The Global Aquaculture Market was valued at USD 41.20 billion in 2022 and is estimated to reach approximately USD 78.47 billion by 2031, at a CAGR of 7.4% from 2023 to 2031.

The worldwide food industry's aquaculture sector, often known as fish farming, is expanding quickly. In controlled habitats like ponds, tanks, or ocean cages, it entails the cultivation and harvesting of aquatic species including fish, shellfish, and aquatic plants. As a sustainable alternative to wild-caught fish and a means of advancing food security, aquaculture is essential in supplying the world's rising demand for seafood. A number of issues, including as overfishing, environmental concerns, and the need for a steady supply of high-quality seafood, have contributed to the tremendous growth of the aquaculture business in recent years. From conventional freshwater fish farming to cutting-edge approaches like recirculating aquaculture systems (RAS) and offshore aquaculture, this business covers a wide range of species and production techniques. The market is expanding as a result of the expanding world population, greater health awareness, and awareness of aquaculture's potential to lessen pressure on marine environments. The aquaculture industry continues to face difficulties with regard to disease control, environmental impact, and sustainability. Nevertheless, it is an essential part of the future food system since it provides nutrient-dense, protein-rich seafood while resolving some of the problems with conventional fishing methods.

AQUACULTURE MARKET: REPORT SCOPE & SEGMENTATION

Global Aquaculture Market Dynamics

A dynamic combination of economic, environmental, and social elements defines the aquaculture market. Economic factors are a result of the rising demand for seafood on a global scale, which is being fueled by population increase and greater knowledge of the health advantages of eating fish. Technology, automation, and genetic advancements are used by the industry in response to improve production efficiency and satisfy consumer demands. Aquaculture is heavily influenced by environmental factors as the need for sustainable practices grows. The main difficulties include avoiding contaminants and disease, controlling water quality, and minimizing habitat impact. These worries are intended to be reduced by innovations like recirculating aquaculture systems and sustainable feed production methods. Concerns like working conditions, food security, and cultural effects on coastal communities are all part of the aquaculture market's social dimension. The sector aims to strike a balance between economic opportunities, ethical hiring procedures, and fair benefit distribution. The dynamics of the aquaculture market are significantly influenced by government regulations, market trends, and consumer demands for transparency and sustainability. The industry's growth and resilience depend on adaptation and sustainable practices that meet the changing needs of a global society as stakeholders negotiate these complex influences.

Global Aquaculture Market Drivers

• Rising Global Demand for Seafood

The fishing and aquaculture industries, as well as larger economic and environmental settings, are significantly impacted by the increasing global demand for seafood. This demand is a crucial driver.

First of all, as the world's population rises, more people are turning to seafood as a source of protein and vital elements. In addition, people are becoming more and more aware of the many health advantages of eating seafood, such as its superior proteins, omega-3 fatty acids, and other crucial minerals and vitamins. Another factor is a shift in nutritional preferences. People frequently change their diets to incorporate more seafood as earnings improve in various regions of the world because of the food's flavour, adaptability, and cultural significance.

• Overfishing and Declining Wild Fish Stocks

Two urgent issues that have a considerable impact on marine ecosystems, economy, and food security are overfishing and dwindling wild fish stocks. The overuse and frequently unsustainable exploitation of marine resources is the fundamental cause of this phenomenon. The primary driver of overfishing is the rising global demand for seafood, which is being fueled by population expansion, dietary changes, and growing public knowledge of the advantages of eating fish. Industrial fishing fleets with cutting-edge equipment and massive operations frequently take fish quicker than their populations can naturally restock. The results of overfishing are terrible. It undermines the livelihoods of fishing communities around the world, depletes wild fish stocks, and disturbs marine ecosystems. Bycatch, in which non-target animals are taken and discarded, adds to the stress on marine biodiversity.

Restraints:

• Feed and Resource Costs

To supply the essential nutrients for aquatic organisms, aquaculture mainly relies on formulated feeds. The profitability of aquaculture operations is impacted by growing feed costs, which are caused by factors such as increased demand for feed materials like fish meal and soy. The unpredictability is increased by fluctuations in the price of commodities globally and by disruptions brought on by the climate that affect the production of feed. Access to necessary resources like clear water and land is necessary for aquaculture. Aquaculture's growth may be constrained by a lack of these resources, which is exacerbated by pollution and rivalry with other industries. In particular, water shortage is a serious problem because healthy aquaculture depends heavily on clean water. Operational costs are significantly influenced by the energy needed to run aquaculture facilities, including maintaining ideal water quality and temperature.

