Aquaculture Market Size Report | Analysis & Opportunity 2028

Aquaculture Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Culture Environment (Freshwater, Marine Water, and Brackish Water) and Product Type (Fish, Aquatic Plants, Crustaceans, Mollusca, and Others)

Publication Month : Jan 2022

  • Report Code : TIPRE00005135
  • Category : Food and Beverages
  • Status : Published
  • No. of Pages : 165
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[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.


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.  


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 inUS$ 267,423.64 million in 2021
Market Size Value byUS$ 357,903.27 million by 2028
Growth rateCAGR of 4.3% from 2021 to 2028.
Forecast Period2021-2028
Base Year2021
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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.


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.


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.


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.


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.   


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.              

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Species , Nature , Culture Environment , and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions

In 2018, which region held the largest share of the global aquaculture market?

In 2018, Asia Pacific region held the largest market share in the global aquaculture market. The production and consumption rate of seafood is expanding rapidly with China and India being the major markets for the aquaculture industry. The Asia Pacific has evolved as the largest consumers and exporter of aquaculture products. Fisheries and aquaculture production highly contributor to national economies across the Asia-Pacific region over the past few years.

Based on species, which segment is expected to grow at a highest CAGR in the global aquaculture market?

Based on species, aquatic plants segment is anticipated to register the fastest CAGR over the projected period. Aquatic plants are used as food and raw materials for building materials, industrial processes, and manure in agriculture. These plants absorb minerals and enrich the water with oxygen produced during photosynthesis. These properties of aquatic plants are beneficial as they assist in the maintenance of clean water and also help in preventing water pollution. They are also a source of bioenergy, biomass, and human & animal food. Moreover, marine, and freshwater aquatic plants are extensively used as livestock fodder, fertilizer, compost, mulch, and bioremediation.

Based on cultural environment, why marine segment held the largest market share in the global aquaculture market?

Marine aquaculture involves the cultivation of marine organisms for food and other products in the open ocean or in tanks and ponds which are filled with seawater. The different type of fishes raised in the marine aquaculture includes finfish and shellfish like prawns, or oysters and seaweed in saltwater ponds.

What is the key driving factor for global aquaculture market?

Recirculating Aquaculture Systems (RAS) is a technique that reuses the water several times that passes the water through treatment processes to eliminate waste and restore the quality of water. It is a technology that is used for the farming of fishes and other aquatic species by reusing the water for production. The technology is based on the usage of biological and mechanical filters. The advantages such as the control over the pH and carbon dioxide degassing have proven to be beneficial for the growth of the fishes. Thus, the aforementioned benefits associated with the adoption of RAS technology in fish production is driving the global aquaculture market.

Which are the major strategies adopted by the companies in the global aquaculture market?

In 2019, Bakkafrost purchased all outstanding shares of North Landing Ltd. In order to form a base of operation in the US and enhance their abilities to serve our customers. Also, in 2019, Cooke acquired Farallon Aquaculture de Nicaragua, which is a vertically integrated farmer and a supplier of frozen shrimp across Asia, Europe and the US.

Can you list some of the major players operating in the global aquaculture market?

The major players operating in the global aquaculture market are 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 many others.

The List of Companies - Global Aquaculture Market

  1. WH Group
  2. JBS S.A.
  3. P/F Bakkafrost
  4. Blue Ridge Aquaculture, Inc.
  5. Danish Crown
  6. Cooke Aquaculture, Inc.
  7. Leroy Seafood Group ASA
  8. Stolt-Nielsen Limited
  9. Mowi ASA
  10. Thai Union Group PCL

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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