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Aquaculture Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Environment (Marine Water, Fresh Water, Brackish Water), By Fish Type (Carps, Mollusks, Crustaceans, Mackerels, Sea Bream, Others), By Region, and By Competition, 2019-2029F

April 2024 | 180 pages | ID: A7591CFBC4A9EN
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Global Aquaculture Market was valued at USD 39.17 billion in 2023 and is anticipated to project impressive growth in the forecast period with a CAGR of 6.42% through 2029. The global aquaculture market has been experiencing significant growth in recent years, driven by increasing demand for seafood, declining wild fish stocks, and advancements in aquaculture technologies. Aquaculture involves the farming of aquatic organisms such as fish, shrimp, mollusks, and other aquatic plants for food consumption.

Key Market Drivers

Rising Demand for Seafood

The global aquaculture market is capitalizing on the escalating demand for seafood, positioning itself as a crucial player in addressing the world's need for nutritious and sustainable protein sources.

As the global population continues to climb, so does the demand for varied and healthful food options. Seafood, renowned for its protein richness, omega-3 fatty acids, and essential nutrients, has garnered favor among consumers striving for better dietary choices. With increasing health consciousness, the demand for seafood is projected to maintain its upward trajectory.Concerns over overfishing and the depletion of wild fish stocks have underscored the necessity for sustainable alternatives. Aquaculture emerges as a viable solution, offering a controlled environment for the cultivation of various aquatic species. By embracing aquaculture, we can meet seafood demands without further straining wild populations.Consumer preferences for seafood vary worldwide, prompting the aquaculture industry to diversify its offerings. From salmon and shrimp to tilapia, catfish, and mollusks, a broad spectrum of species is cultivated to cater to regional tastes. This diversification ensures a stable seafood supply capable of meeting the diverse demands of global markets.

To address the surging demand, investments in aquaculture research and development are on the rise. Technological advancements, such as sophisticated breeding methods, disease management strategies, and efficient aquaculture systems, have bolstered production yields and overall productivity. These innovations play a pivotal role in effectively meeting the escalating demand for seafood.The demand for seafood transcends geographical boundaries, and so does aquaculture production. Major aquaculture hubs like China, India, Vietnam, Norway, and Chile strategically position themselves to supply seafood to a broad array of global markets. This widespread distribution ensures a steady and dependable seafood supply to fulfill the needs of consumers worldwide.

Declining Wild Fish Stocks

Amidst unprecedented depletion of wild fish stocks due to overfishing and environmental pressures, the global aquaculture industry emerges as a crucial solution to meet the surging demand for seafood worldwide.

The oceans, once an abundant source of seafood, now grapple with the consequences of overfishing, exacerbated by unsustainable fishing practices and environmental degradation. This decline in wild fish stocks necessitates alternative, sustainable sources of seafood. Aquaculture steps in, offering a controlled environment for cultivating various aquatic species, providing a reliable solution to the challenges faced by traditional fisheries.Diversification is a key strategy adopted by aquaculture in response to dwindling wild fish stocks. Cultivation now spans a wide range of species including salmon, tilapia, catfish, shrimp, and mollusks like mussels and oysters. This diversified portfolio mitigates the risks associated with relying solely on one species, fostering a resilient and adaptable industry.

As the global population burgeons and dietary preferences pivot towards healthier choices, seafood demand continues to surge. Aquaculture bridges the gap between supply and demand, offering a sustainable and controlled means of production. This ensures consumers worldwide can access seafood without exacerbating the depletion of wild fish stocks.Addressing the challenges of declining wild fish stocks necessitates substantial investments in aquaculture research and development. Technological advancements such as enhanced breeding techniques, disease management protocols, and precision farming practices are pivotal in augmenting production efficiency. These innovations are indispensable for fostering the sustainable growth of the aquaculture market.

Advancements in Aquaculture Technologies

In the dynamic realm of food production, the global aquaculture market stands as a beacon of innovation, harnessing technological advancements to enhance efficiency, sustainability, and expansion.

Precision aquaculture, propelled by advancements in sensor technologies and data analytics, revolutionizes the industry. This method entails meticulous monitoring and management of crucial parameters like water quality, temperature, and feeding schedules. Real-time data acquisition empowers farmers to optimize conditions for aquatic species, resulting in heightened growth rates, health, and overall productivity.Automation has become integral to modern aquaculture, revolutionizing operations and minimizing labor-intensive tasks. Automated feeding systems, water quality monitoring tools, and harvesting processes streamline operations, enhancing operational efficiency. These innovations not only conserve time and resources but also ensure consistent and dependable production outputs.

