USD 270.95 billion
Fish Farming Market Size, Share, Growth Analysis, By Environment(Freshwater, Marine Water, and Brackish Water), By Fish type(Salmon, Shellfish, Tuna, Tilapia), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30I2340 |
Region:
Global |
Published Date: March, 2024
Pages:
198
|Tables:
66
|Figures:
80
Fish Farming Market Insights
Global Fish Farming Market size was valued at USD 270.95 billion in 2022 and is poised to grow from USD 285.04 billion in 2023 to USD 427.59 billion by 2031, growing at a CAGR of 5.2% in the forecast period (2024-2031).
The Global Fish Farming Market, also known as aquaculture, has experienced remarkable growth due to increasing demand for seafood, declining wild fish stocks, and the need to meet global protein requirements. Fish farming involves the controlled cultivation of aquatic organisms, including fish, crustaceans, and mollusks, in freshwater, brackish water, or marine environments. The market's growth is driven by several factors. Firstly, the rising global population has led to higher demand for seafood as a protein source, prompting the aquaculture industry to expand and bridge the gap between supply and demand. Additionally, environmental concerns over overfishing and its impact on marine ecosystems have shifted focus towards sustainable aquaculture practices. Technological advancements in aquaculture systems, improved feed formulations, and disease management techniques have enhanced production efficiency and reduced environmental impact. This has attracted investments and innovation in the sector. Fish farming contributes to rural employment, economic growth, and food security in many regions, particularly in developing economies. Salmon, tilapia, carp, and shrimp are among the most cultivated species in fish farming. The market has also seen the integration of aquaculture into land-based systems and the development of recirculating aquaculture systems (RAS) to optimize water usage and minimize waste.
US Fish Farming Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Freshwater
Fastest Growth
Marine Water
Growth Rate
5.2% CAGR
Global Fish Farming Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Fish Farming Market Segmental Analysis
The global fish farming market is segmented on the basis of Environment, Fish type, and region. By Environment, the market is segmented into Freshwater, Marine Water, and Brackish Water. By Fish type, the market is segmented into Salmon, Shellfish, Tuna, Tilapia, Milkfish, and Others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Fish Farming Market Analysis By Environment
Among the three environment types in the Global Fish Farming Market – Freshwater, Marine Water, and Brackish Water – the dominant segment is Freshwater fish farming in 2022. Freshwater farming holds a significant share in the market due to its widespread practice and the ease of controlling environmental factors in enclosed or controlled freshwater systems. Species like tilapia, carp, catfish, and trout are commonly raised in freshwater environments.
On the other hand, the fastest-growing segment, however, is Marine Water fish farming. This growth can be attributed to the increasing demand for seafood, coupled with technological advancements in offshore aquaculture systems. Marine fish farming allows for the cultivation of species such as salmon, sea bass, and sea bream. The appeal of marine fish lies in their premium market value and consumer preference for seafood products sourced from natural marine environments.
Fish Farming Market Analysis By Fish Type
Asper classification by fish type,, the Other Fishes segment holds the dominant position. The segment encompasses a diverse range of fish species. This category includes species like tilapia, trout, pangasius, and barramundi, among others. The dominance of this segment is driven by increasing consumer demand for alternative fish varieties, improved aquaculture techniques, and the expansion of markets in various regions. These fish species often offer sustainable and more localized aquaculture solutions, catering to diverse culinary preferences and reducing pressure on overexploited wild fish stocks.
On the other hand, the fastest-growing segment is Salmon farming. The demand for salmon, known for its nutritional benefits and versatile culinary applications, has led to a substantial increase in aquaculture production. Regions like Norway, Chile, and Scotland are major players in salmon farming due to suitable environmental conditions and technological advancements in aquaculture practices.
Global Fish Farming Market By Environment
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Fish Farming Market Regional Insights
The global Fish Farming Market is analyzed based on its regional presence, which includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Asia-Pacific is the dominant region in the global fish farming market. Countries such as China, India, Indonesia, and Vietnam are major contributors to the region's dominance. The abundance of coastal areas, favorable climatic conditions, and strong aquaculture traditions have propelled Asia-Pacific to the forefront of fish farming. These countries are leading producers of various species including freshwater and marine fish, shrimp, and prawns. The region's well-established infrastructure, extensive research and development, and large consumer base have contributed to its dominance in the global fish farming industry.
On the other hand, the Middle East and Africa (MEA) region is emerging as the fastest-growing market for fish farming. The MEA region's growth is attributed to increasing investments in aquaculture infrastructure, government initiatives to enhance food security, and the rising demand for seafood due to population growth and changing dietary preferences.
Global Fish Farming Market By Region
- Largest
- Fastest
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Fish Farming Market Dynamics
Fish Farming Market Drivers
Rising Demand for Seafood:
- The global fish farming market is driven by the increasing global demand for seafood, which has outpaced wild fish catch. Fish farming, also known as aquaculture, offers a consistent and controlled supply of fish products to meet this demand. As traditional fisheries face challenges such as overfishing and environmental concerns, aquaculture provides a sustainable solution to fulfill the protein needs of a growing population.
Technological Advancements:
- Advances in aquaculture technologies have significantly improved the efficiency and productivity of fish farming operations. Innovations in water quality management, feed formulation, disease prevention, and genetic selection have enhanced fish growth rates, reduced mortality rates, and optimized resource utilization. These advancements increase the profitability and scalability of fish farming, attracting investment and contributing to market growth.
Fish Farming Market Restraints
Environmental Impact:
- Intensive fish farming practices can lead to negative environmental consequences, including water pollution, habitat degradation, and disease outbreaks. Overcrowded fish pens or cages may result in the release of excess nutrients and waste into aquatic ecosystems, harming local biodiversity and water quality. Balancing the expansion of fish farming with environmental sustainability remains a challenge.
