Global Fish Farming Market to Reach US$ 462.2 Billion by 2032, Stimulated by Increasing Adoption of Protein-Rich Diet

July 06, 2023 | Agriculture

According to the latest report by IMARC Group, titled “Fish Farming Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” the global fish farming market size reached US$ 308.1 Billion in 2023. Fish farming, also known as aquaculture, is the practice of cultivating fish and other aquatic organisms in controlled environments, including tanks, ponds, and ocean enclosures. It involves breeding, hatching, and rearing fish to ensure their optimal growth and survival. It helps meet the growing demand for seafood, reducing the pressure on wild fish populations and contributing to global food security. It also aids in conserving wild fish stocks and protecting aquatic habitats by reducing the dependence on wild-caught fish. Besides this, fish farming creates jobs in rural and coastal communities, supports local economies, and provides opportunities for scientific research, conservation efforts, and species repopulation programs.

Global Fish Farming Market Trends:

The increasing global demand for seafood due to population growth and changing dietary preferences represents one of the key factors driving the market. Additionally, the rising awareness among individuals about the health benefits associated with fish consumption is promoting fish farming practices to provide a consistent supply of fish products. Apart from this, innovations in areas like water quality management, fish feed formulations, genetic selection, and disease prevention is improving efficiency, productivity, and sustainability in fish farming operations. Furthermore, the increasing utilization of fish oil in formulating numerous medicines on account of its omega-3 fatty acid content is strengthening the market growth. Moreover, various fish-based products are used in the production of cosmetics, personal care products, fertilizers, and biofuel, which is favoring market growth. Additionally, there is a rise in the adoption of environment-friendly practices, such as reducing water usage, minimizing waste discharge, sourcing sustainable fish feed ingredients, and implementing ecosystem-based approaches. Looking forward, the market value is projected to reach US$ 462.2 Billion by 2032, expanding at a CAGR of 4.47% during 2024-2032.

Market Summary:

  • Based on the environment, the market has been segmented into marine water, freshwater, and brackish water. Fresh water currently dominates the market, holding the largest share.
  • On the basis of the fish type, the market has been segregated into salmon, milkfish, tuna, tilapia, catfish, sea bass, and others. At present, salmon accounts for the majority of the market share.
  • Region-wise, the market has been divided into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, Asia Pacific enjoys the leading position in the market.
  • The competitive landscape of the market has also been examined, with some of the key players being Alpha Group, Cermaq Group AS (Mitsubishi Corporation), Cooke Aquaculture Inc., Leroy Seafood Group ASA (Austevoll Seafood ASA), Mowi ASA, Nippon Suisan Kaisha Ltd., Tassal Group, and Nireus Aquaculture S.A.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Environments Covered Marine Water, Fresh Water, Brackish Water
Fish Types Covered Salmon, Milkfish, Tuna, Tilapia, Catfish, Sea Bass, Others
Regions Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Alpha Group, Cermaq Group AS (Mitsubishi Corporation), Cooke Aquaculture Inc., Leroy Seafood Group ASA (Austevoll Seafood ASA), Mowi ASA, Nippon Suisan Kaisha Ltd., Tassal Group, Nireus Aquaculture S.A., etc.
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Global Fish Farming Market to Reach US$ 462.2 Billion by 2032, Stimulated by Increasing Adoption of Protein-Rich Diet
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