Fish Farming Market

Market Overview

The global fish farming market size was valued at USD 268.90 billion in 2021, envisioned to reach USD 409.56 billion growing at a CAGR of 5.4% during the forecast period. 

Fish farming is aquaculture in which fish are kept in enclosures for human consumption. It is the most rapidly expanding sector in animal food production. Aquaculture, usually called aqua farming, is the cultivation of aquatic animals like fin fishes, carp, mollusks, crabs, and aquatic plants. This kind of farming involves intervening in the process of producing animals to increase productivity. These interventions include frequent stocking, feeding, and protection from predators. Fish consumption is a component of many people's cultural customs and has an excellent nutritional profile. It is also a great source of protein, fatty acids, vitamins, minerals, and micronutrients for human health. The objective of constructing such farming structures is to reduce the likelihood of numerous external influences, such as toxins and predators while producing a thriving environment for the fish.

The worldwide food supply security concern, caused by population growth and rising protein demand, drives the fish farming market expansion. In addition, zooplankton, a significant source of proteins, contributes to the development of the market for fish farming. New technological advances in fish farming and seaweed agriculture also contribute to the expansion of the business. Physical and social external forces affect the consumption and production of food in Pacific Island nations. Among physical causes, climate change has been identified as a significant worry; it is anticipated to exacerbate deficiencies in coastal fisheries productivity, which drives aquaculture production.

Market Dynamics

Market Driving Factors

The Developing Food & Beverage Industry and Increased Fish Production to Boost Market Progress

The global food and beverage market has had substantial expansion over the past few years due to innovation in the food system, improved logistics, rising affordability, expanding international trade, and increasing consumer expenditure. In addition, the food and beverage business has been consistently developing in response to consumer demands. In addition, customer preference for ready-to-eat and cost-effective foods has multiplied the need for packaged and convenience foods. In addition, the recent expansion of the food processing sector is anticipated to increase the demand for fast food, which would favor the global demand for meat and fish. Consequently, these factors contribute to expanding the global market.

With the world's population surpassing 7.8 billion, the problem of food security is becoming increasingly urgent. To overcome this unfavorable condition, the production of fish is substantially increased. Due to the increase in coastal fish farming, fish production has grown. Government assistance for fish farming also drives the expansion of the market for fish farming. Effective management systems must be developed to boost fish output and preserve the world food supply. Some extremely migratory, straddling, and other fisheries resources entirely or partially fished on the high seas appear to be more precarious. In 2001, the United Nations Fish Stocks Agreement entered into effect, serving as the legal basis for management measures of high seas fisheries, promoting the expansion of the fish farming market share.

Market Restraining Factors

The Temperature Rise and Water Pollution to Restrict Market Growth

Impacts of climate change, like sea level and temperature increase, changes in monsoon and rainfall cycles, and extreme climatic events, disrupt the natural equilibrium of the world's water bodies. The increase in global warming harms aquaculture in temperate regions, as temperatures may surpass the ideal range for cultivated organisms. These factors affect the reproductive cycles of several fish species. These unfavorable conditions are anticipated to hinder the expansion of the fish farming sector. In addition, rising water contamination levels raise the risk of sickness among fish, further restraining the fish farming market.

Key Market Opportunities

The Growth in Inland Fishing and Other Sustainable Technology in Aquaculture

New technologies, like recirculating aquaculture systems (RAS) and Aquaponics (raising plants and animals), enhance production and decrease water pollution. This is more advantageous if they are fueled by renewable power and constructed to avoid water loss through evaporation. In addition, integrating multi-trophic polyculture technology to reduce organic waste in water and boost fish output is an opportunity for the aquaculture business. The application of genetic concepts to increase aquatic animal production lags far behind that of the plant and livestock sectors. A limited proportion of aquaculture species have been exposed to genetic enhancement projects. Nevertheless, biotechnology and genetics have the potential to boost productivity and improve ecological sustainability significantly. Biotechnology advancement in fish farming produces healthy, rapidly growing animals that are environmentally benign.

Regional Analysis

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

The Asia Pacific will command the market with the largest share while growing at a CAGR of 6.4%. The Asia-Pacific region consists of numerous emerging nations with vast water reserves, making fish farming possible. Countries like Vietnam, China, and Indonesia are experiencing a rapid surge in fish farming due to a rise in per capita disposable expenditures and an increase in the interest of aquaculture giants due to low labor costs and supporting government initiatives. The market for fish farming in Australia is expanding rapidly due to increased domestic consumption of seafood. 

