Fish Farming Market 2023 Outlook By Product, Trends and Forecast To 2024-2032

Fish Farming Market Valuation – 2024-2031

With a growing population and altering dietary tastes, more people are turning to fish for protein and important elements. Traditional fishing methods simply cannot keep up with increasing demand, making fish farming an essential answer. The market size surpass USD 296.1 Billion valued in 2023 to reach a valuation of around USD 435.5 Billion by 2031.

Also, an increase in knowledge of seafood’s health advantages and the possibility of sustainable fish farming practices is moving the sector ahead. Analysts foresee continued expansion in the coming years, positioning fish farming as a promising area in the global food business. The rising demand for cost-effective and efficient fish farming is enabling the market grow at a CAGR of 4.9% from 2024 to 2031.

Fish Farming Market: Definition/ Overview

Fish farming, often known as aquaculture, is the process of producing, growing, and harvesting fish in controlled habitats such as ponds, tanks, or ocean enclosures. This type of food production includes a variety of actions such as spawning, feeding, and ensuring ideal water quality for fish species’ health and growth. Fish farming is essential for satisfying the world’s growing demand for seafood, providing a sustainable alternative to wild fishing, and boosting local economies.

The fish farming looks hopeful, thanks to technological improvements, an expanding global population, and a growing desire for sustainable food supplies. Recirculating aquaculture systems (RAS), integrated multi-trophic aquaculture (IMTA), and genetic engineering are examples of innovations that increase productivity while reducing environmental effects.

Furthermore, fish farming has the potential to significantly improve food security and economic development in coastal and rural communities. As customers grow more aware of the need for sustainable practices, fish farming is positioned to embrace environmentally benign ways, guaranteeing that aquaculture can supply the world’s protein demands for years to come.

How Do the Declining Wild Fish Stocks Drive the Growth of the Fish Farming Market?

The decline of wild fish stocks is projected to stimulate the expansion of the Fish Farming Market. As overfishing and environmental degradation continue to reduce wild fish populations—34.2% of which are now fished at biologically unsustainable levels, according to FAO’s “The State of World Fisheries and Aquaculture 2020″—the need for sustainable seafood alternatives grows. Aquaculture is a feasible alternative for meeting global seafood demand, maintaining a consistent supply while reducing strain on wild fish stocks. This approach emphasizes the importance of sustainable fish farming in achieving both food security and environmental conservation.

The growing worldwide population and increased protein demand will promote the growth of the Fish Farming Market. With the United Nations projecting a worldwide population of 9.7 billion by 2050, the demand for sustainable protein sources becomes more pressing. According to the FAO, fish intake per capita has increased from 9.0 kg in 1961 to 20.5 kg in 2018, indicating that fish is becoming a more important protein source. This trend positions aquaculture as an essential solution to address the growing demand for seafood while also providing a sustainable alternative to traditional proteins. 

How Does the Climate Change Hinder the Growth of the Fish Farming Market?

Climate change will have a variety of effects on the fish farming industry’s growth. Rising ocean temperatures changed salt levels, and an increase in the frequency of extreme weather events can all have an impact on fish health, growth, and reproduction. Furthermore, altering habitats may cause changes in fish species availability and production. However, fish farming can provide resilience against climate change by allowing for controlled settings and selective breeding. Adapting aquaculture operations to address these difficulties and increase sustainability will be critical to the industry’s success in the face of continuous climate change.

Rising temperatures and water pollution will have a substantial impact on the expansion of the Fish Farming Market. Increased water temperatures can stress aquatic animals, resulting in slower development rates and more susceptibility to illness. Furthermore, water pollution from agricultural runoff, industrial waste, and plastic can deteriorate water quality, threatening fish health and reducing productivity. These difficulties may need more severe management techniques and technical advancements to ensure aquaculture operations are sustainable. Addressing these environmental challenges is critical to the long-term viability and growth of the fish farming sector.

Category-Wise Acumens

Will Saltwater Counterparts Propel the Freshwater Segment for the Fish Farming Market?

Freshwater currently dominates the Fish Farming Market. Alternative water is expected to boost expansion in the freshwater Fish Farming Market. As the demand for seafood increases, the aquaculture industry is striving to expand its supplies beyond typical freshwater species. Innovations in saltwater breeding and farming techniques can inspire similar advances in freshwater aquaculture, resulting in the creation of new markets and products. Furthermore, the necessity of reducing the environmental consequences of overfishing in saltwater habitats may encourage producers to spend more on freshwater systems, increasing competitiveness and extending prospects in the freshwater segment.

The future may see a shift in supremacy. Brackish water fish aquaculture is the fastest-growing sector. This is because it provides numerous benefits. Certain high-value fish species, such as shrimp and prawns, thrive in brackish water, which is a combination of freshwater and saltwater. These species are in high demand worldwide, and brackish water farming enables efficient production without the difficulties of managing a fully marine environment. Furthermore, as technology advances and more people become aware of the benefits of sustainable practices, effective brackish water farming techniques become more viable.

Will Adaptability & Disease Resistance Raise the Tilapia category for the Fish Farming Market?

