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The aquaculture market size is forecast to increase by USD 94.78 billion, at a CAGR of 6.67% between 2023 and 2028.
In APAC, the market experiences accelerated growth due to the emergence of robust commercial farming practices and the rising prevalence of dual-income households. This trend augments the purchasing power, leading to increased consumption of nutritious food items like aquaculture products. Companies like Alpha Aqua AS contribute to this market through offerings such as Alpha Algae Solutions, providing advanced aquaculture technologies like NanoRAS, NeroRAS, and Alpha Line. This market surge brings numerous benefits, catering to global consumer trends and forecasts, fostering convenience, and driving market analysis and growth.
The market shows an accelerated CAGR during the forecast period. To get additional information about the market report, Request Free Sample
The popularity of polyculture farm methodology is notably driving the market growth. Polyculture is gaining popularity in this industry, involving the cultivation of multiple aqua-farming species within the same system. This approach offers several advantages appealing to both farmers and consumers. Firstly, it mitigates the risk of disease outbreaks by fostering diverse and balanced ecosystems compared to monoculture systems.
Further, secondly, it enhances resource utilization efficiency, with some species consuming waste from others, thus promoting sustainability. Thirdly, it facilitates the production of diverse and flavorful seafood, catering to consumer preferences for sustainable and varied options. As more manufacturing systems integrate polyculture techniques, the global market is poised for continued growth, meeting the demands of an increasingly vegan and vegetarian population. Hence, such factors are driving the market during the forecast period.
The increased preference for organic activities is the key trend in the market. Consumers are becoming more health and environmentally conscious and willing to pay for sustainably produced seafood free of harmful chemicals. Organic activities are a farming method that avoids the use of antibiotics, synthetic pesticides, and other harmful chemicals and instead relies on natural inputs such as organic feed, probiotics, and organic flake systems.
Moreover, the demand for organic is also driven by growing concerns about the environmental impacts of traditional, such as the use of antibiotics and chemical additives that can pollute waterways and damage marine ecosystems. Organic practices aim to minimize negative environmental impacts and promote the health and welfare of farmed fish. With these trends, people tend to pay more for seafood that is sustainably produced and free of harmful chemicals, the organic market will outperform the conventional market during the forecast period. All these factors will foster the growth of the market during the forecast period.
The rising prevalence of pathogenic diseases among aquaculture species may challenge the growth of the market. Diseases can lead to huge losses in production and affect the profitability of the industry. Seafood is vital to the global economy, but marine diseases reduce its economic value. Infectious diseases found in the ocean can affect the quality, growth, and survival of aquatic organisms.
Moreover, the effects of these diseases are even more pronounced in stressful and crowded environments. For example, marine diseases in farmed oysters, shrimp, abalone, and other fish can cost billions of dollars each year. Moreover, it is often difficult to assess the impact of these diseases on species, especially pelagic and subtidal species. Hence, such factors are hindering the market during the forecast period.
The flexibility offered by the net pen culture segment will increase the market growth. The net pen culture segment is a segment of the global market that comprises the cultivation of fish and other aquatic organisms in cages or net pens that are suspended in bodies of water such as oceans, lakes, and rivers. In addition, in this type of culture, fish are kept in a confined space that is enclosed by a netting material that allows water to flow through while containing the fish within. Furthermore, net pens can be located in offshore or nearshore locations, and the fish are fed a formulated diet to promote growth and health. In addition, net pen culture is a popular method of aquaculture because it is relatively simple and cost-effective. Hence, such factors are fuelling the growth of this segment which in turn drives the market during the forecast period.
The market encompasses a diverse range of elements crucial for the sustainable growth of aquatic food production. Aquaculture manufacturing systems play a pivotal role in enhancing production efficiency and ensuring optimal consumer product quality. Open Aquaculture methods are gaining prominence for their ability to cultivate disease-free fish, thus addressing critical concerns regarding fish health and safety. Technologies like Recirculating Aquaculture Systems (RAS) and Aquaponics are revolutionizing the industry by offering innovative and efficient production solutions. Moreover, Polyculture techniques and Multi-trophic polyculture technology are being explored to maximize resource utilization and promote ecological balance within aquaculture environments. The market is also adapting to changing dietary preferences, with a growing vegan population and increased demand for products suitable for a vegetarian diet.
The fresh water aquaculture segment is estimated to witness significant growth during the forecast period. The fresh water segment consists of freshwater ponds, tanks, and pens. The segment is also characterized by a wide range of farmers and producers, from small farmers to large commercial producers. The fresh water segment is growing mainly due to declining populations of fish caught in oceans and rivers.
