Aquaculture Market

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Global Aquaculture Market is valued at USD 289.6 Billion in 2022 and is projected to reach a value of USD 421.2 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 5.5% over the forecast period.

Aquaculture or aqua farming cultivates aquatic animals like fin fishes, carp, mollusks, crabs, and aquatic plants. This farming method often includes rearing processes, such as frequent stocking, feeding, and protection from predators for increasing productivity. The global Aquaculture market is expected to expand significantly during the forecast period owing to changing lifestyles among the working population combined with rising technological developments within equipment and production methods. Studies have indicated that people have less time to prepare meals at home, leading to a surge in the consumption of outside food & beverage. The rising popularity of high-protein diets combined with rising out-of-home consumption will increase the footprint of the global market.

The continuous cycle of research and development in Aquaculture has led to enhancements in the Aquaculture manufacturing systems, leading to increased production efficiency. Additionally, a rise in production quality leads to a rise in consumer product quality, leading to more sustainable market growth. Recent industry developments include improvements in finfish generics, management of fish reproduction, and modification of chromosomes in shellfish. Additionally, technological advancements in offshore and open Aquaculture are anticipated to boost the growth of the global Aquaculture market during the forecast period.

Changing consumption patterns of people on a global scale combined with expanding the retail market will add to the global growth of the Aquaculture market at a moderate rate. Additionally, the easy availability of products through various modes of distribution makes it extremely convenient for consumers to purchase packaged Aquaculture products. The acceptance of various industry standards to provide disease-free fish by rearing fish in environments that meet the necessary hygiene standards will increase sales. An expanding agricultural sector combined with the adoption of organic food products is expected to play a pivotal role in the rising footprint of the global Aquaculture market.

Advancements in water circulation and filtration have increased fish farm quality at an unprecedented rate. Studies have indicated a small chance of environmental risk with indoor fishing farms. This will lead to increased adoption. However, the rising vegan population and an increasing number of consumers adopting a vegetarian diet will harm the growth of the global market during the forecast period. Consumers are switching towards a vegan diet as it provides several health benefits, including protection against cancer, less body fat, and rising energy levels.

Economic Insights

As the current year progresses, it is anticipated that the ongoing confrontation between Russia and Ukraine will escalate. Regardless of their cause, wars are complicated and frequently result in social unrest, destruction of infrastructure, and adverse effects on the world economy. Although it is too early to predict the impact of disruption, many healthcare industries are anticipated to suffer severely. The most recessive state on earth was brought about by the COVID-19 pandemic and is expected to last for a few more years. The graph of the world economy showed some of the most significant declines from 2021 to 2022. However, the proactiveness displayed by various governments, through stimulus and forceful immunization, allowed most countries and nations worldwide to clean up after the worst and see rekindled.

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Top Market Trends

1. Sustainable Adoption of Technologies within Aquaculture: New technologies such as recirculating Aquaculture systems (RAS) and aquaponics (A system upgrade that helps plants and animals’ hell productivity and decreases pollution levels) are being deemed more advantageous than traditional production methods. Adopting polyculture Aquaculture techniques on a global scale would lessen water pollution and environmental deterioration. These factors will enable increased adoption of new technological marvels within the global Aquaculture market.

2. Rising Awareness of Aquaculture Production Methods: Prominent manufacturers are gaining information about Aquaculture products due to their benefits and a comparatively lost cost. Integrating multi-trophic polyculture technology for reducing organic waste and increasing fish output will create unique opportunities for the global Aquaculture market to flourish.

3. Increased Adoption of Indoor Fishing: Certain advancements in water circulation and filtration systems have enabled indoor fishing methods to grow at an unprecedented rate. Fish farming is an effective solution for producing animal protein, which mitigates a low impact on environmental degradation.

4. Rising Influence on Similar Species: Advanced production methods are not limited to fish species. Positive influences of indoor fish farming have been extended to crustaceans, mollusks, and seaweed. The emergence of semi-intensive and intensive farms combined with professionalization and modernization practices is expected to widen the market's scope.

5. Surging Popularity of Seaweed Based Cuisine on a Global Scale: Seaweeds are one of the foods consumed in a larger volume. They are gaining massive popularity across several application sectors. Prominent manufacturers are integrating seaweeds and liquid extracts of marine brown seaweed for agricultural and horticultural practices. These extractions are widely used for bio-agricultural practices and bio-pesticides in the crop protection sector.

