports by sending goods to developed nations without paying high customs duties. The challenge of global food supply security brought on by population increase and rising protein consumption is what is fueling the rise of the aquaculture industry. Also, zooplankton, a substantial protein source, aids in the market's rise. The sector is expanding as a result of new technological developments in fish farming and seaweed production. There are many opportunities for the sector to grow as inland fish production grows. Additionally, technological advancements in seaweed and fish aquaculture contribute to market expansion.

US Aquaculture Market is poised to grow at a sustainable CAGR for the next forecast year.

Global Aquaculture Market Report Snapshots

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The global Aquaculture Market is fragmented and highly competitive. Key industry players are focused on product developments, new product launches, and geographical expansions to gain a significant amount of market share. 'Marine Harvest ASA (now known as Mowi ASA)', 'Cermaq Group AS (a subsidiary of Mitsubishi Corporation)', 'Cooke Aquaculture Inc.', 'Nippon Suisan Kaisha, Ltd. (Nissui)', 'Thai Union Group PCL', 'Lerøy Seafood Group ASA', 'Austevoll Seafood ASA', 'SalMar ASA', 'Huon Aquaculture Group Limited', 'Marine Harvest Canada (a subsidiary of Mowi ASA)', 'Grieg Seafood ASA', 'Tassal Group Limited', 'Scottish Salmon Company PLC', 'Blue Ridge Aquaculture, Inc.', 'East Coast Seafood Group', 'Atlantic Sapphire AS', 'Billund Aquaculture A/S', 'The Waterbase Limited', 'BioMar Group', 'Selonda Aquaculture S.A.'

People have less time to prepare meals at home as the number of people working has risen. As a result, over time, more and more people are eating and drinking outside the home. More people are including meat and seafood in their diets as a result of the rising popularity of high-protein diets. This has raised the demand for various kinds of meats and seafood in full-service restaurants, quick-service restaurants, and other food service forms, along with the growth in out-of-home food consumption. So boosting the aquaculture market. Aquaculture manufacturing systems are improved by ongoing research and development, which also increases production effectiveness, improves the quality of consumer products, and makes the industry more sustainable.

One of the main factors fueling the market's expansion is the increased demand for seafood and the expansion of aquaculture. The market is expanding as a result of the rising demand for fish oil across numerous industries, including food and beverage, medicines, and nutraceuticals. Fish breeders are becoming more and more conscious of the advantages of implementing effective aquaculture procedures in order to sustain overall biological productivity and exert control over water quality. They are also adopting high-tech tools to manage facility operations, monitor the water, and study fish behavior. In line with this, there are also extensive research and development (R&D) activities such as genetic improvement of finfish species, control of fish reproduction, chromosomal manipulation, and monitoring of parasitic diseases in coastal and open ocean aquatics. The market is expected to get more boosts.

Asia Pacific holds the largest market share in 2021. The need for aquaculture firms in the Asia-Pacific region is fueled by reasons including societal norms including traditional fish consumption patterns, economic growth, and population growth. The profitability of aquaculture has increased as a result of the amount of effective technology currently available, and this trend is expected to continue as the aquaculture market expands. Fish farming is viable in a number of developing countries in the Asia-Pacific region due to their abundant water resources. Fish farming is rapidly expanding in nations like Vietnam, China, and Indonesia as a result of rising per capita disposable income, an increase in aquaculture titans' interest due to low labor costs, and supportive government policies.

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Global Aquaculture Market Size, Share, Growth Analysis, By Fish Type(Carps, mollusks), By Environment(Marine water, freshwater) - Industry Forecast 2024-2031

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