Aquaculture Market Size, Share, Growth, Overview, Price, Outlook, Report And Forecast

The aquaculture industry was valued at $311.1 billion in 2023 and is estimated to reach $573.7 billion by 2035, and growing with a CAGR of 5.2% from 2024 to 2035.

Aquaculture is the cultivation of aquatic organisms, including fish, shellfish, crustaceans, and aquatic plants, in controlled environments such as ponds, tanks, cages, or open bodies of water such as lakes and coastal areas. Commonly referred to as "fish farming" or "mariculture" when focusing on marine environments, aquaculture plays a crucial role in global food production, providing a significant portion of the world's seafood supply. It also contributes to conservation efforts, restoration of endangered species, and the production of ornamental fish and plants for aquariums. Aquaculture is expected to take various forms, from fish farming for species such as salmon and tilapia to shellfish farming for oysters and clams to crustacean farming for shrimp and lobsters, and even aquatic plant farming for seaweed. While aquaculture offers the advantage of reducing pressure on wild fish populations and supporting sustainable seafood production, it also faces challenges such as environmental impacts, disease management, and ethical concerns. Successful aquaculture practices aim to strike a balance between productivity, sustainability, and animal welfare.

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The aquaculture market is driven by a combination of factors that include economic growth, technological advancements, and change in consumer preferences. The increasing global demand for seafood, propelled by a rising population and a shift towards healthier diets, plays a significant role. Concurrently, the decline of wild fish stocks due to overfishing and environmental degradation underscores the need for sustainable alternatives, which aquaculture provides. Technological innovations like recirculating aquaculture systems (RAS) and automated feeding have improved efficiency and sustainability, further driving market growth. Government policies and support in the form of subsidies and regulations help ensure environmental compliance while promoting industry expansion. Sustainability and environmental considerations are key factors, with practices such as integrated multitrophic aquaculture (IMTA) offering eco-friendly solutions. Consumer trends toward health consciousness and a preference for sustainably produced seafood also contribute to the market growth.

The aquaculture market is driven by increased global demand for seafood, technological advancement & innovation, and economic growth and nice income.

Aquaculture is a practice that farms or cultivates fish, crustaceans, mollusks, and aquatic plants and other aquatic species for food production. It entails the reproduction, raising, and harvesting of these creatures in confined spaces such as tanks, ponds, or sea habitats. Moreover, aquaculture encompasses both small-scale and large-scale industrial operations, contributes significantly to satisfying the world's expanding need for seafood. It is also regarded as a vital part of the world's food security and a long-term replacement for wild fisheries. It also allows for the cultivation of a wide range of species in various environments, including freshwater ponds, coastal areas, and offshore facilities.

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These environments offer greater control over factors like water quality and stocking density, contributing to the ease of management and lower environmental impact of freshwater aquaculture systems. In addition, freshwater aquaculture benefits from local and traditional practices, which have been developed and refined over generations. The high market demand for freshwater species and their suitability for intensive production, the freshwater segment continues to play a vital role in meeting global seafood needs and driving the growth of the aquaculture industry.

The aquaculture market is segmented on the basis of environment, fish type, and region. The environment segment includes marine water, fresh water, and Brackish Water. Among these, the freshwater segment occupied the major share of the market in 2023 and is anticipated to maintain its dominance during the aquaculture market forecast period. The freshwater segment dominates the aquaculture market due to its diverse range of cultivable species, including tilapia, carp, catfish, and freshwater prawns, which cater to various market preferences. Freshwater resources being more widely distributed globally compared to marine environments, inland areas such as rivers, lakes, and ponds provide accessible habitats for freshwater aquaculture operations.

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By region, Asia-Pacific held the highest market share in 2023, accounting for more than two-thirds of the aquaculture market revenue and is estimated to maintain its leadership status throughout the forecast period. The Asia-Pacific region holds the highest market share in the aquaculture market due to several key factors. First, this region has a long history of aquaculture practices, with countries such as China, Thailand, and Vietnam pioneering various methods of fish and shellfish farming. This deep-rooted tradition has fostered extensive knowledge and expertise, enabling the Asia-Pacific to remain a global leader. Moreover, the region has a diverse range of ecosystems, from freshwater to marine environments, allowing for a wide variety of species to be cultivated. This versatility contributes to a robust aquaculture industry that can meet different market demands. In addition, the Asia-Pacific region has a large and growing population with increasing protein consumption needs. As disposable incomes rise, the demand for seafood and aquaculture products also increases, thus fueling the Aquaculture market growth.

Leading Market Players: -

Cermaq Group AS (Mitsubishi Corporation),
Cooke Aquaculture Inc.
Grupo Farallon Aquaculture
Leroy Sea Food Group
Marine Harvest ASA
P/F Bakkafrost
Selonda Aquaculture S.A.
Stolt Sea Farm
Tassal Group Limited
Thai Union Group Public Company Limited

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