Advancements in genetics and selective breeding techniques have transformed aquaculture practices by augmenting the desirable traits of cultivated species. This includes characteristics such as growth rate, disease resistance, and fillet quality. Through selective breeding programs, the industry can cultivate healthier and more robust stocks, ultimately bolstering yield and profitability.Recirculating Aquaculture Systems (RAS) present a sustainable approach to fish farming. These closed-loop systems recycle water, mitigating environmental impact and reducing disease risks. RAS technology optimizes water resource utilization and creates a controlled environment conducive to year-round production across diverse geographical locations.Disease outbreaks pose substantial threats to aquaculture operations. Nonetheless, advancements in health monitoring technologies, including sensor-based systems and diagnostic tools, enable early disease detection and proactive management. This not only safeguards the well-being of cultivated species but also curtails disease spread within aquaculture facilities, ensuring operational continuity.

Diversification of Species Cultivation

The global aquaculture market is undergoing a significant transformation, driven by the recognition that diversifying species cultivation is not only a strategic response to market dynamics but also a fundamental driver of sustainable expansion.Species diversification enables the aquaculture industry to address the diverse tastes and preferences of consumers worldwide. While certain regions may favor specific species like salmon or shrimp, others may prefer tilapia, catfish, or mollusks. By cultivating a wide array of species, the industry ensures its ability to meet the diverse demands of global markets.

Overdependence on a single species poses substantial risks to the aquaculture industry, particularly in the face of disease outbreaks or environmental challenges. Species diversification serves as a risk mitigation strategy, dispersing the industry's focus across multiple species. This not only protects against potential losses but also enhances the overall resilience of the aquaculture market.Different species thrive under different environmental conditions. Diversifying species cultivation allows farmers to adapt to regional climates, water conditions, and other environmental factors. This adaptability is essential for the sustainable expansion of the aquaculture market, enabling it to thrive in various geographical locations.

With growing consumer awareness and evolving preferences, there is an increasing demand for niche or specialty seafood products. Species diversification enables the aquaculture industry to enter niche markets, producing distinctive varieties of fish and shellfish that cater to specific culinary preferences.Species diversification also contributes to the environmental sustainability of aquaculture operations. Different species have varying ecological footprints and resource requirements. By diversifying species cultivation, the industry can optimize resource utilization, minimize environmental impact, and promote overall sustainability in aquaculture practices.

Key Market Challenges

Disease Outbreaks

Disease outbreaks pose a significant threat to aquaculture operations, leading to mass mortalities and financial losses. The close quarters in which aquaculture species are cultivated create favorable conditions for the rapid spread of diseases. Developing effective disease management strategies, investing in research for disease-resistant species, and implementing stringent biosecurity measures are crucial for addressing this challenge.

Environmental Impact

The environmental impact of aquaculture, including water pollution, habitat destruction, and the use of antibiotics, has raised concerns among environmentalists and consumers. Achieving a balance between production and environmental sustainability requires the adoption of responsible farming practices, the use of recirculating aquaculture systems, and the promotion of certification programs that emphasize environmentally friendly practices.

Escapes and Genetic Interactions

The escape of farmed species into natural ecosystems poses risks to wild populations through genetic interactions and competition for resources. Addressing this challenge involves implementing secure containment measures, developing sterile or genetically modified strains, and conducting thorough environmental risk assessments.

Key Market Trends

Recirculating Aquaculture Systems (RAS) Expansion

Recirculating Aquaculture Systems, which enable the reuse of water in a closed-loop system, are gaining prominence as a sustainable alternative to traditional open-water aquaculture. The expansion of RAS technology enhances water conservation, minimizes environmental impact, and allows for aquaculture operations in land-locked regions.

Alternative Protein Sources for Aquafeed

The aquaculture industry is witnessing a shift towards sustainable and alternative protein sources for aquafeed. As concerns over overfishing and feed dependency on wild-caught fish rise, research into plant-based proteins, insect meal, and single-cell proteins is accelerating. This trend aligns with the industry's commitment to reducing its ecological footprint and ensuring the long-term sustainability of feed sources.