Disease and Health Concerns:
- Disease outbreaks can devastate fish farming operations, leading to significant financial losses. Crowded conditions in aquaculture facilities can facilitate the rapid spread of diseases among fish populations. Ensuring the health and biosecurity of farmed fish requires continuous monitoring, preventive measures, and sometimes the use of antibiotics, which can raise concerns about antibiotic resistance and food safety.
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Fish Farming Market Competitive Landscape
The global fish farming market features a competitive landscape with a blend of established players and innovative newcomers. Industry leaders like Marine Harvest, Cermaq Group, and Thai Union Group have solidified their positions through extensive production networks, brand recognition, and adherence to sustainable practices. These companies emphasize technological advancements to enhance production efficiency, minimize environmental impact, and ensure the quality of farmed fish. Emerging players bring innovation to the sector with genetically modified fish that offer accelerated growth rates. Additionally, regional players like Lerøy Seafood Group and Mowi ASA contribute to the market's diversity, leveraging their expertise in specific geographical areas. Sustainability concerns have led to the rise of recirculating aquaculture systems (RAS) and land-based fish farming ventures that aim to reduce water usage and waste discharge. Collaborations, strategic partnerships, and investments in research and development are common strategies as companies vie for market share while addressing the challenges of sustainable growth, disease management, and regulatory compliance.
Fish Farming Market Top Player’s Company Profile
- Marine Harvest ASA (now Mowi ASA) - Norway
- Cermaq Group AS - Norway
- Thai Union Group Public Co. Ltd. - Thailand
- Lerøy Seafood Group ASA - Norway
- Cooke Aquaculture Inc. - Canada
- Grupo Nueva Pescanova - Spain
- SalMar ASA - Norway
- Kyokuyo Co., Ltd. - Japan
- Huon Aquaculture Group Limited - Australia
- Marine Harvest Group (now Mowi ASA) - Norway
- Tassal Group Limited - Australia
- Nippon Suisan Kaisha, Ltd. (Nissui) - Japan
- Grieg Seafood ASA - Norway
- Charoen Pokphand Foods Public Co. Ltd. - Thailand
- Norway Royal Salmon ASA - Norway
- Bakkafrost P/F - Faroe Islands
- Marine Harvest Scotland (now Mowi ASA) - UK
- Marine Harvest Ireland (now Mowi ASA) - Ireland
- Skretting (part of Nutreco) - Norway
- Lerøy Midt AS - Norway
- Lerøy Vest AS - Norway
- Marine Harvest Canada (now Mowi ASA) - Canada
- Nordic Aquafarms Inc. - USA
- Seabass Chile S.A. - Chile
- Australis Aquaculture LLC - USA
Fish Farming Market Recent Developments
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In March 2024, Hexicon’s Joint Venture, Freja Offshore, started a collaboration with Fish Farms. Freja Offshore has applied to build the offshore wind farm Mareld, 40 kilometres off the coast west of Lysekil in Sweden.
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In March 2024, Ethical Seafood Research (ESR) and FAI announced a new partnership to launch the Tilapia Welfare Project in Egypt. Egypt is the top tilapia producer in Africa and the Tilapia Welfare Project aims to show Egyptian producers not only how to measure and assess tilapia welfare on farm, but also the financial and production benefits of doing so.
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In March 2024, Norwegian energy innovator NAPOP launched a project to combine fish farming, hydrogen production. The new venture is set to integrate a 6,000-metric-ton recirculating aquaculture system with a six-megawatt electrolysis plant, harnessing green energy to split water into hydrogen and oxygen.
Fish Farming Key Market Trends
- Technological Advancements and Automation: The fish farming industry is experiencing a significant shift towards incorporating advanced technologies and automation in various aspects of operations. Innovations such as sensor-based monitoring systems, automated feeding systems, water quality sensors, and data analytics are being used to optimize fish health, growth, and overall farm efficiency. These technologies enable real-time monitoring of environmental parameters, disease detection, and precise feeding, resulting in better resource management and higher yields. Automation also helps in reducing labor costs and human errors while ensuring consistent and controlled production processes.
- Sustainable Aquaculture Practices: With increasing environmental concerns and the need to address overfishing and habitat degradation, there is a growing emphasis on sustainable aquaculture practices in fish farming. Consumers are demanding seafood produced with minimal impact on the environment and a focus on animal welfare. This has led to the adoption of practices such as recirculating aquaculture systems (RAS) that minimize water usage and waste discharge, as well as the use of alternative feeds that reduce pressure on wild fish stocks. Certifications and eco-labels for sustainable practices are gaining importance as consumers become more conscious of the origin and production methods of their seafood.
Fish Farming Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global fish farming market analysis, the market has witnessed significant expansion in response to the rising demand for seafood, coupled with concerns about overfishing and the sustainability of wild fish stocks. Fish farming, also known as aquaculture, involves cultivating fish in controlled environments to meet the growing global protein needs. The market growth is driven by factors such as population growth, increasing health consciousness, and the preference for farmed fish due to its controlled quality and availability. Technological advancements in aquaculture practices, including recirculating aquaculture systems (RAS) and sustainable feed formulations, have contributed to improved efficiency and reduced environmental impact. However, challenges such as disease management, water quality, and regulatory compliance remain significant concerns for the industry's sustainability. As the world's appetite for seafood continues to rise, fish farming is expected to play a crucial role in meeting this demand while striving to minimize environmental impact and ensure the welfare of farmed fish.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 270.95 billion |
| Market size value in 2031 | USD 427.59 billion |
| Growth Rate | 5.2% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Fish Farming Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Fish Farming Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Fish Farming Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Fish Farming Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Fish Farming Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Fish Farming Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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