Aquaculture Market

Aquaculture Market Size

The Aquaculture Market, valued at USD 270 billion in 2023, is expected to grow significantly, reaching USD 459.4 billion by 2034. This growth reflects a Compound Annual Growth Rate (CAGR) of 4.9% over the forecast period from 2024 to 2034.

Aquaculture, or aquafarming, includes the controlled cultivation of aquatic organisms like fish, crustaceans, mollusks, and aquatic plants. This practice aims to fulfill the increasing demand for seafood, which is driven by population growth and health-conscious consumers. Contrary to conventional fishing, aquaculture can provide a consistent supply of aquatic products while reducing strain on wild fish populations and promoting environmental sustainability. It includes a range of habitats such as freshwater, marine, and brackish environments. Important tasks involve the breeding, raising, and obtaining of species in ponds, tanks, and ocean cages. Technological progress has boosted efficiency, highlighting the importance of aquaculture in ensuring global food stability.

Market Highlights 

Aquaculture Market is expected to exhibit a CAGR of 4.9% during the forecast period, 2024-2034

Aquaculture Market is expected to reach USD 459.4 billion, with a 4.9% CAGR growth, driven by increasing global seafood demand due to population growth and rising health awareness. Technological advancements have enhanced productivity and environmental sustainability, making aquaculture more feasible and profitable. Government support through favorable policies and subsidies further strengthens the sector. Aquaculture also addresses the issue of overfishing by providing a reliable alternative to declining wild fish populations. Future growth is expected to be driven by innovations in breeding methods, disease management, and feed quality. The industry's focus on sustainable practices aligns with global environmental goals, ensuring aquaculture's vital role in meeting global seafood demand while protecting marine ecosystems.

Source: Fatpos Global

Aquaculture Market Segmentation

Finfish Segment Leads Due to Consumer Preference and Market Infrastructure

Aquaculture Market is divided based on Type into Finfish, Crustaceans, Mollusks, and Others. Finfish, including species like salmon, carp, tilapia, and catfish, dominate the market. This segment's dominance is fueled by strong consumer preference for finfish, known for their taste, texture, and nutritional benefits. The diversity of finfish species allows aquaculture to thrive in various climatic and geographic conditions, supporting global expansion. The segment benefits from well-established market infrastructure, including distribution networks and processing facilities. Technological advancements in breeding, feed composition, and disease management have further enhanced production efficiency. Additionally, finfish farming is financially lucrative, attracting investors and farmers, reinforcing its market leadership.

Seafood Industry Dominates Due to Extensive Retail and Distribution Network  

Aquaculture Market is divided based on End Users into the Seafood Industry, Pharmaceuticals, and Others. The seafood industry holds a dominant position as the primary consumer of aquaculture products. This industry encompasses activities from fishing and processing to distribution and retail. The global consumption of aquaculture products like fish, shrimp, and shellfish drives this dominance. A significant portion of aquaculture products is processed into various forms, including canned fish, frozen seafood, and smoked fish. The seafood industry's extensive network of retailers, distributors, and wholesalers ensures the efficient distribution of these products to consumers. The established infrastructure and strong demand for seafood underscore the seafood industry's leading role in the aquaculture market.

Market Dynamics

Growth Drivers

Increasing Demand for Seafood Globally to Drive Market Growth

The rising global population and a trend towards healthier eating habits are boosting the demand for seafood. Seafood is increasingly preferred due to its high protein content, essential nutrients, and omega-3 fatty acids, which are beneficial for heart and brain health. Additionally, seafood is considered a cleaner and more sustainable protein source compared to red meat. This trend is evident in both developed and developing markets, where rising incomes and changing dietary habits are increasing seafood consumption. The aquaculture sector is expanding to meet this growing demand, ensuring a steady and reliable supply of seafood products globally.  

Sustainability Concerns to Maintain Ecological Balance to Provide Market Growth Opportunities

Concerns over sustainability are driving a shift from traditional fishing methods to aquaculture. Overfishing has severely depleted many wild fish populations, threatening marine ecosystems and biodiversity. Aquaculture reduces the pressure on wild fish stocks by providing a controlled environment for seafood production. Sustainable aquaculture practices aim to minimize environmental impact by improving waste management, optimizing feed use, and protecting habitats. By adopting these practices, the industry can help restore natural fish populations and maintain ecological balance. This shift not only addresses environmental concerns but also ensures a reliable and sustainable seafood supply to meet global demand without compromising ocean health.

