Aquaculture Market Size Report | Analysis & Opportunity 2028

[Research Report] The aquaculture market was valued at US$ 267,423.64 million in 2021 and is projected to reach US$ 357,903.27 million by 2028 and is expected to grow at a CAGR of 4.3% from 2021 to 2028.

MARKET INSIGHTS & ANALYST VIEW:

Aquaculture, also known as fish farming or aquafarming, is a rapidly expanding and innovative sector within the global food industry. It involves the cultivation of various aquatic organisms, such as fish, shellfish, and aquatic plants, in controlled environments like ponds, tanks, or ocean enclosures. As wild fish stocks continue to face challenges from overfishing and environmental degradation, aquaculture offers a promising solution to meet the increasing demand for seafood while conserving natural resources. The aquaculture market has witnessed substantial growth due to advancements in technology, growing marketing strategies for aquaculture, rising demand of aquaculture vaccines, advancement in tuna aquaculture, improved farming practices, and growing consumer awareness about sustainable food choices. The market players not only provide a consistent and diverse supply of aquatic products but also fosters economic development, creates employment opportunities, and supports food security initiatives worldwide.  

GROWTH DRIVERS AND CHALLENGES

The growing global demand for seafood stands as a pivotal factor driving the expansion of the aquaculture market. As the world's population continues to increase and economic prosperity spreads across various regions, the appetite for seafood products has surged. This rising demand is fueled by the nutritional benefits of seafood, such as its rich omega-3 fatty acids, vitamins, and minerals. Additionally, a growing awareness of the health benefits associated with seafood consumption has prompted consumers to embrace it as a vital part of a balanced diet. However, the dwindling wild fish stocks due to overfishing and environmental pressures have made aquaculture a viable and sustainable solution to meet this ever-increasing demand while mitigating the strain on natural marine ecosystems. By offering a reliable and consistent supply of seafood products, aquaculture plays a crucial role in fulfilling global dietary needs and fostering food security for generations to come.

Environmental concerns stand as a significant restraint to the growth of the aquaculture market. The aquaculture industry's expansion has raised worries about potential negative impacts on marine ecosystems, including water pollution from excess nutrients and chemicals, habitat destruction due to coastal development, and the risk of introducing non-native species. These environmental issues have garnered increased attention from regulatory authorities and environmental organizations, leading to the implementation of stricter regulations and sustainability standards. To ensure long-term growth and mitigate these concerns, aquaculture operators must adopt eco-friendly practices, invest in responsible waste management, and promote sustainable farming methods that minimize environmental footprints while meeting the global demand for seafood.

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Aquaculture Market: Strategic Insights

Market Size Value in	US$ 267,423.64 million in 2021
Market Size Value by	US$ 357,903.27 million by 2028
Growth rate	CAGR of 4.3% from 2021 to 2028.
Forecast Period	2021-2028
Base Year	2021

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REPORT SEGMENTATION AND SCOPE

The "Global Aquaculture Market Analysis to 2028" is a specialized and in-depth study with a major focus on the global aquaculture market trends and growth opportunities. The report aims to provide an overview of the global aquaculture market size with detailed market segmentation by culture environment, product type, and geography. The global aquaculture market has been witnessing high growth over the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the consumption of aquaculture worldwide along with their demand in major regions and countries. In addition, the report provides the qualitative assessment of various factors affecting the aquaculture market performance in major regions and countries. The report also includes a comprehensive analysis of the leading players in the aquaculture market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative aquaculture market opportunities that would, in turn, aid in identifying the major revenue pockets.    

Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global aquaculture market, which helps understand the entire supply chain and various factors affecting the market growth.

SEGMENTAL ANALYSIS

The global aquaculture market is segmented based on culture environment and product type. Based on culture environment, the aquaculture market is segmented as freshwater, marine water, and brackish water.    Based on product type, the aquaculture market is classified as, fish, aquatic plants, crustaceans, mollusca, and others.  

