The global aquaculture market size was valued at USD 263.90 billion in 2021, envisioned to reach USD 401.03 billion, growing at a CAGR of 5.37% during the forecast period. Aquaculture, usually called aqua farming, is the cultivation of aquatic animals like fin fishes, carp, mollusks, crabs, and aquatic plants. This farming method comprises interventions in the rearing process, such as frequent stocking, feeding, and protection from predators, to increase productivity. There is a great deal of genetic variation within and between species within the 580 aquaculture species being farmed worldwide. Some farmers in underdeveloped nations and international corporations that can claim ownership of the farmed stock engage in aquaculture. Fish consumption is a component of many people's cultural customs and has an excellent nutritional profile. It is an essential source of protein, fatty acids, vitamins, minerals, and micronutrients for human health.
Developed nations can export their farmed fish production to other developed countries while developing nations can grow their exports by delivering products to developed nations without incurring expensive customs duties. The worldwide food supply security issue, caused by population growth and rising protein demand, drives the aquaculture market expansion. In addition, zooplankton, a significant source of proteins, contributes to the expansion of the market. New technological advances in fish farming and seaweed agriculture also contribute to the aquaculture market growth. The development of inland fish production offers several potentials for the expansion of the industry. In addition, technological developments in fish farming and seaweed cultivation contribute to market expansion.
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The Lifestyle Changes and Technological Advancements in the Field of Aquaculture
As the working population has increased, people have had less time to prepare meals at home. As a result, food and beverage consumption outside the home has increased dramatically over the years. The growing popularity of high-protein diets has prompted an increase in the number of people eating meat and seafood in their diets. This, together with the rise in out-of-home food consumption, has increased demand for various types of meats and seafood in full-service restaurants, quick-service restaurants, and other food service forms. Consequently, propelling the market of aquaculture.
Continuous research and development in the field of aquaculture lead to enhancements in the aquaculture manufacturing systems, increasing production efficiency, a rise in consumer product quality, and a more sustainable industry. Recent innovations, such as the improvement of genetics in finfish, the management of fish reproduction, the modification of chromosome sets in shellfish, and the control of parasitic diseases in fish, are the primary factors driving the global aquaculture market. Technological advancements in offshore and open ocean aquaculture are anticipated to boost the aquaculture market further. Long-term success calls for technical robustness, economic feasibility, environmental integrity, and social license, which, when combined, ensure that human well-being and ecological well-being are compatible. Thus, introducing newer aquaculture methods/systems and incorporating integrated fish and animal production techniques are anticipated to propel the worldwide aquaculture market.
The Adoption of Veganism
The behavior of withdrawing from animal products such as meat and dairy is referred to as veganism. This viewpoint rejects the idea that animals should be treated as commodities. This eating plan encourages using plant-based milk and vegetables to source various nutrients. The fitness community has been the most receptive to the vegan lifestyle, which has increased in popularity in several countries. Many people have switched to a vegan diet because they believe it offers several health benefits, including protection against cancer, less body fat, and increased energy levels. Veganism is one of the significant constraints placed on the seafood, meat, and dairy industries, and it has been shown to have a detrimental effect on the sales of items containing fish and meat. As a result, the aquaculture market is being held back from expanding.
The Advent of More Sustainable Technology in Aquaculture
New technologies like recirculating aquaculture systems (RAS) and Aquaponics (producing both plants and animals) help to boost productivity and decrease water pollution. This can be more advantageous if they are operated by sustainable energy and constructed to reduce water loss due to evaporation. Adopting polyculture aquaculture techniques on a global scale would lessen water pollution and environmental deterioration. Additionally, integrating multi-trophic polyculture technology to reduce organic waste in water and boost fish output creates an opportunity for the aquaculture market. The application of genetic concepts to enhance the production of aquatic animals lags far behind that of the plant and livestock industries. The advancement of biotechnology in the aquaculture market results in producing healthy, rapidly growing animals that are beneficial to the environment. This creates a growth advent for the aquaculture market.
The global aquaculture market is classified based on environment, fish type, and region.
The fragments include marine water, freshwater, and brackish water based on the environment.
The freshwater segment is projected to advance at a CAGR of 6.23% and hold the largest market share. Freshwater occurs naturally on the earth's surface as ice sheets, glaciers and icebergs, bogs, ponds, lakes, rivers, and streams, and underneath as underground water in aquifers and underground streams. Salmon, trout, and tench are the predominant freshwater fish species. China dominates freshwater aquaculture production in Asia, which accounts for over 95% of the global output. Tilapias, catfish, and a few more species are produced in significant quantities in the country where carp are most widely cultivated. Fisheries policy governs fishing and aquaculture in various regions, including China, Bangladesh, and Thailand. For example, Bangladesh's 1998 fisheries strategy included a procedure for freshwater aquaculture to promote the development of freshwater fish production in the country, which drives the aquaculture market growth.