• High susceptibility to diseases

Aquatic species are frequently kept in close confinement in aquaculture systems including ponds, tanks, and net pens. Effective disease management is difficult because of how easily diseases can spread in such a crowded population. Aquaculture places a premium on water quality, and any changes or degradation can weaken the immune systems of aquatic species, making them more susceptible to illnesses. Pathogens can be introduced into aquaculture environments in a number of ways, including as through contaminated water supplies, infected wild fish, contaminated equipment, or employees. Pathogens can spread after being introduced and result in outbreaks. Aquatic species' health can be weakened by stressors such overpopulation, poor water quality, and transportation, which increases their susceptibility to infections.

Opportunities:

• Innovation in Aquaculture Technology, Including Automation and Aata Analytics

Automation innovations like auto-feeders, sensors, and robotic systems provide the chance to simplify a number of aquaculture procedures. Automated feeding systems can improve feed delivery, minimizing waste and ensuring that aquatic creatures receive consistent nutrition. Labor-intensive jobs like net cleaning, fish handling, and harvesting can be automated by robots, saving money and enhancing worker safety. Additionally, automated monitoring and control systems can maintain ideal environmental conditions, like water quality and temperature, leading to aquatic organisms that are healthier and grow more quickly.  The collecting and analysis of enormous volumes of data from aquaculture operations is made possible by data analytics and IoT (Internet of Things) applications. This information can be used to monitor water quality, analyse aquatic species health, and improve feed management. Predictive analytics can help identify disease outbreaks early, improving disease management strategies and reducing economic losses.

• Expanding into New Geographical Markets and International Export

Businesses can broaden their customer base and sources of income by entering new markets. Companies can become less reliant on a particular market by expanding into multiple areas, increasing their resistance to regional or local economic downturns or disruptions. New markets mean new customers, and vice versa. When the target markets have a high demand for the goods or services being provided, this can lead to revenue growth. By achieving economies of scale, expanding worldwide can lower production and distribution expenses per unit. This is especially advantageous for sectors with large fixed costs. International expansion is now more practical and affordable because to developments in supply chain management, communication, and transportation. Businesses can more easily connect with partners and clients who are located far away. Entering new markets may provide businesses with a competitive advantage, especially if they offer innovative products or services that are not readily available in those markets.

Segment Overview

By Environment

Based on environment, the global aquaculture market is divided into marine water, fresh water, and brackish water. The fresh water category dominates the market with the largest revenue share in 2022. Freshwater aquaculture takes place in non-saline environments, such as ponds, lakes, rivers, and indoor recirculating systems. Tilapia, catfish, and carp are common species in this category. Freshwater aquaculture offers more controlled conditions, reducing the risk of disease transmission from wild populations. It can be adapted to various scales, from small family-owned ponds to large commercial operations. Marine water aquaculture involves the cultivation of aquatic organisms in saltwater environments, typically in coastal areas or offshore locations. This category includes species like salmon, shrimp, and oysters. Marine water aquaculture leverages the vast expanse of the world's oceans and seas and can benefit from natural nutrient availability. However, it also faces challenges related to environmental impact, disease management, and the need for offshore infrastructure. Brackish water aquaculture operates in water with a salinity level between that of marine and fresh water. It encompasses species like tilapia and some types of shrimp. Brackish water presents a unique set of challenges, as it requires specialized technology and management practices to maintain the right salinity levels and cope with changing environmental conditions.

By Product Type

Based on the product type, the global aquaculture market is categorized into chemicals, pharmaceuticals, fertilizers, and equipment. The equipment category leads the global aquaculture market with the largest revenue share in 2022.  The equipment sector includes a wide variety of machinery and tools essential for modern agriculture. Tractors, plows, harvesters, and irrigation systems are just a few examples. This sector is pivotal in mechanizing agricultural processes, reducing labor costs, and improving efficiency in planting, harvesting, and post-harvest activities. The fertilizers sector is integral to agriculture and encompasses a range of products designed to enhance soil fertility and crop growth. These include mineral fertilizers, organic fertilizers, and specialized formulations that provide essential nutrients to plants, ultimately increasing agricultural productivity. In agriculture, pharmaceuticals refer to veterinary medicines and vaccines used to maintain the health and well-being of livestock and poultry. These products play a crucial role in disease prevention, control, and animal husbandry, ensuring the safety and productivity of agricultural and livestock operations.The chemicals sector primarily encompasses the production and distribution of various chemical compounds used in numerous industries. In the context of agriculture, this sector provides agricultural chemicals such as pesticides, herbicides, and fertilizers. These substances are critical for pest and disease control, weed management, and soil enrichment, all of which contribute to higher crop yields and quality.

