Market Overview
Aquaculture Market Size was valued at USD 152.2 billion in 2021. The aquaculture market industry is projected to grow from USD 160.9 billion in 2022 to USD 237.3 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.71% during the forecast period (2022 – 2030)The controlled process of breeding, rearing, harvesting, and producing fish, shellfish, algae, and other aquatic creatures is aquaculture, also known as fish farming. It is typically carried out in on-land tanks, freshwater ponds, rivers, and coastal ocean waters. This helps with food production, habitat restoration, the population recovery of threatened and endangered species, and aquarium construction. It also reduces waste production by generating fish and shellfish feed, giving the aquatic population a secure and natural breeding environment, and making the best use of agricultural and natural resources. Producing ornamental fish is another aquaculture aspect that supports commercial and recreational marine fisheries.
One of the main factors fueling the market's expansion is the increased demand for seafood and the expansion of aquaculture. The market is expanding due to the rising demand for fish oil across numerous industries, including food and beverage, medicines, and nutraceuticals. They are also adopting high-tech tools to manage facility operations, monitor the water, and study fish behaviour. Accordingly, substantial research and development initiatives, such as genetic enhancements for finfish species, restrictions on fish reproduction, and monitoring of parasitic infections in aquatic animals offshore,
Segmentation
The Aquaculture Market is divided into different segments.
The market is divided into three categories based on offerings: services, software, and hardware. A sizable market share belongs to the hardware industry. Due to the widespread use of automated aquaculture market outlook farm monitoring devices, hardware components like sensors, monitoring and control devices, smart feeding systems, underwater remotely-operated vehicles, and climate control systems are anticipated to hold the largest market share during the forecast year.
The market is divided into cage-based and RAS segments depending on Farm Type. The RAS sector dominates the market. During the projection period, increasing awareness of the advantages of RAS-based aquaculture farming, such as the need for less water than conventional systems and environmentally friendly methods, is driving the market's expansion.
Regional analysis
Due to growing government initiatives to promote the health of aquatic animals and sustainable farming practices, the industry in Asia-Pacific is anticipated to dominate the worldwide aquaculture market insights over the forecast period. Sustainable aquaculture and aquatic resource management are being promoted in the region by groups like the Network of Aquaculture Centres in Asia-Pacific. However, due to the rising number of market participants in the region and the strong institutional support for aquaculture provided by the government to promote industrial expansion, the market in North America is anticipated to experience the highest growth rate during the projected period.
Recent developments
SusGlobal Energy Corp., the creator of SusGroTM, an innovative, award-winning, pathogen-free organic liquid fertiliser, has announced that its wholly owned subsidiary, SusGlobal Energy Canada Corp., has signed a non-binding letter of intent for the acquisition of a developer of soil media, plant nutrients, and amendments specifically engineered for producing high-quality fruit and flowering crops.
February 2022: Del Pacifico Seafoods, the sole producer of fair trade-certified wild-caught Mexican shrimp, announced the launch of new retail items at the Seafood Expo North America shows March 13–15 in Boston.
Key Companies in the aquaculture market includes
- Nippon Suisan Kaisha Ltd. (Japan)
- American Abalone Farms (US)
- Cermaq ASA (Norway)
- Dainichi Corporation (Japan)
- Cargill Incorporated(US)
- Austevoll Seafood ASA (Norway)
- Charoen Pokphand Foods PCL (Thailand)
- Blue Ridge Aquaculture Inc. (US)
- Mowi ASA (Norway)
- Tassal Group Ltd. (Australia)
- Sea Watch International Ltd. (US)
- Grieg Seafood ASA (Norway)
- Maruha Nichiro Corporation (Japan)
- Cooke Aquaculture (Canada)
- Thai Union Group PLC (Thailand)
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