According to the latest report by IMARC Group, titled, “Aquaculture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global aquaculture market reached a volume of 72.4 Million Tons in 2021. Looking forward, IMARC Group expects the market to reach 95.6 Million Tons by 2027, exhibiting at a CAGR of 4.8% during 2022-2027.
Aquaculture, or fish farming, represents controlled procedures of breeding, rearing, cultivating, and harvesting fish, algae, shellfish, and other aquatic organisms. They are mostly performed in freshwater ponds, rivers, coastal ocean waters, and on-land tanks. Aquaculture practices aid in food production, aquarium building, and restoration of habitats and threatened and endangered species populations. They even minimize waste creation by producing feed for shellfish and fish, offering a natural and safe breeding environment to the aquatic population, and ensuring optimum usage of agricultural and natural resources. Consequently, aquaculture procedures are extensively practiced across countries.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends
The shifting consumer preferences toward seafood and the growing demand for organic and seafood-based products are among the key factors driving the aquaculture market. In addition to this, the escalating adoption of fish oil in pharmaceuticals, food and beverage (F&B), nutraceutical, cosmetics, and other industries is also positively influencing the market growth. Besides this, the elevating awareness among fish breeders about the benefits of aquaculture practices to maintain overall productivity and gain control over the quality of water is acting as another significant growth-inducing factor. Moreover, the introduction of technologically advanced equipment to analyze fish behavior, monitor the water, and manage facility logistics is further stimulating the global market. Apart from this, the increasing research and development (R&D) activities related to genetic improvements in the species of finfish, manipulation of chromosomes, controlling fish reproduction, and monitoring of parasitic diseases in aquatic animals in open and offshore oceans are anticipated to propel the aquaculture market in the coming years.
Breakup by Fish Type:
- Freshwater Fish
- Molluscs
- Crustaceans
- Others
Breakup by Environment:
- Fresh Water
- Marine Water
- Brackish Water
Breakup by Distribution Channel:
- Traditional Retail
- Supermarkets and Hypermarkets
- Specialized Retailers
- Online Stores
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Aquaculture of Texas Inc.
- Aquaculture Systems Technologies LLC
- Aquafarm Equipment AS
- Cermaq ASA
- Cooke Aquaculture Inc.
- CPI Equipment Inc.
- Frea Aquaculture Solutions
- Grupo Farallon Aquaculture
- Huon Aquaculture Group Pty Ltd.
- International Fish Farming Co. – Asmak
- Leroy Sea Food Group
- Nireus Aquaculture S.A
- Selonda Aquaculture S.A. (Andromeda Seafood Limited)
- Stehr Group Pty Ltd.
- Stolt-Nielsen Limited (Fiducia Ltd.)
- Tassal Group Limited
- Thai Union Group Plc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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