Aquaculture, sometimes known as fish farming, is the practice of breeding, rearing, harvesting, and producing aquatic organisms such as fish, shellfish, algae, and other species in a controlled environment. In most cases, it is carried out in the waters of coastal oceans, freshwater ponds, rivers, and land-based tanks. This helps with the production of food, as well as the restoration of habitats and populations of endangered and threatened species and the development of aquariums. The cultivation of ornamental fishes to support commercial and leisure fishing in maritime environments is another aspect of aquaculture.
The global Aquaculture market size is expected to reach close to $411.04 billion by 2029 with an annualized growth rate of 5.6 % through the projected period.
Covid 19 Impact
As a result of the COVID-19 outbreak, several companies were forced to either completely cease operations or significantly slow output as a direct result of the lockdown and subsequent quarantine. This had a significant influence on the company's ability to generate profits. However, despite the COVID-19 epidemic, the aquaculture business will continue to advance rapidly because of the significant focus on innovations and research and development/R&D operations. Since the beginning of the SARS-CoV-2 pandemic, there has been significant growth in the number of business partnerships, all of which share the common goal of reducing the amount of financial damage caused by the pandemic. In spite of the fact that the lockdown has significantly hampered supply chains, it is expected that market demand will continue to be high in the future time frame.
Asia-Pacific will dominate the Global Aqua Culture Market
During the period covered by this estimate, it is predicted that Asia-Pacific will emerge as the area with the most significant potential for the market. In addition, the relevance of fish and other aquatic species in the food and agriculture sectors and the healthcare industry is anticipated to fuel the expansion of the market in the Asia-Pacific region. In addition, Asia-Pacific is an agricultural region, and more than sixty percent of its population is dependent on the agricultural industry. In addition, rising industrialization and modernization rates are projected to be the primary forces behind the market expansion.
The Crustaceans segment will see a stable growth rate in the period of interest
The production of crustaceans through aquaculture is expected to experience unabated growth over the next few years. This is because the aquaculture industry as a whole will continue its march toward digital transformation in the coming years. This will allow for strategic advancements in purchasing and sales, as well as supply planning. In the meantime, this digital revolution is improving real-time business and increasing revenues to their full potential.
The Fish Segment will dominate the Global Aqua Culture Market
Fish are one of the most widely consumed types of seafood worldwide, and their use is becoming increasingly widespread in various application areas. Seaweeds are used for increasing yields in agriculture by growers and animal feed makers worldwide. In most cases, liquid extracts of marine brown seaweed are sold and used for agricultural and horticultural applications. These extracts are being utilized by the makers in the bio-agricultural inputs and bio-pesticides that are being developed for the crop protection industry. The market for seaweed extracts is being driven in every region of the world by a number of factors, including the expanding reliance on agriculture and the rising desire for organic food items.
Due to the fact that wild-caught seafood cannot keep up with the ever-increasing demand, the aquaculture business is expanding at a rapid rate. Despite the fact that this trend is very beneficial for the overall economy of the aquaculture business, it has a number of negative repercussions on the natural environment. Aquaculture in both freshwater and saltwater environments requires a significant quantity of high-quality water. In addition to this, a significant land area is required. However, when freshwater is supplied via underground aquifers, it is related to land subsidence. This accumulates in the water over the course of the aquaculture systems' use of the water.
The method of fish farming involves altering the raising process in order to increase productivity. This involves providing fish with consistent food, stocking, and protection from a variety of predators.
It involves approximately 580 species being farmed across the globe, and it represents a large region of genetic variation between and within species. Few farmers in developing nations engage in the practice of aquaculture; however, multinational corporations who control the stock that is to be cultivated can also engage in this type of farming. Aquaculture is a growing industry. Fish consumption plays a significant role in many different cultural traditions. In terms of its positive effects on one's health, fish possesses an excellent nutritional profile due to its abundance of protein, vitamins, fatty acids, essential micronutrients, and minerals.
The growing demand for advanced solutions and systems in food production has led to greater penetration of the concepts of precision farming, which are dependent on technologies such as internet of things connectivity, autonomous tractors, and drones. The term "aquaculture" refers to a sister industry that is equally proactive in ensuring the world's food security but is less influenced by technological advancements. Nevertheless, demand will expand as a result of the growing popularity of data-driven management solutions that consolidate information from multiple databases into a single cloud-based location, thus covering all of the dynamic processes inherent to aquaculture in real-time.
Some of the primary key players that are currently active in the global aquaculture market include MOWI ASA, Austevoll Seafood, Cooke Aquaculture, Kyokuyo, Dainichi Corporation, P/F Bakkafrost, Norway Royal Salmon, Tassal Group, Sal Mar, Nireus, Tongwei Group, Stoly Sea Farm, Thai Union Group, Multiexport Foods, and Camanchaca.
- The industry leader in gourmet seafood, Van Cleve Seafood Co., has announced that they will launch a new plant-based seafood category. Customers in the United States who are interested in a traditional seafood and plant-based items will be the focus of the company's efforts.
- Van Cleve Seafood Company introduced a new category of plant-based seafood in November 2019, aiming to provide clients in the United States with delectable plant-based items in addition to the traditional seafood they already provide.
- Atlantic Sea Farms made the announcement in April 2019 that it will be launching new products in the United States. These products will include Sea-chi, a fermented seaweed salad, sea-beet kraut, and seaweed kimchi. These products will be released in order to meet the demand for aquatic products in the country.
Aquaculture Market Scope
|Revenue forecast in 2029
|$ 411.04 billion
|CAGR of 5.6 % during 2019-2029
|by Nature, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Alpha Group Ltd,Aquaculture Technologies Asia Limited,Cermaq Group as (Mitsubishi Corporation),Cooke Aquaculture Inc,Eastern Fish Co.,Leroy Seafood Group Asa (Leroy),Marine Harvest Asa (Marine),Nippon Suisan Kaisha, Ltd.,Nireus Aquaculture SA,P/F Bakkafrost (Bakkafrost),Shandong Homey Aquatic Development Co., Ltd.,Shanghai Kaichuang Marine International Co., Ltd.,Stolt-Nielsen Limited,Tassal Group Limited (Tassal),Thai Union Group plc (Thai Union),Zhangzidao Group,Zhanjiang Guolian Aquatic Products Co., Ltd.
Key segments in ‘Global Aqua Culture Market’
By Type,(USD Billion)
By End-User, (USD Billion)
- Seafood Market
By Application, (USD Billion)
- Fresh Water
- Saline Water
By region, (USD Billion)
- North America
- United States of America
- the Netherlands
- The United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South America
- Rest of South America