Aquaculture Market

Aquaculture Market Size:

The global aquaculture market size reached 79.3 Million Tons in 2023. Looking forward, IMARC Group expects the market to reach 116.6 Million Tons by 2032, exhibiting a growth rate (CAGR) of 4.2% during 2024-2032. The increasing innovations in aquaculture technology, the diverse product offerings, the rising health awareness among consumers, the growth of the urban population, and the escalating export opportunities are some of the factors propelling the market.

Aquaculture Market Analysis:

• Major Market Drivers: Increasing aquaculture market demand and the depletion of natural fish stocks are propelling the aquaculture market growth. Additionally, the continuous advancements in the fish farming process due to the adoption of new technologies are also influencing the aquaculture market value.
• Key Market Trends: According to the aquaculture market research report, one of the most prominent aquaculture industry trends in most regions toward greener and more sustainable fishing practices is declining marine ecosystems’ footprints. In addition, the integration of IoT and AI is on the rise as it enables the industry to engage in precision aquaculture and improve the monitoring of fish and water quality.
• Geographical Trends: Asia-Pacific is the leader in terms of the aquaculture market, particularly the three largest countries within this region – China, India, and Vietnam. Tropical countries with appropriate climatic conditions and ample labor reserves have an undeniable advantage. At the same time, North America and Europe are increasingly focused on technological advancements to meet strict environmental standards while cultivating fish commercially in expanding quantities.
• Competitive Landscape: The aquaculture market analysis suggests that the aquaculture market is fairly fragmented with various well-established corporations and small- to mid-tier organizations. Mergers and acquisitions seem to be a regular feature, and while bigger businesses acquire startups and technological innovators, the smaller ones are also seeking to improve their market positions.
• Challenges and Opportunities: According to the aquaculture market report, concerns that impact the aquaculture business include hazardous viral outbreaks and an increasing need for sustainable feedstocks. However, these issues merely represent opportunities for the development of new vaccines and more sustainable components for fish feed.
   

Aquaculture Market Trends:

Increasing adoption of new technologies

The escalating number of new technologies in the fish cultivation sector is majorly driving the market. When combined effectively and innovatively, these advancements pose a new level of aquaculture operators’ productivity, efficiency, and sustainability. Thus, automated feeding mechanisms feed fish right on schedule so that there are no leftovers, and fish are fed healthily. Additionally, water quality sensors and monitoring tools provide real-time control and necessary adjustments. Using genetically modified fish via biotechnology and selective breeding, fish have become faster-growing and more disease-resistant. On 22nd and 23rd March 2024, the ICAR-Central Institute of Brackishwater Aquaculture, Chennai organised a two-day programme on Smart Aquaculture 2024 to encourage the implementation of AI and IoT in the management of farms, farm water, farm feed, farm health, and farm supply chain. Furthermore, data science and AI enable forecasting; thus, recirculating aquaculture systems, wherein only a small portion of water is used and re-used, become more competitive and highly adaptive, which makes land-based aquaculture operators more competitive as well. Such feeding approaches are sufficient for satisfying the growing global demand for seafood and allow for compliance with sustainability requirements, making aquaculture such a growing industry.

Rising demand for seafood products

The industry is capitalizing on the rising demand for seafood products. This can be supported by dietary choices that cannot be met by the overexploited traditional fisheries, while other wild fisheries are being depleted. "Fish Consumption in India: Patterns and Trends," a study released by the Indian Council of Agricultural Research, Ministry of Agriculture and Farmers’ Welfare, Government of India, and WorldFish, reveals that 72.1% of India’s population, or 967 million people, consumed fish. The study included the collection of primary data from multiple Government sources such as National Family Health Survey reports covering about 15 years. However, aquaculture, as a competent and sustainable producer, can supply many aquatic species that are in high demand. Along with this, consumers are consuming seafood diets at a factual level due to their nutritional values. Furthermore, many individuals have embraced seafood for its low fat and omega-3 fatty acids. Additionally, the rapidly growing global middle class, mostly located in emerging markets, is increasing its income, which now can afford to purchase seafood. Therefore, this is positively influencing the aquaculture market price. Aquaculture is capable of producing many aquatic species cons humorously in the chosen environments. Therefore, this is further creating a positive aquaculture market outlook.