The fresh water aquaculture segment was the largest segment and was valued at USD 129.29 billion in 2018.
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Moreover, freshwater ponds and tanks represent a small percentage of the world's water bodies. However, they are widely used for farming fish and other products. Freshwater bodies are also being used to produce certified organic freshwater, and this is the current trend. The most commonly produced freshwater-farmed species are carp (Cyprinus cario), catfish (Clarias spp. and Pangasius spp.), giant gourami (Osphronemus goramy), and Nile perch (Oreochromis niloticus). Freshwater ornamental fish breeding is also expected to increase during the forecast period due to increased government support and strong export demand. All these factors drive the growth of the segment which in turn drives the market during the forecast period.
APAC is estimated to contribute 73% to the growth of the global market during the forecast period
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Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The market in APAC produces a wide variety of aquatic species. In 2022, China dominated the regional market, accounting for about 70% of the global production of farmed fish, crustaceans, and other seafood. The region is largely dominated by smaller competitors with high levels of government support, especially in countries such as China, Indonesia, India, and Vietnam. In terms of demand, Katra, white-leg shrimp, and pangas catfish were the most popular. Among them, catfish is the fastest-growing breed in terms of sales volume, recording 28% of the annual growth rate. In addition to export growth, domestic consumption of products is also expected to increase significantly given the malnutrition in the region. China's market is growing rapidly, mainly due to the country's geographical conditions favorable for the cultivation of a wide variety of fish species. Economic activity and strong government support are also driving the growth of the market in APAC during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market forecasting growth and analysis.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
BKV Industries Ltd, Camanchaca SA, Cooke Aquaculture, Grupo Farallon Aquaculture, JBS SA, Leroy Seafood Group ASA, Maruha Nichiro Corp., Mitsubishi Corp., Mowi ASA, NIREUS AQUACULTURE, Nissui Corp., PF Bakkafrost, SalMar ASA, Shanghai Kai Chuang Marine International Co. Ltd., Stolt Nielsen Ltd., Thai Union Group PCL, and The Waterbase Ltd.
The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The market is vital for the food and beverage sector, employing precision farming concepts to cultivate a variety of organisms including fish, algae, shellfish. Growers utilize aquatic plants and agricultural inputs like bio-pesticides to ensure crop production meets industry standards. This industry not only provides a source of livelihood but also contributes to organic food products. Technological advances in aquafarming have led to advancements in rearing processes, feeding, and protection from predators, improving productivity and meeting the demands of changing lifestyles. Moreover, the rising awareness of aquaculture production methods emphasizes the need for sustainable adoption of technologies to reduce environmental risks and increase fish output, ensuring food supply security amidst population growth.
Additionally, industrialization has led to advancements in agriculture, including the adoption of bioagricultural inputs for agricultural security, optimizing stocking and fish reproduction through offshore aquaculture methods, and ensuring adherence to hygiene standards and consumption patterns in the packaged aquaculture products market, while indoor fishing farms implement stringent water circulation and filtration systems to maintain fish farm quality. The market also offers plant-based items like Sea-chi and fermented seaweed salad to cater to high-protein diets and meet the demands of food and beverage consumption. Additionally, with a focus on aquatic animals and cultivable land, aquafarming practices cultivate fin fishes, mollusks, and crabs for consumption. Liquid extracts of marine brown seaweed offer essential fatty acids, vitamins, and minerals, enriching fish consumption. Inland fish production contributes to meeting the demand for micronutrients in the market.
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Market Scope |
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Report Coverage |
Details |
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Page number |
172 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.67% |
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Market Growth 2024-2028 |
USD 94.78 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
6.05 |
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Regional analysis |
APAC, North America, Europe, South America, and the Middle East and Africa |
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Performing market contribution |
APAC at 73% |
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Key countries |
China, India, Indonesia, Vietnam, and Thailand |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Alpha Aqua AS, Austevoll Seafood ASA, BKV Industries Ltd, Blue Ridge Aquaculture Inc, Camanchaca SA, Cooke Aquaculture, Grupo Farallon Aquaculture, JBS SA, Leroy Seafood Group ASA, Maruha Nichiro Corp., Mitsubishi Corp., Mowi ASA, NIREUS AQUACULTURE, Nissui Corp., PF Bakkafrost, SalMar ASA, Shanghai Kai Chuang Marine International Co. Ltd., Stolt Nielsen Ltd., Thai Union Group PCL, and The Waterbase Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Culture
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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