Tokyo, May 07, 2023 (GLOBE NEWSWIRE) -- According to Precedence Research, the aquaculture market size accounted for USD 296.52 billion in 2022. Aquaculture is farming aquatic organisms such as fish, shellfish, mollusks, crustaceans, and aquatic plants under controlled conditions. It is a form of aquafarming that involves the cultivation of freshwater and saltwater populations in tanks, ponds, cages, or other enclosed or controlled environments. Aquaculture has several advantages over traditional fishing methods, including better control over the production process, a reduced impact on wild fish populations, and the ability to produce fish in areas where traditional fishing is not possible.
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Overall, aquaculture plays a vital role in meeting the growing demand for seafood products, supporting local economies, and promoting sustainable food production practices. The aquaculture market is growing rapidly due to the increasing demand for seafood products, coupled with declining wild fish stocks. Aquaculture provides a sustainable solution to this growing demand while reducing the pressure on wild fish populations. The aquaculture market is driven by various factors, such as advancements in technology and farming practices, increasing government support, growing awareness of the health benefits of seafood, and rising demand from various end-use industries such as food, pharmaceuticals, and cosmetics.
Regional snapshot:
Asia Pacific is the dominating region expected to maintain its growth during the forecast period. The development of Asia Pacific in the global aquaculture market is attributed to the largest share of production and consumption of aquatic products. China is the world's largest aquaculture producer and consumer, followed by India, Vietnam, Indonesia, and Bangladesh. The growing population, rising income levels, and changing dietary habits in the region are driving the demand for seafood, which is expected to continue to grow in the coming years.
Following China, India is another significant market for aquaculture practices; the rising investments in sustainable aquaculture farming and other related practices with enormous potential of players in the country are supporting the market’s growth in India.
In June 2022, Cochin International Airport Limited introduced aquaculture practices in the water bodies at its golf club at Nedumbassery. The Rajiv Gandhi Center for Aquaculture and the Marine Products Export Development Authority joined the Cochin International Airport Limited authority for eco-friendly and sustainable cage farming.
North America is another significant marketplace for aquaculture practices. The market for aquaculture in North America is growing rapidly due to increasing demand for locally produced seafood and concerns about the sustainability of wild fisheries. The United States is North America's largest producer of farmed seafood, followed by Canada. The U.S. government partners with private market players and invest in research and development to improve the efficiency and sustainability of aquaculture production. This includes developing new technologies for fish feed, breeding, and disease management.
During the forecast period, Europe is expected to be the most attractive region for aquaculture practices. Norway is the largest producer of farmed salmon in Europe and one of the largest in the world. Other major European aquaculture producers include the United Kingdom, Turkey, Greece, and Spain.
Report Highlights:
- By environment, the freshwater segment holds the dominating share of the market; easy access to aquaculture practices for freshwater species, including tilapia and catfish, along with cost-effective aquaculture practices, has supported the segment’s growth. Moreover, the rising investments in the seafood industry around coastal regions are expected to boost the growth of the marine water segment during the forecast period.
- By type, the fish segment dominated the market in 2022; the segment will continue to grow at a significant rate owing to the rising dietary preferences for fish which are observed to be an ideal source of nutrition. Moreover, the increasing pharmaceutical industry is expected to fuel the growth of the fish segment. On the other hand, the aquatic plants segment is expected to witness rapid growth during the analyzed period owing to their potential to meet the growing demand for plant-based food products, sustainability benefits, and their potential for value-added products.
- By end-user, the seafood industry segment dominated the market in 2022; the segment will continue to dominate during the forecast period due to the emerging food industry in coastal regions. The increasing global population and changing dietary choices are observed to maintain the growth of the seafood industry segment. On the other hand, the pharmaceutical industry segment is expected to witness the fastest growth owing to the rising awareness about the unmatched medicinal benefits offered by aquatic products (plants and animals).