Selective Breeding and Genetic Advances

Advancements in genetic technologies are influencing the aquaculture landscape by facilitating selective breeding for desirable traits. The development of genetically improved and disease-resistant strains enhances the productivity and resilience of farmed species. This trend not only improves yields but also contributes to the overall health and sustainability of aquaculture operations.

Segmental Insights

Environment Insights

Based on the category of Environment,Freshwater emerges as the predominant choice in the global aquaculture market for several compelling reasons. Firstly, freshwater systems offer a controlled and stable environment conducive to efficient aquaculture operations. This stability enables precise management of critical water quality parameters such as temperature, pH, and oxygen levels, fostering optimal conditions for fish growth and minimizing the risk of diseases and mortality.The widespread availability of freshwater resources globally presents a cost-effective and sustainable solution for aquaculture expansion. Unlike marine environments, freshwater sources are easily accessible and can be utilized across diverse geographical locations, facilitating the decentralization of aquaculture operations and reducing logistical challenges.

Also, freshwater aquaculture aligns seamlessly with the increasing global demand for sustainable and responsibly sourced seafood. By enabling the implementation of environmentally friendly practices and reducing ecological impact, freshwater systems meet consumer preferences for ethically produced seafood products.The myriad benefits offered by freshwater systems position them as the frontrunner in shaping the future trajectory of the global aquaculture market.

Regional Insights

The Asia-Pacific region is poised to dominate the global aquaculture market due to a convergence of favorable factors that contribute to its strategic advantage. Firstly, the region has a rich aquatic biodiversity and a long-standing tradition of aquaculture, providing a diverse range of species for cultivation. Moreover, the favorable climatic conditions and extensive water resources in countries like China, India, and Southeast Asian nations create an ideal environment for aquaculture operations. The presence of skilled labor and a deep-rooted aquaculture industry infrastructure further enhance the region's competitive edge. Additionally, the Asia-Pacific market benefits from strong government support, technological advancements, and a burgeoning middle class with an increasing appetite for seafood. The strategic geographical positioning of the region also facilitates easier access to key export markets. In essence, the Asia-Pacific region's unique combination of natural resources, expertise, and market dynamics positions it as a dominant force in shaping the trajectory of the global aquaculture market.

Key Market Players

Nissui Corp

Alpha Aqua A/S

Aquaculture Technologies Asia Limited

Mowi ASA

Cooke Aquaculture Inc

P/F Bakkafrost

Thai Union Group PCL

Leroy Seafood Group ASA

Tassal Group Ltd

Cermaq Group AS

Report Scope:

In this report, the Global Aquaculture Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Aquaculture Market,By Environment:

oMarine Water

oFresh Water

oBrackish Water

Aquaculture Market,By Fish Type:

oCarps

oMollusks

oCrustaceans

oMackerels

oSea Bream

oOthers

Aquaculture Market, By Region:

oNorth America
  • United States
  • Canada
  • Mexico
oEurope
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
oAsia-Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
oSouth America
  • Brazil
  • Argentina
  • Colombia
oMiddle East Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Kuwait
Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Aquaculture Market.

Available Customizations:

Global Aquaculture market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).
1.PRODUCT OVERVIEW

1.1.Market Definition
1.2.Scope of the Market
  1.2.1.Markets Covered
  1.2.2.Years Considered for Study
  1.2.3.Key Market Segmentations

2.RESEARCH METHODOLOGY

2.1.Objective of the Study
2.2.Baseline Methodology
2.3.Key Industry Partners
2.4.Major Association and Secondary Sources
2.5.Forecasting Methodology
2.6.Data Triangulation Validation
2.7.Assumptions and Limitations

3.EXECUTIVE SUMMARY

3.1.Overview of the Market
3.2.Overview of Key Market Segmentations
3.3.Overview of Key Market Players
3.4.Overview of Key Regions/Countries
3.5.Overview of Market Drivers, Challenges, Trends

4.VOICE OF CUSTOMER

5.GLOBAL AQUACULTURE MARKET OUTLOOK

5.1.Market Size Forecast
  5.1.1.By Value
5.2.Market Share Forecast
  5.2.1.By Environment (Marine Water, Fresh Water, Brackish Water)
  5.2.2.By Fish Type (Carps, Mollusks, Crustaceans, Mackerels, Sea Bream, Others)
  5.2.3.By Region
  5.2.4.By Company (2023)
5.3.Product Market Map
  5.3.1.By Environment
  5.3.2.By Fish Type
  5.3.3.By Region