Aquaculture in the Philippines includes numerous species, including milkfish, tilapia, and carp. The government and private sector of the Philippines are in the process of drafting a national fisheries development plan that includes aquaculture, hence stimulating the fish farming market growth. Population increase, economic expansion, and social aspects like traditional fish consumption habits drive the Asia-Pacific market. The current level of efficient aquaculture technology has contributed to an increase in profitability and is anticipated further to stimulate the expansion of the fish farming market share.

LAMEA will have a share of USD 98,179 million, growing at a CAGR of 5.9%. It is anticipated that technological advances in Brazil, South Africa, and Argentina will propel the fish farming market share in LAMEA. Moreover, increasing infrastructural and technological development in the Middle East are the primary growth drivers in the LAMEA market. Bilateral and multilateral trade agreements have played a significantly vital role in the international commerce of aquaculture products. Changes in the development process and macroeconomic policies that lead to open competition in the aquaculture industry in Latin American nations are the driving force behind the sector's expansion. Future aquaculture development in LAMEA requires careful planning to ensure that available resources are utilized effectively.

Segmental Analysis

The global fish farming market is classified based on environment, fish type, and region.

By Environment Analysis

The fragments include marine water, freshwater, and brackish water based on the environment.

The freshwater segment is projected to advance at a CAGR of 6.3% and hold the largest market share. Freshwater is naturally present on the earth's surface as ice sheets, glaciers, icebergs, bogs, ponds, lakes, rivers, and streams, as well as groundwater in aquifers and underground streams. Salmon, trout, and tench are freshwater ecosystems' most common fish species. China dominates freshwater fish farming in Asia, which accounts for around 95% of all freshwater fish farming. Large quantities of tilapia, catfish, and a few other species are produced in the country where carp are most widely cultivated. In numerous regions, including China, Bangladesh, and Thailand, fisheries policy governs fish farms and aquaculture. For example, in 1998, Bangladesh approved a fisheries strategy that contained a policy for freshwater aquaculture to enhance freshwater fish production in the country, driving the fish farming market growth.

The marine water type is expected to 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 market for fish farming is growing due to reasons such as the ideal environment for fish raising. This is a result of improved methods and technologies in the catchment region. Several elements are anticipated to create lucrative chances to expand the fish farming sector, including favorable rules and regulations and harmonious international trade relations.

By Fish Type Analysis

Based on the fish type, the fragments include pompano, snappers, groupers, salmon, Milkfish, Tuna, Tilapia, Catfish, Sea Bass, and others (carps, mackerels, sea bream, trout, mollusks, crustaceans, crabs, octopus, prawns & seals, dolphins, turtles and a diverse group of aquatic animals that dwell in oceans as well as in freshwater).

The segment of others is projected to grow at a CAGR of 6.1% and hold the largest market share. Others comprise carps, mackerels, sea bream, trout, mollusks, crustaceans, crabs, octopus, prawns & seals, dolphins, turtles, and a wide variety of marine and freshwater species. Carps' resilience and adaptability have facilitated their domestication across the globe. Carps are unique, coarse fish mostly because they are tough to hook (catch). The common name for pelagic fish is mackerel. They are present in both tropical and temperate oceans. 

Tuna and bonito are common species belonging to the mackerel family. It is possible to fish for mackerels because they are abundant along coasts. The word "sea bream" is commonly applied to various fish, such as porgies and pomfrets. They inhabit oceans and seas of varying temperatures. Trout is a generic term for freshwater fish in the Salmonidae family. Trout is a significant source of nutrition for humans and animals. The chub mackerel is an essential species heavily fished in this classification.

The salmon segment will hold the second-largest share. Salmon refers to numerous species of ray-finned fish. Due to rising demand from the food and nutrition industry, salmon is intensively farmed in multiple regions of the world. Salmon are born in freshwater, move to the ocean, and then return to freshwater to breed. Atlantic salmon, along with tilapia and carp, is the most extensively farmed salmonid in the world. Salmon is highly valued for its flavor and its health advantages. Salmon is loaded with vitamin B, vitamin D, potassium, and lean protein, making it popular seafood among customers. Furthermore, salmon is a fatty fish and an essential source of fish oil for the fish feed and nutritional supplement sectors.

Recent Developments

• 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.