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Scope of this report
| Coverage | Details |
| Market Revenue | USD 526.03 Billion in 2022 |
| CAGR | 5.9% from 2023 to 2032 |
| Asia Pacific Revenue Share | 42.4% in 2022 |
| Freshwater Segment Revenue Share | 66% in 2022 |
| Key Players | Nireus SA Ltd., SalMar ASA, Austevoll Seafood, Kyokuyo Co Ltd., Dainichi Corporation, Nippon Suisan Kaisha Ltd, Maruha Nichiro Corporation, Thai Union Group Plc, Leroy Seafood Group ASA, Eastern Fish Co., Surapon Foods Public Company Ltd., Shandong Homey Aquatic Development Co Ltd. and Others |
Market Dynamics:
Driver:
Increasing demand for seafood
The rising demand for seafood is one of the primary key drivers of the growth of the aquaculture market. With a growing global population and increasing awareness of the health benefits of seafood, the demand for fish and other seafood products has steadily grown. Aquaculture, which involves farming fish, mollusks, crustaceans, and other aquatic animals, provides a sustainable solution to meet the growing demand for seafood. It allows for the production of seafood in a controlled environment, ensuring that the fish stocks are not depleted in the wild.
Additionally, technological advancements have made aquaculture more cost-effective and efficient in recent years. This has made it possible for farmers to produce large quantities of high-quality seafood products to meet consumers' demands. Overall, the improving food industry across the globe, especially near coastal areas, will continue the growth of the aquaculture market.
Restraint:
High capital cost
Building and outfitting an aquaculture facility can be expensive, particularly if the specialized infrastructure is required. Aquaculture facilities require specialized equipment such as pumps, aerators, and water treatment systems, which can be costly to purchase and maintain. In addition, aquaculture operations may require specialized technology, such as remote monitoring systems, which can also add to the cost of operation.
Aquaculture operations require constant feed, energy, and labor costs, which can increase over time. These costs can be particularly challenging for small-scale producers who may not have the resources to purchase inputs in bulk or access economies of scale. These factors can add up to a significant investment for aquaculture producers, making it difficult for producers to enter the market and for existing producers to expand their operations.
Opportunity:
Diversification of products
By offering a more comprehensive range of products, businesses can appeal to a broader customer base. Companies are focused on diversifying products by adding premium aquatic animals such as shrimp or shellfish to their product line, attracting customers who prefer these types of seafood. Diversifying products can also help reduce the risk of a business being affected by market fluctuations or disease outbreaks that may affect a single species. By farming multiple species, companies can spread the risk across different products. Offering a more comprehensive range of products can also open new business markets. This could appeal to consumers who are interested in health and wellness products. Diversifying products in the aquaculture market can create opportunities for businesses to expand their customer base, reduce risk, add value to products, and expand into new markets.
Challenge:
Natural disasters and climate change challenges
Climate change and natural disasters create several challenges for the aquaculture market, which can impact the production, distribution, and profitability of aquaculture products. Natural uncertainties can cause water temperatures to fluctuate, which can affect the growth and survival of aquatic species. Natural disasters such as hurricanes, typhoons, and floods can damage aquaculture facilities, destroy crops, and cause significant financial losses for aquaculture producers.
Climate change and natural disasters can even cause water quality changes, impacting aquatic species' health and growth. Climate change can cause changes in ocean currents, which can impact the distribution of nutrients and plankton in the water. All of these challenges can affect the aquaculture market by reducing the availability of certain species, increasing production costs, and reducing profitability for producers.
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Recent developments:
- In June 2022, the Irish minister of Agriculture announced the launch of phase 1 AQUAMIS, a public online aquaculture information management system. The system will develop an overall management system for aquaculture licenses in Ireland.
- In June 2022, Agri-EPI Center announced its partnership with Otter Ferry Seafish and Innovative to launch a new Marine Aquaculture Innovation Center. The new center offers fully serviced research and development facilities to aquaculture producers and technology producers, which aims to provide sustainable solutions for aquaculture practices.
- In April 2022, the Department of Fisheries in Kannur announced to launch of an aquaculture project in the Dharmadam-Anjarakandy river. The project aims to attract tourists and even conserve fish varieties. The department has planned to set up facilities to provide technical support for native fish breeding.
Market Segmentation
By Environment
- Fresh water
- Marine water
- Brackish water
By Type
- Fish
- Crustaceans
- Aquatic plant
By End-User
- Seafood industry
- Pharmaceuticals
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
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