Dublin, May 29, 2024 (GLOBE NEWSWIRE) -- The "Global Fish Farming Market: Analysis by Environment, By Fish Type, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2029" report has been added to ResearchAndMarkets.com's offering.
The global fish farming market value in 2023 stood at US$323.02 billion, and is likely to reach US$444.38 billion by 2029. The global fish farming market value is projected to grow at a CAGR of 5.46%, during the forecast period of 2024-2029. In terms of production, the total number of fish farmed in 2023 stood at 66.56 million tonnes.
One of the key drivers behind the growth of fish farming is growing global population and increasing demand for fish protein. As the global population continues to expand, with projections indicating nearly 10 billion people by 2050, the demand for fish food is expected to rise substantially.
This demand surge has led to a shift towards aquaculture as a sustainable solution to supplement dwindling wild fish stocks. Various other factors driving the growth of fish farming include rising awareness of health benefits associated with consumption of fish, rising per capita income, urbanization, declining wild fish stock, etc.
Asia Pacific fish farming market enjoyed the highest market share in 2023 and is the fastest growing region as well. Asia Pacific countries, such as China, India, and Indonesia, have long-standing traditions and expertise in aquaculture practices. These countries have extensive coastlines, rivers, and inland water bodies that provide abundant resources for aquaculture operations.
Additionally, the region's large population base and rising disposable incomes drive demand for seafood products, stimulating growth in the fish farming sector. Moreover, government policies and initiatives aimed at promoting aquaculture development, improving infrastructure, and providing financial support to fish farmers further bolster growth in the region.
India is expected to be the fastest growing country within the Asia Pacific region due to country's vast water resources, including rivers, canals, ponds, reservoirs, and brackish water areas. Additionally, the transition from capture-based to culture-based fishing has opened the way for a stable blue economy, supporting the livelihoods of millions of people along the value chain. India's extensive coastline, exclusive economic zone, and marine resources provide a conducive environment for marine fisheries and aquaculture, contributing significantly to fish output.
Furthermore, the fish farming market is predicted to grow due to technological advancements like Recirculating Aquaculture Systems (RAS) and genetic tools optimizing production efficiency and environmental sustainability, integration of AI and machine learning in aquaculture sector, heightened environmental concerns and a focus on sustainable practices, etc.
Competitive Landscape and Recent Developments
Fish farming industry exhibits high fragmentation, with numerous players contributing to a diverse landscape. The market is characterized by many companies offering a wide range of quality products, creating a competitive environment.
The key players are constantly investing in strategic initiatives, such as adoption of new technologies, introducing their products to emerging markets and more, to maintain a competitive edge in this market. For instance, 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. Also, in November 2023, Bakkafrost planned to build a new recirculating aquaculture system (RAS) smolt hatchery in Skalavik, Faroe Islands, with a total capacity of 28,600 m3.
Market Segmentation Analysis:
By Environment: Freshwater segment acquired majority of share in the market in 2023 and is the fastest growing segment because of the diversity of fish species suitable for cultivation in freshwater, including popular varieties like tilapia, carp, catfish, and trout, enables a broad range of products and market opportunities within this segment.
Additionally, freshwater environments offer abundant and accessible resources, and freshwater fish farming generally entails lower production costs compared to marine or brackish water farming, driven by factors such as reduced land and operational expenses and simpler infrastructure requirements.
By Fish Type: Salmon acquired majority of share in the market in 2023 as salmon is highly valued in international markets for its taste, texture, and nutritional benefits, making it a preferred choice among consumers. Additionally, salmon farming techniques have seen substantial advancements in recent years, allowing for efficient and sustainable production on a large scale.
Technologies such as sea-cage farming and land-based recirculating aquaculture systems (RAS) have enabled salmon farmers to meet market demands while addressing environmental concerns. While, tilapia segment has been experiencing rapid growth in the global fish farming market because of its adaptability to various environmental conditions, lower production costs and reduced risks for farmers. Additionally, tilapia has gained popularity among consumers due to its mild flavor, white flesh, and versatility in culinary applications, making it a sought-after choice in both domestic and international markets.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 158 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $340.66 Billion |
| Forecasted Market Value (USD) by 2029 | $444.38 Billion |
| Compound Annual Growth Rate | 5.4% |
| Regions Covered | Global |
Market Dynamics
Growth Drivers
- Increasing Consumption of Fish
- Growing Population
- Declining Wild Fish Stocks
- Rising Awareness of Health Benefits
- Government Support and Regulations
Challenges
- Disease Outbreaks
- Feed Sustainability
- Habitat Degradation
Market Trends
- Artificial Intelligence (AI) and Machine Learning
- Recirculating Aquaculture Systems (RAS)
- IoT Devices and Sensors
- Plant-based Feed
- Biofloc technology
- Genetics and Breeding Programmes
- Digitalization and E-commerce
Key Players
- Stolt-Nielsen Limited (Stolt Sea Farm)
- P/F Bakkafrost
- Austevoll Seafood ASA
- Mowi ASA
- SalMar ASA
- Cermaq Group AS
- Nordic Aquafarms
- Cooke Inc.
- Australis Aquaculture
- Blue Ridge Aquaculture
- AquaBounty
- America's Catch
For more information about this report visit https://www.researchandmarkets.com/r/ellmy7
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