According to TechSci Research report, “Aquaculture Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029”, the Global Aquaculture Market stood at USD 39.17 billion in 2023 and is anticipated to grow with a CAGR of 6.42% in the forecast period. This trend can be attributed to the adoption of sustainable and responsible practices. Increasing awareness of environmental issues has driven a greater focus on sustainable and socially responsible approaches in aquaculture. Consumers, retailers, and regulatory bodies are advocating for environmentally friendly practices within the industry. Certification programs, like those offered by the Aquaculture Stewardship Council (ASC) and Best Aquaculture Practices (BAP), are becoming increasingly important.
Also, the industry is exploring the cultivation of new and unconventional aquatic species to diversify production and meet changing consumer preferences. Species such as barramundi, cobia, and various types of seaweed are garnering attention for their nutritional benefits, adaptability, and potential economic viability.
The global aquaculture market has seen significant expansion recently, fueled by rising seafood demand, diminishing wild fish reserves, and advancements in aquaculture technologies. Aquaculture entails the cultivation of aquatic organisms like fish, shrimp, mollusks, and aquatic plants for human consumption.
As the global population grows and awareness of seafood's health benefits increases, there's been a notable uptick in demand for fish and other seafood items. Aquaculture plays a pivotal role in meeting this demand.
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The Global Aquaculture Market is segmented into environment, fish type, regional distribution, and company.
Based on its fish type, Carps is poised to dominate the global aquaculture market. the Carp segment stands out as a dominant force, commanding a significant share of production and consumption. This dominance can be attributed to several key factors that contribute to the widespread cultivation and popularity of carp species worldwide. Carps are highly adaptable and resilient fish species that thrive in a wide range of environmental conditions. They can be cultivated in various aquaculture systems, including ponds, cages, and recirculating aquaculture systems (RAS), making them accessible to farmers across different regions and farming scales. This versatility enhances their appeal to aqua culturists seeking reliable and adaptable species for commercial production.
Also, carps exhibit rapid growth rates and efficient feed conversion, translating into faster production cycles and higher yields for farmers. This economic efficiency makes carp farming financially lucrative and attractive to aquaculture investors seeking profitable ventures with favorable returns on investment. In addition to their agronomic advantages, carps are also favored for their nutritional value and culinary versatility. Carp meat is rich in protein, essential amino acids, and healthy omega-3 fatty acids, making it a desirable dietary option for consumers seeking nutritious and sustainable protein sources.
Carp species can be prepared in various ways, including grilling, frying, and baking, appealing to diverse culinary preferences and cultural traditions worldwide. Carp consumption is deeply ingrained in many cultures, particularly in Asian countries where carp species like common carp, silver carp, and grass carp have been cultivated for centuries. This cultural heritage and culinary tradition contribute to the steady demand for carp products in domestic and international markets, driving sustained growth in the Carp segment of the aquaculture industry.
Based on Region, North America is poised to witness fastest market growth during the forecast period. North America benefits from a strong and established seafood market, characterized by high consumer demand for a variety of fish and shellfish products. As consumers increasingly seek healthier and sustainable protein sources, the demand for aquaculture products continues to rise in the region. This growing consumer preference for seafood presents lucrative opportunities for aquaculture producers in North America to capitalize on.
Advancements in technology and innovation are driving productivity gains and operational efficiency in the North American aquaculture industry. The region is home to numerous research institutions, universities, and private companies that are actively engaged in developing and implementing cutting-edge aquaculture technologies, such as recirculating aquaculture systems (RAS), precision farming methods, and advanced breeding techniques. These technological advancements enable aquaculture producers in North America to optimize production, improve product quality, and reduce environmental impact, enhancing their competitiveness in the global market.
Also, North America boasts a favorable regulatory environment and supportive government policies that promote sustainable aquaculture practices and industry growth. Regulatory frameworks ensure that aquaculture operations adhere to strict environmental standards, food safety regulations, and sustainability guidelines, instilling consumer confidence in the quality and integrity of aquaculture products produced in the region. Additionally, government initiatives provide financial incentives, grants, and technical assistance to support aquaculture development, infrastructure investments, and research and development activities, fostering a conducive ecosystem for industry expansion.
Major companies operating in Global Aquaculture Market are:
- Nissui Corp
- Alpha Aqua A/S
- Aquaculture Technologies Asia Limited
- Mowi ASA
- Cooke Aquaculture Inc
- P/F Bakkafrost
- Thai Union Group PCL
- Leroy Seafood Group ASA
- Tassal Group Ltd
- Cermaq Group AS
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“As the global aquaculture market continues to evolve, the upcoming trends promise to shape the industry's future by fostering sustainability, innovation, and resilience. From technological advancements to alternative feed sources and novel cultivation practices, these trends reflect the industry's commitment to meeting the rising demand for seafood while addressing environmental and economic challenges. By embracing these trends, the global aquaculture market is well-positioned to chart new waters and contribute to a more sustainable and secure future for global food production,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Aquaculture Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Environment (Marine Water, Fresh Water, Brackish Water), By Fish Type (Carps, Mollusks, Crustaceans, Mackerels, Sea Bream, Others), By Region, and By Competition, 2019-2029F”, has evaluated the future growth potential of Global Aquaculture Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Aquaculture Market.
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