By Fish Type

Based on fish type, the global aquaculture market is segmented into carps, mollusks, crustaceans, mackerels, sea bream and others. The mollusks segment dominates the aquaculture marketThis category comprises bivalve and gastropod mollusks like oysters, clams, and mussels. Mollusks are filter feeders and are cultivated primarily in marine and estuarine environments. They are prized for their culinary appeal and are essential for the seafood industry, known for their distinctive taste and texture. Carps are among the most commonly farmed freshwater fish species globally. They include common carp, grass carp, and silver carp. Carps are known for their adaptability to different environmental conditions and are valued for their quick growth and high protein content. They play a pivotal role in global aquaculture, particularly in Asian countries. Crustaceans include species like shrimp, prawns, and lobsters. They are highly sought-after in international seafood markets due to their taste and versatility. Crustacean aquaculture often takes place in both marine and brackish water environments, with many countries heavily relying on these species for export revenue. Mackerels are pelagic fish with a high oil content and are predominantly found in marine waters. They are a valuable source of omega-3 fatty acids and are a staple in many diets. The cultivation of mackerels, particularly in countries with a strong demand for seafood, is crucial to meet consumer needs and reduce pressure on wild stocks. Sea bream, including species like European sea bream and Asian sea bream, are popular in both aquaculture and the culinary world. They are often cultivated in marine environments, prized for their mild flavor and delicate texture, making them a sought-after species in the seafood industry.

Global Aquaculture Market Overview by Region

The global aquaculture market is categorized into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific emerged as the leading region, capturing the largest market share in 2022. China and India are the two most populous nations in the world, and a sizeable chunk of the world's population resides in the Asia-Pacific region. A big market for a wide variety of goods and services can be found thanks to this sizable and diverse consumer base. Over the past few decades, the area has experienced significant economic expansion that has been fueled by manufacturing, exports, and a burgeoning middle class. Businesses, both domestic and foreign, now have new prospects thanks to this growth, which has increased investment and broadened the market. Asia-Pacific is a centre for manufacturing, with major producers of industrial goods including China, Japan, and South Korea. As a result, the region now has a sizable manufacturing sector and economies that are heavily dependent on exports. The advanced electronics, robotics, and automotive sectors are led by nations like Japan and South Korea, and the area is at the forefront of technical innovation. China is quickly becoming into a hub for technological innovation, supporting the creation of new businesses and technology. Due to its significant ports, logistics hubs, and other infrastructure, the Asia-Pacific region is crucial to global trade and supply chains. The global economy depends on this connectivity. The area, particularly in agriculture and aquaculture, makes a significant contribution to the world's food production. While rice and other crops are widely grown in nations like India and Vietnam, countries like China and Thailand are leaders in aquaculture. Many nations in the Asia-Pacific region are regarded as emerging markets with great growth potential, including Indonesia, Vietnam, and the Philippines. These countries are luring investments and promoting economic growth. The area, which has a variety of landscapes and civilizations, draws millions of tourists every year. Thailand, Japan, and Australia are just a few examples of countries where tourism has a substantial economic impact.

Global Aquaculture Market Competitive Landscape

In the global aquaculture market, a few major players exert significant market dominance and have established a strong regional presence. These leading companies remain committed to continuous research and development endeavors and actively engage in strategic growth initiatives, including product development, launches, joint ventures, and partnerships. By pursuing these strategies, these companies aim to strengthen their market position, expand their customer base, and capture a substantial share of the market.

Some of the prominent players in the global aquaculture market include Alpha Group Ltd, Marine Harvest Asa, Tassal Group Limited, Nireus S.A. Ltd., Dainichi Corporation, Cooke Aquaculture, Aquaculture Technologies Asia Limited, SalMar ASA, Leroy Seafood Group Asa, Norway Royal Samson ASA, P/F Bakkafrost, Cermaq Group As, Nippon Suisan Kaisha Ltd., and various other key players.

Global Aquaculture Market Recent Developments

In May 2023, Technological Innovation Is Transforming Indian Aquaculture.  The aquaculture sector in India has been expanding at an average annual pace of 8%, driven by rising both domestic and global demand. The Indian government has taken the initiative to support the growth of aquaculture, allocating a sizable amount of funds to the Blue Revolution Scheme. India's seafood export successes are largely due to the value chain's incorporation of technology in aquaculture.

Scope of the Global Aquaculture Market Report

Aquaculture Market Report Segmentation

Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

• Global Aquaculture Market Size and Forecast:

To identify and estimate the market size for the global aquaculture market segmented by product type, by environment, by fish type, region and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of aquaculture between 2019 and 2031.

• Market Landscape and Trends:

To identify and infer the drivers, restraints, opportunities, and challenges for the global aquaculture market

• Market Influencing Factors:

To find out the factors which are affecting the sales of aquaculture among consumers

• Impact of COVID-19:

To identify and understand the various factors involved in the global aquaculture market affected by the pandemic

• Company Profiling:

To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.

Intended Audience

• Researchers and Academics
• Healthcare Providers
• Technology Enthusiasts
• Governments, Associations, and Industrial Bodies
• Investors and Trade Experts