Global Fish Farming Market Size, Share, Growth Analysis, By Environment(Freshwater, Marine Water), By Fish type(Salmon, Shellfish) - Industry Forecast 2024-2031

Report ID: SQMIG30I2340 | Region: Global | Published Date: March, 2024
Pages: 198 | Tables: 66 | Figures: 80

Global Fish Farming Market News

In March 2024, Hexicon’s Joint Venture, Freja Offshore, started a collaboration with Fish Farms. Freja Offshore has applied to build the offshore wind farm Mareld, 40 kilometres off the coast west of Lysekil in Sweden.
In March 2024, Ethical Seafood Research (ESR) and FAI announced a new partnership to launch the Tilapia Welfare Project in Egypt. Egypt is the top tilapia producer in Africa and the Tilapia Welfare Project aims to show Egyptian producers not only how to measure and assess tilapia welfare on farm, but also the financial and production benefits of doing so.
In March 2024, Norwegian energy innovator NAPOP launched a project to combine fish farming, hydrogen production. The new venture is set to integrate a 6,000-metric-ton recirculating aquaculture system with a six-megawatt electrolysis plant, harnessing green energy to split water into hydrogen and oxygen.

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Global Fish Farming Market size was valued at USD 270.95 billion in 2022 and is poised to grow from USD 285.04 billion in 2023 to USD 427.59 billion by 2031, growing at a CAGR of 5.2% in the forecast period (2024-2031).

The global fish farming market features a competitive landscape with a blend of established players and innovative newcomers. Industry leaders like Marine Harvest, Cermaq Group, and Thai Union Group have solidified their positions through extensive production networks, brand recognition, and adherence to sustainable practices. These companies emphasize technological advancements to enhance production efficiency, minimize environmental impact, and ensure the quality of farmed fish. Emerging players bring innovation to the sector with genetically modified fish that offer accelerated growth rates. Additionally, regional players like Lerøy Seafood Group and Mowi ASA contribute to the market's diversity, leveraging their expertise in specific geographical areas. Sustainability concerns have led to the rise of recirculating aquaculture systems (RAS) and land-based fish farming ventures that aim to reduce water usage and waste discharge. Collaborations, strategic partnerships, and investments in research and development are common strategies as companies vie for market share while addressing the challenges of sustainable growth, disease management, and regulatory compliance. 'Marine Harvest ASA (now Mowi ASA) - Norway', 'Cermaq Group AS - Norway', 'Thai Union Group Public Co. Ltd. - Thailand', 'Lerøy Seafood Group ASA - Norway', 'Cooke Aquaculture Inc. - Canada', 'Grupo Nueva Pescanova - Spain', 'SalMar ASA - Norway', 'Kyokuyo Co., Ltd. - Japan', 'Huon Aquaculture Group Limited - Australia', 'Marine Harvest Group (now Mowi ASA) - Norway', 'Tassal Group Limited - Australia', 'Nippon Suisan Kaisha, Ltd. (Nissui) - Japan', 'Grieg Seafood ASA - Norway', 'Charoen Pokphand Foods Public Co. Ltd. - Thailand', 'Norway Royal Salmon ASA - Norway', 'Bakkafrost P/F - Faroe Islands', 'Marine Harvest Scotland (now Mowi ASA) - UK', 'Marine Harvest Ireland (now Mowi ASA) - Ireland', 'Skretting (part of Nutreco) - Norway', 'Lerøy Midt AS - Norway', 'Lerøy Vest AS - Norway', 'Marine Harvest Canada (now Mowi ASA) - Canada', 'Nordic Aquafarms Inc. - USA', 'Seabass Chile S.A. - Chile', 'Australis Aquaculture LLC - USA'

The global fish farming market is driven by the increasing global demand for seafood, which has outpaced wild fish catch. Fish farming, also known as aquaculture, offers a consistent and controlled supply of fish products to meet this demand. As traditional fisheries face challenges such as overfishing and environmental concerns, aquaculture provides a sustainable solution to fulfill the protein needs of a growing population.

Technological Advancements and Automation: The fish farming industry is experiencing a significant shift towards incorporating advanced technologies and automation in various aspects of operations. Innovations such as sensor-based monitoring systems, automated feeding systems, water quality sensors, and data analytics are being used to optimize fish health, growth, and overall farm efficiency. These technologies enable real-time monitoring of environmental parameters, disease detection, and precise feeding, resulting in better resource management and higher yields. Automation also helps in reducing labor costs and human errors while ensuring consistent and controlled production processes.

The global Fish Farming Market is analyzed based on its regional presence, which includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Asia-Pacific is the dominant region in the global fish farming market. Countries such as China, India, Indonesia, and Vietnam are major contributors to the region's dominance. The abundance of coastal areas, favorable climatic conditions, and strong aquaculture traditions have propelled Asia-Pacific to the forefront of fish farming. These countries are leading producers of various species including freshwater and marine fish, shrimp, and prawns. The region's well-established infrastructure, extensive research and development, and large consumer base have contributed to its dominance in the global fish farming industry.

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Global Fish Farming Market Size, Share, Growth Analysis, By Environment(Freshwater, Marine Water), By Fish type(Salmon, Shellfish) - Industry Forecast 2024-2031

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