The aquaculture market was valued at US$ 267,423.64 million in 2021 and is projected to reach US$ 357,903.27 million by 2028, and it is expected to grow at a CAGR of 4.3% from 2021 to 2028.
Aquaculture involves the cultivation of various organisms such as fish, aquatic plants, molluscs, crustaceans, algae, and others. In both developed and developing nations, small-scale aquaculture markets play a vital role in generating employment opportunities. As per the FAO, more than 41 million individuals worldwide are employed in the aquaculture industry. Fish farming, in particular, is the most prevalent aquaculture activity, and it is carried out extensively in developing countries. Fish and other seafood products are a significant source of nutrition for impoverished populations and are considered one of the most cost-effective animal protein sources. Given that many capture fisheries are fully exploited or overexploited, aquaculture is seen as a critical sector for meeting the growing demand for fish, which will increase with population growth, higher incomes, and urbanization.
MARKET DYNAMICS
The expanding population is exerting pressure on naturally available protein sources, and fish products are expected to play a significant role in meeting the protein requirements of the growing middle-income group while also addressing the food security needs of the poor. This factor is expected to propel the growth of the aquaculture market during the forecast period.
MARKET SEGMENTATION
The aquaculture market is divided into various categories such as fish, aquatic plants, crustaceans, mollusca, and others, based on the type of product. Among these categories, the fish segment held the largest market share in 2020 and is expected to have the highest compound annual growth rate (CAGR) during the forecast period. The surge in the demand for fish and fish-based products in regional cuisines, particularly in Asia Pacific and Europe, is the primary reason for the growth of the fish segment. Additionally, the increasing health consciousness among people in developed regions such as North America has led to a rise in the consumption of fish products. The aquaculture market is categorized by geography, including North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America (SAM). As of 2020, the Asia Pacific region held the dominant share of the global aquaculture market and was projected to experience the highest compound annual growth rate (CAGR) during the forecast period. The growth of the aquaculture industry in this region can be primarily attributed to the increased production of fish and other aquatic organisms in countries such as China and India. China is the largest producer of aquaculture products, including various species such as fish, molluscs, crustaceans, seaweeds, and invertebrates. Among the most commonly farmed species in China are tilapia, shrimp, bream, catfish, scallops, carp, oysters, and mussels.
MARKET PLAYERS
The aquaculture market is served by several key players, including P/F Bakkafrost, Blue Ridge Aquaculture, Inc., Cermaq Group AS, Danish Salmon A/S, Farallon Aquaculture Group, Cooke Aquaculture, Inc., Leroy Seafood Group ASA, Stolt-Nielsen Limited, Mowi ASA, and Thai Union Group PCL.
To determine the size of the aquaculture market, a combination of primary and secondary research has been employed. Exhaustive secondary research has been conducted, utilizing both internal and external sources, to gather qualitative and quantitative information pertaining to the aquaculture market. Furthermore, several primary interviews were conducted with industry participants to authenticate the data and gain deeper analytical insights into the subject matter. The participants in this process consisted of industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants such as valuation experts, research analysts, and key opinion leaders who specialize in the aquaculture market.