Growing consumption of organic seafood items

The consumption of organic seafood items is increasingly contributing to aquaculture market growth. For numerous consumers across the globe, the importance of eating properly and healthily is becoming more apparent, making organic seafood a popular choice. Thus, this is further contributing to the large size of the aquaculture industry. Along with this, organic aquaculture employs environmentally and ethically conscious methods, minimizing the use of antibiotics and chemicals. This results in safer food options, aligning with consumer preferences for safer purchases. Organic seafood is particularly suitable for customers who wish to avoid contaminants. In addition, the accelerating shift toward organic and healthier food options is driving this market trend in aquaculture, emphasizing sustainability and responsibility. Moreover, organic aquaculture is leading the way with sustainable and responsible fishing techniques, aiming to conserve fish populations for future generations.

Aquaculture Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global aquaculture market report, along with forecasts at the global, country, and regional levels for 2024-2032. Our report has categorized the market based on fish type, environment, and distribution channel.

Breakup by Fish Type:

• Freshwater Fish
• Molluscs
• Crustaceans
• Others
   

Freshwater fish dominates the market

The report has provided a detailed breakup and analysis of the market based on the fish type. This includes freshwater fish, molluscs, crustaceans, and others. According to the report, freshwater fish represented the largest segment.

The specific species of freshwater fish found in tilapia, catfish, and carp are considered some of the most desirable due to their general appeal and adaptability. With high growth rates, relative ease of aquaculture, and ability to grow under contrasting environmental conditions, these fish are amongst the preferred choices for aquaculture. Moreover, the need for lean types of meat, fueled by a global promotion of healthy eating, aligns with the further supply of protein-rich goods. Therefore, with the increasing consumer interest in freshwater fish, aquaculture producers prioritize its cultivation, ensuring relevant and necessary aspects are widely available and accessible. According to the aquaculture market forecast, expected progress in breed knowledge and established best practices in farming will ensure the necessary varieties of products are delivered without fail, driving the market without periods of low availability.

Breakup by Environment:

• Fresh Water
• Marine Water
• Brackish Water
   

Fresh water dominates the market

The report has provided a detailed breakup and analysis of the market based on the environment. This includes fresh water, marine water, and brackish water. According to the report, fresh water represented the largest segment.

Freshwater environments hold the most aquaculture market share. These environments, including rivers, lakes, and ponds, provide suitable habitats for various aquatic species typically bred for commercial purposes. Freshwater aquaculture presents several advantages, such as relatively low operating costs, ease of connectivity, and minimal harm to the external ecosystem compared to marine aquaculture. Along with this, the availability of abundant freshwater aids in the breeding of popular species such as tilapia, catfish, and carp, thus contributing significantly to market growth. Furthermore, freshwater ecosystems often act as excellent breeding grounds due to the low salinity, simplifying production activities. This aquaculture industry trend supports environmental responsibility by eliminating the need for more exploitation of such vulnerable ecosystems. With the responsible use of freshwater sources, the sector can fulfill market demands while acknowledging the need for resource conservation.

Breakup by Distribution Channel:

• Traditional Retail
• Supermarkets and Hypermarkets
• Specialized Retailers
• Online Stores
• Others
   

Traditional retail dominates the market

The report has provided a detailed breakup and analysis of the market based on the distribution channel. This includes traditional retail, supermarkets and hypermarkets, specialized retailers, online stores, and others. According to the report, traditional retail represented the largest segment.

The demand for aquaculture is also supported by traditional retail, serving as a cornerstone for market expansion. This sector includes physical stores, fish markets, and local seafood retailers, which have historically been the main suppliers of seafood to consumers. The significance of traditional retail is supported by several factors. Additionally, it offers accessibility and a wide range of seafood selections, from fresh and frozen to processed products. In addition, the opportunity for physical selection of goods enhances consumer confidence in their quality and suitability for consumption. Moreover, traditional retailers often maintain direct trade relations with local producers, ensuring a constant supply of fresh seafood. Through these channels, consumers can purchase quality, environmentally friendly, and locally sourced seafood, aligned with their preferences for freshness and environmental care. Additionally, these factors support the promotion of aquaculture products, raising consumer awareness and encouraging responsible purchasing decisions.