6.NORTH AMERICA AQUACULTURE MARKET OUTLOOK

6.1.Market Size Forecast
  6.1.1.By Value
6.2.Market Share Forecast
  6.2.1.By Environment (Marine Water, Fresh Water, Brackish Water)
  6.2.2.By Fish Type (Carps, Mollusks, Crustaceans, Mackerels, Sea Bream, Others)
  6.2.3.By Country
6.3.North America: Country Analysis
  6.3.1.United States Aquaculture Market Outlook
    6.3.1.1.Market Size Forecast
      6.3.1.1.1.By Value
    6.3.1.2.Market Share Forecast
      6.3.1.2.1.By Environment
      6.3.1.2.2.By Fish Type
  6.3.2.Canada Aquaculture Market Outlook
    6.3.2.1.Market Size Forecast
      6.3.2.1.1.By Value
    6.3.2.2.Market Share Forecast
      6.3.2.2.1.By Environment
      6.3.2.2.2.By Fish Type
  6.3.3.Mexico Aquaculture Market Outlook
    6.3.3.1.Market Size Forecast
      6.3.3.1.1.By Value
    6.3.3.2.Market Share Forecast
      6.3.3.2.1.By Environment
      6.3.3.2.2.By Fish Type

7.EUROPE AQUACULTURE MARKET OUTLOOK

7.1.Market Size Forecast
  7.1.1.By Value
7.2.Market Share Forecast
  7.2.1.By Environment (Marine Water, Fresh Water, Brackish Water)
  7.2.2.By Fish Type (Carps, Mollusks, Crustaceans, Mackerels, Sea Bream, Others)
  7.2.3.By Country
7.3.Europe: Country Analysis
  7.3.1.Germany Aquaculture Market Outlook
    7.3.1.1.Market Size Forecast
      7.3.1.1.1.By Value
    7.3.1.2.Market Share Forecast
      7.3.1.2.1.By Environment
      7.3.1.2.2.By Fish Type
  7.3.2.United Kingdom Aquaculture Market Outlook
    7.3.2.1.Market Size Forecast
      7.3.2.1.1.By Value
    7.3.2.2.Market Share Forecast
      7.3.2.2.1.By Environment
      7.3.2.2.2.By Fish Type
  7.3.3.France Aquaculture Market Outlook
    7.3.3.1.Market Size Forecast
      7.3.3.1.1.By Value
    7.3.3.2.Market Share Forecast
      7.3.3.2.1.By Environment
      7.3.3.2.2.By Fish Type
  7.3.4.Italy Aquaculture Market Outlook
    7.3.4.1.Market Size Forecast
      7.3.4.1.1.By Value
    7.3.4.2.Market Share Forecast
      7.3.4.2.1.By Environment
      7.3.4.2.2.By Fish Type
  7.3.5.Spain Aquaculture Market Outlook
    7.3.5.1.Market Size Forecast
      7.3.5.1.1.By Value
    7.3.5.2.Market Share Forecast
      7.3.5.2.1.By Environment
      7.3.5.2.2.By Fish Type

8.ASIA-PACIFIC AQUACULTURE MARKET OUTLOOK

8.1.Market Size Forecast
  8.1.1.By Value
8.2.Market Share Forecast
  8.2.1.By Environment (Marine Water, Fresh Water, Brackish Water)
  8.2.2.By Fish Type (Carps, Mollusks, Crustaceans, Mackerels, Sea Bream, Others)
  8.2.3.By Country
8.3.Asia-Pacific: Country Analysis
  8.3.1.China Aquaculture Market Outlook
    8.3.1.1.Market Size Forecast
      8.3.1.1.1.By Value
    8.3.1.2.Market Share Forecast
      8.3.1.2.1.By Environment
      8.3.1.2.2.By Fish Type
  8.3.2.Japan Aquaculture Market Outlook
    8.3.2.1.Market Size Forecast
      8.3.2.1.1.By Value
    8.3.2.2.Market Share Forecast
      8.3.2.2.1.By Environment
      8.3.2.2.2.By Fish Type
  8.3.3.India Aquaculture Market Outlook
    8.3.3.1.Market Size Forecast
      8.3.3.1.1.By Value
    8.3.3.2.Market Share Forecast
      8.3.3.2.1.By Environment
      8.3.3.2.2.By Fish Type
  8.3.4.Australia Aquaculture Market Outlook
    8.3.4.1.Market Size Forecast
      8.3.4.1.1.By Value
    8.3.4.2.Market Share Forecast
      8.3.4.2.1.By Environment
      8.3.4.2.2.By Fish Type
  8.3.5.South Korea Aquaculture Market Outlook
    8.3.5.1.Market Size Forecast
      8.3.5.1.1.By Value
    8.3.5.2.Market Share Forecast
      8.3.5.2.1.By Environment
      8.3.5.2.2.By Fish Type

