Selbyville, Delaware , Nov. 12, 2024 (GLOBE NEWSWIRE) -- Aquaculture Market was valued at USD 244 billion in 2023 and is projected to be worth USD 360.6 billion by the end of 2032, as per a recent study by Global Market Insights Inc.
This growing demand encourages producers to enhance their operations, leading to innovations in breeding techniques, feed management, and water quality monitoring. These advancements improve fish health and growth rates while promoting overall productivity. By adopting sustainable and efficient farming practices, the industry can better meet consumer preferences and regulatory requirements, ultimately fostering significant growth in seafood production and availability.
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The aquaculture market is segregated based on product type, environment, culture systems, species cultured, end-use, distribution channel, and region.
The fish segment captured USD 139.7 billion in 2023 and will expand to USD 211.3 billion by 2032, attributed to the high demand for various fish species, including salmon, tilapia, and catfish. Fish provides essential nutrients and is a primary protein source for millions globally. As consumer preferences shift toward healthy diets, the demand for farmed fish is increasing. This segment's growth is further supported by advancements in breeding, feeding practices, and disease management, allowing producers to meet market needs while ensuring sustainable practices within the industry.
The freshwater aquaculture segment achieved 43% share in 2023 and will grow at a 4.7% CAGR up to 2032, driven by the availability and accessibility of freshwater resources. Freshwater species, such as tilapia and catfish, are increasingly favored due to their adaptability and rapid growth rates. This segment benefits from lower production costs compared to marine alternatives, making it more appealing to farmers. Furthermore, as consumer preferences shift towards sustainable seafood options, the freshwater aquaculture segment is well-positioned to meet this demand, driving its market growth.
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Asia Pacific aquaculture market secured USD 143 billion in 2023 and will reach USD 216 billion by 2032 due to its dominant position in fish farming and seafood production. The region is home to major aquaculture producers like China, which accounts for a significant portion of global fish supply. Rapid population growth, rising incomes, and changing dietary preferences further drive the demand for seafood in this region. Besides, advancements in aquaculture practices and government support for sustainable initiatives position Asia Pacific as a notable contributor to the overall growth of the aquaculture industry.
Aquaculture Market Players
Companies including Cermaq Group AS, Charoen Pokphand Foods PCL, Cooke Aquaculture Inc., Empresas AquaChile S.A., Grieg Seafood ASA, Huon Aquaculture Group Limited, Lerøy Seafood Group ASA, Mitsubishi Corporation, Mowi ASA, Multiexport Foods S.A., Nippon Suisan Kaisha, Ltd. (Nissui), Nireus Aquaculture S.A., SalMar ASA, Tassal Group Limited, Thai Union Group PCL are some firms working in aquaculture industry.
The aquaculture market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billion) and volume (Million Tons) from 2018 to 2032, for the following segments:
Market, By Product Type
- Fish
- Crustaceans
- Mollusks
- Seaweed
- Aquatic Plants
- Other Aquatic Animals (Frogs, Eels, Turtles, Etc)
Market, By Environment
- Freshwater Aquaculture
- Marine/Sea Water Aquaculture
- Brackish Water Aquaculture
Market, By Mode Of Culture Systems
- Pond Culture
- Cage Culture
- Recirculating Aquaculture Systems (RAS)
- Flow-through/Raceway Systems
- Integrated Multi-trophic Aquaculture (IMTA)
- Others (Aquaponics, Pen Culture, Etc.)
Market, By Species Cultured
- Finfish
- Shellfish
- Aquatic Plants
- Other Invertebrates
Market, By End Use
- Retail
- Food Processing Industry
- Restaurants and Food Service
- Animal Feed Industry
- Pharmaceutical and Nutraceutical Industries
- Others (Leather & Fashion, Fertilizers, Etc)
Market, By Distribution Channel
- Direct sale
- Indirect sale
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
