Global Fish Farming Market to expand at a CAGR of 5.4% by 2030

Introduction

Fish farming is a kind of aquaculture in which fish are confined for human consumption. Aquaculture, often known as aqua farming, is the cultivation of aquatic organisms and plants, such as fin fishes, carps, mollusks, crabs, and aquatic plants. This type of agriculture involves intervention in the animal production process to boost productivity. These interventions include frequent stocking, feeding, and predator protection. It is the industry with the most significant rapid growth in animal food production. Fish intake is part of the cultural traditions of many people, and it also has a favorable nutritional profile. Human health-essential proteins, fatty acids, vitamins, minerals, and micronutrients are abundant in this food. In addition to creating a healthy environment for the fish, developing these structures limits the chance of several external impacts, such as poisons and predators.

Due to population growth and rising protein demand, the global food supply security concern drives the fish farming market expansion. In addition, zooplankton, a significant source of proteins, contributes to the market increase. New technological breakthroughs in fish farming and seaweed cultivation also expand the fish farming market. Physical and social external forces influence consumption and food production in Pacific Island nations. Among physical causes, climate change has been identified as a primary concern; it is expected to exacerbate inadequacies in coastal fisheries productivity, which drives aquaculture production.

Market Dynamics

The Developing Food & Beverage Industry and Increased Fish Production to Drive the Global Fish Farming Market

In recent years, the global food and beverage market has expanded significantly due to innovations in the food system, improved logistics, increased affordability, expanding international trade, and rising consumer spending. In addition, the food and beverage industry has evolved continuously in response to consumer needs. In addition, the inclination of consumers for ready-to-eat and affordable foods has increased the need for packaged and handy foods. In addition, the recent expansion of the food processing industry is expected to enhance the demand for fast food, which would positively impact the worldwide demand for meat and fish. Thus, these factors all contribute to the expansion of the worldwide fish farming market.

With a global population that has surpassed 7,8 billion, the issue of food security is becoming more pressing. To counteract this adverse scenario, the fish output is significantly expanded. Due to the expansion of coastal fish farming, fish production has expanded throughout time. Government support for aquaculture contributes to the development of the fish farming market. To increase fish production and safeguard the global food supply, it is necessary to build efficient management systems. Some highly migratory, straddling, and other high seas fisheries resources appear to be in a more hazardous condition. The United Nations Fish Stocks Agreement, which entered into force in 2001, serves as the legal foundation for management measures of high seas fisheries, hence facilitating the growth of the fish farming market.

The Growth in Inland Fishing and Other Sustainable Technology in Aquaculture to Create Global Fish Farming Market Opportunities

New technologies, such as recirculating aquaculture systems (RAS) and Aquaponics (growing plants and animals together), boost production and reduce water pollution. This is more beneficial if they are powered by renewable energy and designed to prevent evaporation-related water loss. Additionally, the use of integrated multi-trophic polyculture technology to reduce organic waste in water and increase fish production is a potential for the fish farming industry. The application of genetic principles to enhance the production of aquatic animals lags far behind that of the plant and livestock industries. Few aquaculture species have been subjected to genetic improvement initiatives. However, biotechnology and genetics have the potential to increase productivity and enhance ecological sustainability significantly. The use of biotechnology in fish farming has resulted in the production of healthy, fast-growing, and ecologically friendly animals.

Regional Insights

The Asia Pacific will command the market with the largest share while growing at a CAGR of 6.4%. Numerous rising nations in Asia-Pacific have huge water supplies, making fish farming practical. Countries such as Vietnam, China, and Indonesia are experiencing significant development in fish farming due to a rise in per capita disposable income and the interest of aquaculture giants due to low labor costs and supportive government initiatives. The market for fish farming in Australia is growing fast due to a rise in local seafood consumption.

Aquaculture in the Philippines includes milkfish, tilapia, and carp, among other species. The government and business sector of the Philippines are now designing a national fisheries development plan that incorporates aquaculture, hence promoting the expansion of the fish farming market. The market for fish farming in Asia-Pacific is driven by population growth, economic expansion, and societal factors such as traditional fish consumption patterns. The current level of effective aquaculture technology has contributed to an increase in profitability and is predicted to support the growth of the fish farming market in the future.

LAMEA will have a share of USD 98,179 million, growing at a CAGR of 5.9%. It is projected that technical advancements in Brazil, South Africa, and Argentina will boost the market for fish farming in LAMEA. In addition, growing infrastructure and technological advancements in the Middle East are the key growth factors for the LAMEA fish farming market. Bilateral and multilateral trade agreements have played a crucial role in the global trade of aquaculture products. The expansion of the aquaculture business in Latin American nations is driven by alterations in the development process and macroeconomic policies that promote open competition. Future aquaculture development in LAMEA requires careful planning to maximize the utilization of available resources.

Key Highlights

• The global fish farming market had a revenue share of USD 268,903 million in 2021, envisioned to reach USD 409,562 million growing at a CAGR of 5.4% during the forecast period. 
• Based on the environment, the freshwater segment is projected to advance at a CAGR of 6.3% and hold the largest market share.
• Based on fish type, the others segment is projected to grow at a CAGR of 6.1% and hold the largest market share.
• Based on regional analysis, the Asia Pacific will command the market with the largest share while growing at a CAGR of 6.4%.

Competitive Players

Competitive Players in the Market

• Cermaq Group AS 
• Cooke Aquaculture Inc.
• Grupo Farallon Aquaculture
• Leroy Sea Food Group
• Marine Harvest ASA
• P/F Bakkafrost
• Selonda Aquaculture S.A.
• Stolt Sea Farm
• Tassal Group Limited
• Thai Union Group Public Company Limited.

Recent Developments

 Market News

• In 2022, Cermaq Group AS, in collaboration with BioSort, developed a mechanism called iFarm, that will improve fish health and welfare through AI and machine learning. 

Segmentation

Global Fish Farming Market: Segmentation

By Environment 

• Marine Water
• Fresh Water
• Brackish Water

By Fish Type

• Pompano
• Snappers
• Groupers
• Salmon
• Milkfish
• Tuna
• Tilapia
• Catfish
• Sea Bass
• Others 

By Region

• North America
• Europe
• Asia-Pacific
• LAMEA