Breakup by Region:

• Asia Pacific
  • China
  • Indonesia
  • India
  • Vietnam
  • Philippines
  • South Korea
  • Japan
  • Thailand
  • Malaysia
  • Australia
  • Others
• Latin America
  • Chile
  • Brazil
  • Ecuador
  • Mexico
  • Others
• Europe
  • Norway
  • Spain
  • Russia
  • United Kingdom
  • France
  • Italy
  • Greece
  • Netherlands
  • Ireland
  • Denmark
  • Germany
  • Others
• Middle East and Africa
  • Egypt
  • Turkey
  • Saudi Arabia
  • Others
• North America
  • United States
  • Canada
     

Asia Pacific leads the market, accounting for the largest aquaculture market share

The report has also provided a comprehensive analysis of all the major regional markets, which include Asia Pacific (China, Indonesia, India, Vietnam, Philippines, South Korea, Japan, Thailand, Malaysia, Australia, and others), Latin America (Brazil, Mexico, Ecuador, and others), Europe (Norway, Spain, Russia, United Kingdom, France, Italy, Greece, Netherlands, Ireland, Denmark, Germany, and others), Middle East and Africa (Egypt, Turkey, Saudi Arabia, and others), North America (United States and Canada). According to the report, Asia Pacific represents the largest regional market for aquaculture.

The Asia Pacific currently holds the most powerful and largest segment in the worldwide aquaculture market. This achievement has been possible due to the extensive and well-developed activities in countries such as China, India, Vietnam, and Indonesia. China, in particular, is a key player in this success, as it actively provides both the Asian and global markets with the products of farming aquatic species. The market spot of the region can be further explained by the optimal climatic and rich biodiversity conditions, as well as the abundant presence of water bodies, which naturally favor aquaculture. Additionally, the majority of governments facilitate this process through financial subsidies and modernization programs, as well as favorable policies create a positive climate for developing the industry. Asia Pacific also has the highest demand for aquatic food, primarily due to cultural and historical background; as the consumption of seafood is generally less stigmatized and more sustainable, the region combines both the highest supply and the most efficient mechanisms of production.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the aquaculture industry include

• Aquaculture of Texas Inc.
• Aquaculture Systems Technologies, L.L.C.
• Aquafarm Equipment AS
• Cermaq
• Cooke Aquaculture Inc
• CPI Equipment Inc.
• Frea Aquaculture Solutions
• Farallon Aquaculture, SA
• Huon Aquaculture Group Ltd
• International Fish Farming Holding Co. -Asmak
• Leroy Seafood Group
• Nireus Aquaculture
• SELONDA Aquaculture SA
• Stehr Group
• Stolt-Nielsen Limited
• Tassal
• Thai Union Group
   

Major companies are enhancing market dynamics and growth through strategic actions and innovation. These leading entities in research and development are advancing aquaculture practices, fostering healthier fish, and mitigating environmental impacts. They are pioneers in developing Recirculating Aquaculture Systems (RAS), which are efficient systems that consume less water and recycle it, promoting sustainable aquaculture. Furthermore, these leading firms are venturing into alternative species to meet rapidly changing consumer preferences, thereby appealing to emerging consumer needs and creating new business lines. These aquaculture firms are also addressing global environmental concerns by promoting events and responsible aquaculture certifications. They have expanded their global supply through distribution networks, ensuring a steady supply for seafood consumers. Additionally, these companies are achieving optimal employment levels and training experts to support the sector’s operations in the long run.

Aquaculture Market News:

• April 04, 2024: Cognizant announced its new partnership with Cermaq Group AS. Cermaq Group AS is a global salmon producer leading the shift of systems to better and more climate-safe food.
• August 03, 2023: Aquaculture of Texas Inc. that it has entered into a merger agreement with Yotta Acquisition Corp. This is the country’s inaugural transaction employing a special purpose acquisition company in the seafood sector.

Aquaculture Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the aquaculture market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global aquaculture market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the aquaculture industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.