Restraints

Disease and Parasite Management Can Create Challenges for Aquaculture Market

Disease and parasite management remains a significant challenge in aquaculture, potentially hindering market growth. In aquaculture settings, where fish are farmed in dense populations, diseases and parasites can spread rapidly. Outbreaks can lead to substantial losses in stock value, slower growth rates, and reduced product quality, affecting overall profitability. Effective disease management requires strict monitoring, early detection, and the use of interventions like vaccines, antibiotics, and antiparasitic treatments. However, these measures can be costly and may lead to issues like antibiotic resistance and environmental pollution. Developing robust and sustainable strategies for disease and parasite management is crucial for the long-term success and productivity of the aquaculture industry. 

Recent Developments

• During 2023-24, Mowi ASA issued a  EUR 200 million Green Bond and published its Green Financing Impact Report for 2023, emphasizing its commitment to sustainability. Mowi Scotland partnered with Ridgeway Biologicals to develop new fish vaccines, reducing antibiotic use by 79% over three years.
• During 2023-24, Cermaq Group AS entered a joint venture with Nissui and Mitsubishi Corporation to enhance salmon farming operations in Japan. The company launched a comprehensive sustainability program focused on reducing carbon emissions and improving fish health management.
• During 2023-24, Thai Union Group PCL invested in developing algae-based fish feed to enhance sustainability and reduce reliance on traditional fishmeal. The company expanded its seafood processing facilities in Thailand to meet growing demand.
• During 2023-24, Nippon Suisan Kaisha, Ltd. (NISSUI) launched new premium salmon products targeting high-end markets in Asia. The company invested in R&D to develop advanced aquaculture technologies, focusing on fish health and feed efficiency.
• During 2023-24, Maruha Nichiro formed strategic partnerships with tech firms to enhance its aquaculture operations through advanced data analytics. The company also established a new hatchery in Japan to increase its production capacity.

Aquaculture Market

Key Players:

• Mowi ASA
• Cermaq Group AS
• Thai Union Group PCL
• Nippon Suisan Kaisha, Ltd. (NISSUI)
• Maruha Nichiro Corporation
• Cooke Aquaculture Inc.
• Charoen Pokphand Foods PCL
• Bakkafrost
• Tassal Group Limited
• Leroy Seafood Group ASA
• Grieg Seafood ASA
• Huon Aquaculture Group Limited
• Stolt-Nielsen Limited
• Benchmark Holdings plc
• Blue Ridge Aquaculture, Inc.
• Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Aquaculture Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa.  Asia Pacific region leads the global aquaculture industry, fueled by large-scale aquaculture activities and significant seafood consumption in countries such as China, India, Vietnam, and Indonesia. China is a major contributor to global aquaculture production, utilizing its vast coastal and inland water sources. The region's leadership is credited to good weather, advancements in aquaculture techniques, and strong government backing. Moreover, the increasing need for seafood, at home and globally, drives the expansion of aquaculture in the region, guaranteeing a continuous provision of different aquatic species to fulfill worldwide requirements. 

Concurrently, North America and Europe also play crucial roles in the aquaculture market. North America, particularly the U.S. and Canada, focuses on high-value species such as salmon, benefiting from advanced technologies and stringent regulatory frameworks. Europe, led by Norway and Scotland, is renowned for its salmon farming, with robust infrastructure and a strong emphasis on sustainable practices. Latin America, particularly Chile, is emerging as a significant player in salmon and shrimp farming, capitalizing on favorable natural conditions and increasing export demand.

Source: Fatpos Global

Impact of Covid-19 on Aquaculture Market

Aquaculture market was significantly affected by the COVID-19 pandemic with disruptions in supply chains, a lack of workers, and decreased demand from vital sectors such as restaurants and food service. Lockdowns and travel restrictions impacted the supply chain of fish and seafood, resulting in processing plants temporarily shutting down and an accumulation of inventory. The global trade decline and logistical challenges led to a decrease in exports caused by the pandemic. Despite these challenges, there were some positive changes in the market, including a rise in household consumption and a stronger emphasis on sustainability and technology in aquaculture methods. Recovery is happening as supply chains stabilize and demand slowly grows, with an increasing focus on resilient and innovative practices to prevent future disruptions.

Aquaculture Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Aquaculture Market Scope and Segments:

Frequently Asked Questions (FAQ):