Based on culture environment, the marine water segment accounted for a significant aquaculture market share in 2021. Marine water aquaculture environments are playing a pivotal role in driving the growth of the aquaculture market. By utilizing the vast expanses of marine waters, this form of aquaculture offers abundant space for scalable production, allowing for increased yields and diversity of species cultured. Additionally, the nutrient-rich nature of marine waters promotes faster growth rates and enhances the quality of farmed seafood products, meeting the rising global demand for high-quality, nutritious seafood. Furthermore, the vastness of marine environments enables the adoption of more sustainable farming practices, such as open-water net pens, which facilitate natural water exchange and reduce the need for artificial inputs. With its potential to support environmentally responsible operations and higher production outputs, marine water aquaculture represents a key driver in meeting seafood demands, bolstering the industry's growth and contributing to food security worldwide.

REGIONAL ANALYSIS

The report provides a detailed overview of the global aquaculture market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America.    

The North America aquaculture market is one of the largest markets having revenue more than US$ 27,000 million in 2021. The aquaculture market in North America has been witnessing steady growth, driven by increasing consumer demand for seafood, health-conscious food choices, and a focus on sustainable sourcing.

The Europe aquaculture market is expected to reach a revenue of more than US$ 16,000 million in 2028. Europe has a well-established and mature aquaculture market, with several countries being significant players in the industry. The region's aquaculture production mainly includes salmon, trout, and shellfish farming.

The aquaculture market in Asia Pacific region is expected to reach CAGR of more than 4% during forecast period. The region's large population and increasing demand for protein-rich diets have also led to significant aquaculture expansion. Countries like China, India, Indonesia, Thailand, Vietnam, and Bangladesh are leading contributors to aquaculture production in the region. India aquaculture market held the substantial share in the region and Vietnam aquaculture market is expected to grow at one of the fastest rates in the region.

INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES

Partnership, acquisitions, and new product launches were found to be the major strategies adopted by the players operating in the global aquaculture market.

• In August 2021, Singapore Aquaculture Technologies received funding from Siemens. Most of the equity investment was made through Siemens Project Ventures GmbH by Siemens Financial Services (SFS), the company's financing arm. The cooperation of Siemens displays its dedication to being the leading provider of high-end fish products and data- and AI-driven Aquaculture solutions under the BluCurrent brand.
• In November 2022, Cooke Inc., parent company of Cooke Aquaculture Inc. of New Brunswick, Canada, announced the completion of its acquisition of Tassal Group Limited of Australia.
• In July 2023, Union Group PCL announced launch of SeaChange^ 2030, the next stage of its sustainability strategy to help reshape the seafood industry with sustainable solutions.

IMPACT OF COVID

The COVID-19 pandemic has had mixed effects on the aquaculture market. Initially, the industry faced several challenges due to disruptions in supply chains, labor shortages, and market closures. Travel restrictions and logistical difficulties hindered the transportation of seafood products, leading to decreased export opportunities. Moreover, the closure of restaurants and hospitality sectors resulted in reduced demand for high-value seafood items, impacting revenues for many aquaculture businesses. However, as the pandemic progressed, the aquaculture sector demonstrated resilience and adaptability. Consumers' increasing focus on food security and the reliability of food sources led to a surge in demand for locally sourced products, including farmed seafood. With the temporary disruption of wild catch fisheries, aquaculture emerged as a critical source of consistent seafood supply, providing a buffer against potential food shortages.

Moreover, the growth of e-commerce during the pandemic facilitated the direct sale of seafood products to consumers, creating new distribution channels for aquaculture producers. As people cooked more at home, there was a rise in the purchase of frozen and processed seafood products, further benefiting the aquaculture market.   

COMPETITIVE LANDSCAPE AND KEY COMPANIES

Some of the key players operating in the aquaculture market include Bakkafrost, Blue Ridge Aquaculture, Inc., Cermaq Group AS, Cooke Aquaculture Inc., Danish Salmon A/S, Farallon Aquaculture Group, FIFAX AB, HESY Aquaculture B.V., Lerøy, Mowi ASA, NIRI AS, Selonda Aquaculture SA, Stolt-Nielsen Limited, TASSAL, and Thai Union Group PCL among others.