Description
Scope of Global Aquaculture Market
Aquaculture, as a term, is used to mean the practice of raising fish. For the raising phase, these techniques include interventions such as continuous feeding, stocking, and predator protection to increase productivity. Aquaculture today involves 580 species from all over the world that are farmed for consumption, reflecting a diversity of genetic resources within and among species. However, some farmers in developing countries also involve themselves in aquaculture, as do multinational companies with ownership rights on stock raised. In many cultures, eating fish is a traditional way, and its nutritional profile offers plenty of health benefits. Protein, fatty acids, vitamins, and minerals are all present, besides the essential micronutrients.
The aquaculture market was valued at USD 42.6 Billion in 2023 and is estimated to increase at a CAGR of 7.30% from 2023 to 2030, reaching USD 69.76 Billion by 2030.
Precision farming concepts, which depend on technologies like drones, IoT connectivity, and self-driving tractors, are becoming more and more popular as a result of the growing demand for innovative solutions in the food production sector. A related sector, aquaculture, has not been as impacted by technology advancements but is still vital to the world’s food security. The development of the aquaculture industry will be aided by the current surge in the acceptance and popularity of data-driven management platforms, which combine information from various sources into a unified cloud platform and record all dynamics of the aquaculture farm environment in real time.
Impact of COVID – 19
Due to the ongoing COVID-19 pandemic, many industries, especially the food and beverage industry have faced unforeseen hurdles. Lockdowns, the suspension of production facilities, travel bans, and border restrictions all impacted global supply lines. This also resulted in a scarcity of raw supplies and manpower. The closure of restaurants and hotels reduced demand for high-value fresh fish and aquatic food, stifling the expansion of the aquaculture business. However, the worldwide aquaculture industry is expected to grow in the next years due to rising vaccination rates and the removal of restrictions imposed by various governments. Furthermore, when manufacturers are allowed to work at full capacity, the industry is experiencing good recovery rates, pushing market growth.
The comprehensive research study examines the market for Aquaculture in both qualitative and quantitative terms. The market has been examined from both the demand and supply sides. The demand side research looks at market revenue in different regions and then across all of the key countries. The supply side study looks at the primary competitors in the industry, as well as their regional and worldwide presence and strategy. Each of the major countries in North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America is studied in depth.
Global Aquaculture Market: Growth Drivers
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Growing Global Population:
Increasing Health Benefits of Seafood Awareness, and Shifting Dietary Preferences Toward Diets High in Protein are All Driving Up Demand for Aquaculture Products.
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Falling Wild Fish supplies:
In order to supply the rising demand for seafood, aquaculture is becoming more popular as a sustainable alternative as wild fish supplies are being depleted as a result of overfishing and environmental degradation.
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Technological Developments:
The productivity and efficiency of shrimp and fish farming have increased thanks to developments in aquaculture technologies, which include better breeding methods, disease control, water quality monitoring, and aquafeed formulations.
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Government Support and Regulations:
Investment in the aquaculture sector is being driven by supportive government policies, subsidies, and incentives that are intended to ensure food security, promote aquaculture development, and create job opportunities.
Global Aquaculture Market: Restraints
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Environmental Concerns:
The negative effects of aquaculture operations on the environment, like as habitat deterioration, water pollution, and disease spread, raise questions about the long-term viability of the ecosystem.
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Disease Outbreaks:
The need for efficient disease management plans and biosecurity precautions is highlighted by the possibility of large production losses and financial losses from disease outbreaks in aquaculture facilities.
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Limited Access to Finance:
Investment in aquaculture infrastructure, adoption of new technologies, and growth activities can be hampered by a lack of cheap finance choices, especially for small-scale farmers and entrepreneurs.
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Market volatility:
Can provide challenges for industry stakeholders by affecting the profitability and financial viability of aquaculture operations through fluctuations in feed and energy prices, currency exchange rates, and seafood prices.
Global Aquaculture Market: Opportunity Factors
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Expansion of Aquaculture Production:
Increasing investments in aquaculture infrastructure, technology upgrades, and sustainable farming practices present opportunities for expanding production capacity and meeting rising seafood demand.
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Emerging Markets:
Growing demand for aquaculture products in emerging markets, particularly in Asia-Pacific and Latin America, offers opportunities for market expansion and diversification of product offerings.
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Rise of Land-based Aquaculture:
The development of land-based aquaculture systems, including recirculating aquaculture systems (RAS) and integrated multi-trophic aquaculture (IMTA), presents opportunities for sustainable and environmentally friendly fish farming.
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Value-added Products:
Increasing consumer demand for premium and value-added aquaculture products, such as organic, certified, and responsibly sourced seafood, creates opportunities for differentiation and market positioning.
Global Aquaculture Market: Challenges
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Access to Resources:
Limited availability of land, water, and feed resources, competition for space and natural resources with other sectors, and conflicts over resource allocation can constrain the growth and sustainability of aquaculture activities.
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Regulatory Compliance:
It can be difficult for aquaculture operators to comply with complicated regulatory frameworks, such as food safety standards, environmental rules, and aquaculture certification requirements, especially in fragmented and changing regulatory environments.
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Supply Chain Interruptions:
Aquaculture product availability and distribution may be impacted by disruptions in international supply chains, logistics, and transportation networks brought on by calamities like the COVID-19 pandemic, natural catastrophes, and trade disputes.
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Effects of Climate Change:
Extreme weather, temperature swings, ocean acidification, and sea level rise are just a few of the climate change-related variables that put aquaculture operations at risk and compromise the resilience and stability of production.
Global Aquaculture Market: Recent Developments
- A new line of aquafeed products, developed by Cargill, has been introduced. The components are sustainable and come from non-traditional protein sources like algae and insect meal. The objective of this effort is to promote sustainability in aquaculture and address concerns about the environmental impact of typical aquafeed ingredients.
- Marine Harvest introduced a new digital platform to promote transparency and traceability in its aquaculture operation. By providing clients with quick access to information about the provenance, method of production, and quality of farmed salmon, the platform improves supply chain transparency and accountability by employing blockchain technology.
- BioMar unveiled a series of sustainable aquafeed formulations designed to reduce the environmental footprint of aquaculture production. These feeds incorporate novel ingredients such as microalgae, insect meal, and byproducts from the food industry, contributing to resource efficiency and ecological sustainability in fish farming.
Global Aquaculture Market: Key Outcomes of the Report
Providing an overview of the present size of the global aquaculture market and its predicted growth rate over a given time period. Identifying and assessing various parts of the aquaculture industry, including species, production systems, end-use applications, and geographical areas. Highlighting contemporary trends, innovations, technological improvements, and regulatory developments influencing the aquaculture market.
List of Key Players in Global Aquaculture Market:
- Marine Harvest (now Mowi)
- Cermaq
- Thai Union Group
- SalMar
- Skretting
- AquaBounty Technologies
- Nutreco
- Blue Ridge Aquaculture
- Cooke Aquaculture
- Grieg Seafood
- Nireus
- Marine Harvest Canada
- Tassal Group Limited
- Stolt Sea Farm
- Marine Harvest Scotland
Global Aquaculture Market: Segmentation
By Species
- Finfish
- Crustaceans
- Mollusks
By Production Systems
- Pond Culture
- Cage Culture
- Recirculating Aquaculture Systems (RAS)
- Integrated Multi-Trophic Aquaculture (IMTA)
- Land-based Aquaculture
By End-Use Applications
- Food
- Ornamental
- Industrial
By Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