The marine water segment will hold the second-largest share. The marine water ecosystem comprises most of the world's aquatic ecosystem and is vital to the health of terrestrial and marine habitats. It often has a high level of biodiversity and is therefore considered resistant to invasive species. Hamlets, sharks, angelfish, eels, lionfish, and rays are among the most common fish species found in marine environments. The aquaculture market is growing due to the suitable environment for fish breeding. This is a result of improved methods and technologies in the catchment region. Several elements are anticipated to create lucrative chances for the expansion of the aquaculture market. These include favorable rules and regulations and uncomplicated international trade contacts.
Based on fish type, the fragments are carps, mollusks, crustaceans, mackerels, sea bream, and others (pompano, snappers, groupers, salmon, milkfish, tuna, tilapia, catfish, sea bass, and a diverse group of aquatic animals that dwell in oceans as well as in freshwater).
The others segment is projected to advance at a CAGR of 6.11% and hold the largest market share. Others include pompano, snappers, groupers, salmon, milkfish, tuna, tilapia, catfish, sea bass, crabs, octopus, prawns & seals, dolphins, turtles, and an assortment of marine and freshwater species. Due to their high commercial and nutritional value, seals, dolphins, and turtles are extensively raised by aquaculture. The disruption of natural habitat is harming these species. This segment's growth is driven by the efficient use of technology to boost their population and government policies that encourage the protection of this species. As a rich supply of omega-3 fatty acids, fish in the other section are an essential source of globally consumed food.
The mollusks segment will hold the second-largest share. The majority of marine water is made up of mollusk-based fish species. Mollusks are regarded as an essential food source. The category of mollusks is predicted to experience a considerable growth rate throughout the forecast period due to strong demand, particularly from food and nutrition applications. This market segment is anticipated to create substantial income in the coming years. Increases in the consumption of mollusks in foods with high nutritional content and the extraction of luxury pearls from mollusks worldwide are predicted to raise the profitability of aquaculture giants over the forecast period. In addition, deploying innovative fishing techniques and technology in mollusk aquaculture is anticipated to fuel the aquaculture market.
The region-wise segmentation of the global fish farming market includes North America, Europe, Asia Pacific, and LAMEA.
The Asia Pacific and LAMEA Will Dominate the Regional Market
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The Asia Pacific will command the market with the largest share while growing at a CAGR of 6.42%. The demand for aquaculture businesses in Asia-Pacific is driven by population increase, economic expansion, and societal factors like traditional fish consumption patterns. The current level of effective aquaculture technology has contributed to a rise in profitability and is anticipated to continue stimulating aquaculture market expansion. Several emerging nations in the Asia-Pacific region have vast water reserves, making fish farming possible. Countries like Vietnam, China, and Indonesia are experiencing a rapid surge in fish farming because of a rise in per capita disposable expenditures and a rise in the interest of aquaculture titans due to low labor costs and supporting government measures.
Due to increased local demand for seafood, Australia's aquaculture business is expanding rapidly. Numerous species, including milkfish, tilapia, and carp, are used in aquaculture production in the Philippines. The Philippines government and corporate sector are drafting a national fisheries development strategy, which includes aquaculture, and so improving the market growth.
LAMEA will hold a share of USD 98,261 million, growing at a CAGR of 5.91%. Changes in the development process and macroeconomic policies that lead to open rivalry in the aquaculture sector in Latin American nations are the driving force behind the expansion of the aquaculture market. Future aquaculture development in LAMEA requires careful planning to ensure that accessible resources are utilized effectively. It is necessary to establish small-scale aquaculture to expand the prevalence of such techniques in this region. Socio-economic diagnostic initiatives for aquaculture promotion should be regarded as a top priority, with an emphasis on strategies that allow for the full participation of communities in the identification, assessment, and evaluation of aquaculture projects, which is anticipated to stimulate market growth further. Moreover, increasing infrastructure and technological development in the Middle East are the primary growth drivers in the LAMEA aquaculture market. Bilateral and multilateral trade agreements have played an extremely vital role in the international commerce of aquaculture products.
|Market Size||USD in Billion By 2030|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
|Segments Covered||by Environment, Fish Type (Crabs, Crustaceans, Mackerel, Milkfish, Mollusks, Salmon, Sea Brass, Sea Bream, Trout)|
|Geographies Covered||North America, Europe, Asia-Pacific, LAME and Rest of the World|
|Key Companies Profiled/Vendors||Pentair plc. (U.S.), AKVA group (Norway), Xylem Inc (U.S.), Aquaculture Equipment Ltd (U.K.), Aquaculture System Technologies (U.S.), Luxsol (Belgium), Pioneer Group (Taiwan), CPI Equipment Inc (U.S.), Asakua (Turkey), FREA Aquacultue Solution (Denmark), Lifegard Aquatics (U.S.), Tan International Ltd (U.K.), Reef Industries Inc (U.S.), Auqafarm Equipment AS (Norway), and Aquaculture of Texas, Inc (U.S.).|
|Key Market Opportunities||The Food & Beverages Industry'S Substantial Growth Fuels The Aquaculture Market|