The tilapia segment of the Fish Farming Market will develop significantly due to its adaptability and disease resistance. Tilapia is noted for its adaptability to changing environmental circumstances and capacity to thrive in a variety of farming methods, making it an appealing choice for aquaculture producers. Furthermore, advances in selective breeding have improved disease resistance in tilapia, lowering mortality and increasing overall productivity. As worldwide demand for inexpensive and sustainable protein sources grows, tilapia’s distinct characteristics establish it as a significant species in aquaculture, promoting commercial expansion.

The tilapia section of the Fish Farming Market will develop due to strong demand and affordability. Tilapia is often regarded as a low-cost protein source due to its rapid growth rate, low feed conversion ratio, and ability to flourish in a variety of farming situations. As consumer preferences evolve toward more sustainable and cheap fish options, tilapia’s accessibility makes it a popular choice for both buyers and producers. This growing need for low-cost fish, combined with tilapia’s attractive farming traits, places it as a vital participant in supplying world protein requirements in aquaculture.

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Country/Region-wise Acumens

Will the Government Support Expand the Asian Pacific Region for the Fish Farming Market?

Asia-Pacific reigns supreme in the Fish Farming Market. Government funding will have a huge impact on the Asia-Pacific Fish Farming Market. Subsidies, infrastructure expansion, and research initiatives are driving significant growth and innovation in the industry. For instance, India’s Blue Revolution initiative has resulted in a stunning 38% increase in fish production, while Vietnam’s government support has contributed to an average annual growth rate of 6.44% in aquaculture output between 2010 and 2020. Governments are taking proactive initiatives to increase fish farming operations while also increasing productivity, positioning the Asia-Pacific area as a vital player in the global aquaculture market.

Growing demand and cheap labor costs will propel the Asia-Pacific Fish Farming Market. As the region’s affluent population grows, seafood demand is increasing, with per capita fish consumption expected to rise from 24.3 kg in 2015 to 28.1 kg by 2030, greatly exceeding the global average. When combined with competitive labor rates (which average around $183 per month in countries such as Vietnam and Indonesia), fish farming becomes extremely cost-effective. This combination of rising consumer demand and low-cost labor is moving the Asia-Pacific fish farming business forward, allowing it to successfully satisfy market demands.

Will the Untapped Potential & Growing Demand Lead the Middle East & Africa Region for the Fish Farming Market?

The Middle East & Africa (MEA) region is experiencing the fastest growth in fish farming. Untapped potential and rising demand will propel the Fish Farming Market in the Middle East and Africa (MEA) region. Africa’s aquaculture production is expected to expand by 48% between 2020 and 2030, reaching 3.7 million tons, indicating tremendous growth potential. This expansion is fueled by a rapidly expanding population, which is predicted to reach 2.5 billion by 2050, as well as significant investments in aquaculture in nations such as Saudi Arabia, which plans to increase domestic fish production from 77,000 tons in 2018 to 600,000 tons by 2030. Furthermore, the estimated 30% increase in fish consumption in Sub-Saharan Africa by 2030 demonstrates the region’s growing hunger for seafood. These factors combine to establish the MEA region as a crucial growth location for the fish farming industry.

Government initiatives and investments will propel the Fish Farming Market in the Middle East and Africa (MEA) region. In the UAE, the National Aquaculture Pulse 2020-2030 intends to grow production to 56,000 tons by 2030, while Morocco’s Halieutis Plan contributed to a 63% rise in aquaculture between 2010 and 2020. Additionally, the African Development Bank’s “Feed Africa” policy aims to increase aquaculture production from 2.9 million tons in 2015 to 11.7 million tons by 2025. These targeted infrastructure, technology, and training programs are critical to propelling the MEA region’s fish farming business forward.

Competitive Landscape

The Fish Farming Market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support.

The organizations are focusing on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the Fish Farming Market include:

Mowi ASA, Cooke Aquaculture, Inc., Alpha Group Co. Ltd., Leroy Seafood Group ASA, Thai Union Group PLC, Stolt Sea Farm, Selonda Aquaculture SA, Blue Ridge Aquaculture, Marine Harvest ASA, Nireus Aquaculture S.A., Cermaq Group AS, P/F Bakkafrost, Tassal Group Ltd., Grupo Farallon Aquaculture.

Latest Developments

• In November 2023, Tassal Group Limited announced the acquisition of MPA Fish Farms Pty Ltd, which operates Australia’s first ocean-based barramundi farm in Cone Bay.
• In November 2023, Bakkafrost agreed to develop a new hatchery in Skálavík, Faroe Islands, increasing production capacity by roughly 7 million smolts weighing 500g.
• In January 2022, The Indonesian government announced plans to construct a network of dozens of cities with aquaculture farms by the end of the year in an effort to accelerate the post-pandemic economic recovery.

Report Scope

Fish Farming Market, By Category

Environment:

• Marine Water
• Fresh Water
• Brackish Water

Fish Type:

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

Region:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Research Methodology of Market Research:

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Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factorsProvision of market value (USD Billion) data for each segment and sub-segmentIndicates the region and segment that is expected to witness the fastest growth as well as to dominate the marketAnalysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each regionCompetitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiledExtensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market playersThe current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regionsIncludes an in-depth analysis of the market of various perspectives through Porter’s five forces analysisProvides insight into the market through Value ChainMarket dynamics scenario, along with growth opportunities of the market in the years to come6-month post-sales analyst support

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