9.SOUTH AMERICA AQUACULTURE MARKET OUTLOOK

9.1.Market Size Forecast
  9.1.1.By Value
9.2.Market Share Forecast
  9.2.1.By Environment (Marine Water, Fresh Water, Brackish Water)
  9.2.2.By Fish Type (Carps, Mollusks, Crustaceans, Mackerels, Sea Bream, Others)
  9.2.3.By Country
9.3.South America: Country Analysis
  9.3.1.Brazil Aquaculture Market Outlook
    9.3.1.1.Market Size Forecast
      9.3.1.1.1.By Value
    9.3.1.2.Market Share Forecast
      9.3.1.2.1.By Environment
      9.3.1.2.2.By Fish Type
  9.3.2.Argentina Aquaculture Market Outlook
    9.3.2.1.Market Size Forecast
      9.3.2.1.1.By Value
    9.3.2.2.Market Share Forecast
      9.3.2.2.1.By Environment
      9.3.2.2.2.By Fish Type
  9.3.3.Colombia Aquaculture Market Outlook
    9.3.3.1.Market Size Forecast
      9.3.3.1.1.By Value
    9.3.3.2.Market Share Forecast
      9.3.3.2.1.By Environment
      9.3.3.2.2.By Fish Type

10.MIDDLE EAST AND AFRICA AQUACULTURE MARKET OUTLOOK

10.1.Market Size Forecast
  10.1.1.By Value
10.2.Market Share Forecast
  10.2.1.By Environment (Marine Water, Fresh Water, Brackish Water)
  10.2.2.By Fish Type (Carps, Mollusks, Crustaceans, Mackerels, Sea Bream, Others)
  10.2.3.By Country
10.3.MEA: Country Analysis
  10.3.1.South Africa Aquaculture Market Outlook
    10.3.1.1.Market Size Forecast
      10.3.1.1.1.By Value
    10.3.1.2.Market Share Forecast
      10.3.1.2.1.By Environment
      10.3.1.2.2.By Fish Type
  10.3.2.Saudi Arabia Aquaculture Market Outlook
    10.3.2.1.Market Size Forecast
      10.3.2.1.1.By Value
    10.3.2.2.Market Share Forecast
      10.3.2.2.1.By Environment
      10.3.2.2.2.By Fish Type
  10.3.3.UAE Aquaculture Market Outlook
    10.3.3.1.Market Size Forecast
      10.3.3.1.1.By Value
    10.3.3.2.Market Share Forecast
      10.3.3.2.1.By Environment
      10.3.3.2.2.By Fish Type
  10.3.4.Kuwait Aquaculture Market Outlook
    10.3.4.1.Market Size Forecast
      10.3.4.1.1.By Value
    10.3.4.2.Market Share Forecast
      10.3.4.2.1.By Environment
      10.3.4.2.2.By Fish Type

11.MARKET DYNAMICS

11.1.Drivers
11.2.Challenges

12.MARKET TRENDS DEVELOPMENTS

12.1.Recent Development
12.2.Mergers Acquisitions
12.3.Product Launches

13.PORTER’S FIVE FORCES ANALYSIS

13.1.Competition in the Industry
13.2.Potential of New Entrants
13.3.Power of Suppliers
13.4.Power of Customers
13.5.Threat of Substitute Products

14.COMPETITIVE LANDSCAPE

14.1.Nissui Corp
  14.1.1.Business Overview
  14.1.2.Product Service Offerings
  14.1.3.Recent Developments
  14.1.4.Key Personnel
  14.1.5.SWOT Analysis
14.2.Alpha Aqua A/S
14.3.Aquaculture Technologies Asia Limited
14.4.Mowi ASA
14.5.Cooke Aquaculture Inc
14.6.P/F Bakkafrost
14.7.Thai Union Group PCL
14.8.Leroy Seafood Group ASA
14.9.Tassal Group Ltd
14.10. Cermaq Group AS

15.STRATEGIC RECOMMENDATIONS

16. ABOUT US DISCLAIMER



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