Market Segmentation

The global Aquaculture market can be categorized on the following: Rearing Product, Culture, Species, Production Type, and Regions. Based on rearing product, the market can be categorized into equipment, chemicals, pharmaceuticals, and fertilizers. By culture, the market can be segmented across freshwater water, brackish water and marine. In terms of species, the market can be fragmented across aquatic plants and aquatic animals. By production type, the market can be split between small scale and large-& medium-scale. Likewise, based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Rearing Product

Equipment to Dominate Market Growth Owing to Higher Demand Within Marine Culture

The segment about equipment is expected to generate the largest market share in terms of sales and revenue. Factors such as rising demand within the marine culture and increasing advancements in feeding systems are expected to contribute to segmental growth. A variety of marine Aquaculture includes sea fishing, intensive Aquaculture, and rack and line farming. Rising demand for nutrients at an optimal price and increased inclusion of aquatic products within staple diets will also contribute to the rising demand for rearing products.

Based on Culture

Freshwater to Occupy Largest Market Share While Marine Water to Grow at an Exceptional CAGR

Freshwater Aquaculture products are expected to dominate the segmental growth due to contributing factors such as an abundance of freshwater sources, including ice sheets, glaciers, bogs, ponds, rivers, and streams. The most popular species of fish consumed at a larger volume, such as salmon, trout, and trench, are often found within these sources. Additionally, the rising popularity of tilapias and catfish in the form of exquisite cuisines is expected to increase the footprint of the segmental growth. Marine water will grow with the fastest growing CAGR during the forecast period owing to the inclusion of wider aquatic ecosystems combined with improving the health of terrestrial and marine habitats.

Based on Species

Aquatic Animals to Fuel Largest Market Share Owing to Increased Consumptions

Studies have indicated that consuming aquatic animals, such as finfish, mollusks, crustaceans, and sea beam, will increase the levels of proteins, omega-3 fatty acids, and vitamins D and B2 in the human body. Additionally, most of the population seems inclined towards fish instead of meat due to the higher health benefits and comparatively lower cost. Rising demand for organic food products and expanding the Aquaculture sector globally will contribute to segmental growth. Aquatic plants are expected to grow with the fastest growing CAGR during the forecast period owing to rising consumer demand for commercial seaweed.

Based on Production Type

Large & Medium Scale Organization to Register Maximum Sales Owing to Increased Availability of Expert Workforce and Equipment

Large and medium scaled organizations are expected to occupy the largest market share owing to rising demand for aqua products for their protein-rich content. Consumers are willing to pay a higher amount for a good quality product. Large and medium organizations are capitalizing on this trend by investing heavily in their R&D departments and producing a higher production quality. Additionally, these organizations possess a greater workforce and have advanced equipment available, often leading to a larger yield. These factors are expected to increase the footprint of the segmental growth during the forecast period. Small-scale organizations are expected to grow with the fastest-growing CAGR during the forecast period owing to the rising number of startups entering the space.

Based on Region

Asia Pacific to Play a Dominant Role Owing to Rising Demand and Advancements in Technology

The global Aquaculture market is expected to be dominated by the region of Asia Pacific in terms of contribution. Factors such as rising demand for Aquaculture products from the general population and advancements in production equipment are expected to catapult growth in an increment. Improvements in ocean cage designs have led to the designing and manufacturing new and innovative cages for culturing in near-shore and offshore environments. This is expected to increase yield significantly. Technology advancements, including water recirculation systems, will further contribute to the Asia Pacific Aquaculture market.

Latin America is expected to grow with a promising growth rate during the forecast period owing to changes regarding the development process and macroeconomic policies. Increasing infrastructure and technological developments within the region are expected to propel the region's growth towards strong growth.

Competitive Landscape

The global Aquaculture industry is full of prominent players diversifying their product portfolios to cater to a wide range of consumers. Additionally, players invest in their research and development departments to increase their production yield. Plus, the industry is rife with ongoing mergers and acquisitions and widening collaborative efforts to maintain a competitive spirit.

The key players in the global Aquaculture market include - Alpha Group Ltd. (Canada), Aquaculture Technologies Asia Limited (Hong Kong), Cermaq Group AS (Mitsubishi Corporation) (Norway), Cooke Aquaculture (Canada), Leroy Seafood Group ASA (LEROY) (Norway), Marine Harvest ASA (Marine) (Norway), Nippon Suisan Kaisha Ltd. (Japan), P/F Bakkafrost (Faroe Islands), ASSAL Group Limited (Australia), Thai Union Group PLC (UNION Thailand) among others.

Recent Market Developments:

· December 2022: Cermaq Group AS announced they were collaborating with BioSort. This collaboration led to the development of a mechanism known as iFarm, which is expected to increase fish health and welfare using AI and machine learning.

· November 2019: Van Cleve Seafood Company announced that they were introducing a new category of plant-based seafood to provide clients in the United States with delectable plant-based items in addition to the traditional seafood products they provide.

· April 2019: Atlantic Sea Farms announced that they were launching a new range of products in the United States that include Sea-chi, a fermented seaweed salad, sea-beet kraut, and seaweed kimchi. These products were announced to meet the demand for aquatic product consumption within the country.

Segmentation of the Global Aquaculture Market