There are various estimates of the current size of the global aquaculture market, and based on these estimates, it can be assumed that the average size is around US$200 billion. It is seen that expectations for the compound annual growth rate (CAGR) in the market for the next 10 years vary between 4 and 6%. Further rising disposable incomes of people and growing urban population are leading to enhanced consumption of fish and fish products. Additional factors poised to benefit the aquaculture market in the short term include spiraling popularity of organic aquaculture, and novel technologies that are advancing the method of fish farming such as RAS and IMTA…
By Ozlem Akatay
Aquaculture, often referred to as the Blue Revolution, is the practice of raising aquatic creatures in a natural or controlled marine water, fresh water or brackish water environment. These organisms include plants, fish and shellfish such as oysters, mussels, clams, shrimp, crabs and crawfish.
Global Industry Analysts Inc., in its report named Aquaculture – Global Market Trajectory & Analytics, states that demand in the market is supported by factors such as an expanding global population, growing need for food security, surging demand for animal proteins in many developing countries, and stagnant production of capture fisheries.
According to the report, further rising disposable incomes of people and growing urban population are leading to enhanced consumption of fish and fish products. Additional factors poised to benefit the aquaculture market in the short term include spiraling popularity of organic aquaculture, and novel technologies that are advancing the method of fish farming such as Recirculating Aquaculture Systems (RAS); Integrated Multi-Trophic Aquaculture (IMTA); and Large-sized Aquaponics Systems, among others. Another important growth driver is the significant improvements in distribution, logistics and transportation that is transforming the way aquaculture production is transported. Emerging trends in the sector such as rice-fish culture are also expected to offer lucrative growth opportunities for the market. Rice fish culture, referring to farming of fish in rice fields, is advantageous for both the crop as well as the fish. In this method, fish are offered with a safe environment due to the plants and at the same time rice saplings are safeguarded from pests.
MARKET GROWTH EXPECTATIONS
There are various estimates of the current size of the global aquaculture market, and based on these estimates, it can be assumed that the average size is around US$200 billion. It is seen that expectations for the compound annual growth rate (CAGR) in the market for the next 10 years vary between 4 and 6%.
For example, according to Blueweave Consulting’s Global Aquaculture Market – Industry Trends & Forecast Report 2028, the global aquaculture market was worth US$208.7 billion in 2021 and is further projected to reach US$303.8 billion by 2028.
The Aquaculture – Global Market Trajectory & Analytics report, prepared by Global Industry Analysts, provides the following about the market size: Amid the COVID-19 crisis, the global market for aquaculture estimated at US$191.3 billion in the year 2022, is projected to reach a revised size of US$232.4 billion by 2026, growing at a CAGR of 4.4% over the analysis period. Fresh water, one of the segments analyzed in the report, is projected to record a 4.7% CAGR and reach US$158.6 billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the marine water segment is readjusted to a revised 4.2% CAGR for the next 7-year period.
According to another report titled “Aquaculture Market by Environment” by Allied Market Research, global aquaculture market size was valued at US$285.4 billion in 2019, and is projected to reach US$378 billion by 2027, registering a CAGR of 5.8%.
IMARC Group, on the other hand, considers the market size on the basis of volume in its report called Aquaculture Market. According to the report, global aquaculture market reached a volume of 72.4 million tons in 2021. Looking forward, IMARC Group expects the market to reach 95.6 million tons by 2027, exhibiting at a CAGR of 4.8% during 2022-2027.
MARKET DRIVERS & RESTRAINTS
Increasing consumer demand for aquaculture and scarcity of resources in the natural environment are supporting the growth of farm fisheries. Blueweave Consulting explains it this way in its report: Over the past 50 years, fish and seafood production has doubled worldwide. The average individual currently consumes over twice as much seafood as they did fifty years ago, in addition to the fact that the world’s population has more than doubled during this time. Fish stocks all around the globe are under more strain as a result of this. Since the 1980s, the proportion of fish stocks that are overfished, or caught faster than they can reproduce to maintain population levels, has more than doubled, making the current levels of wild fish catch unsustainable. According to a recent World Bank analysis, 62% of the seafood we consume will be farm-raised in 2030 to satisfy rising demand from places like Asia, where almost 70% of fish will be consumed. This propels the growth rate of the global aquaculture market over the forecast period.
Also, according to the report, fish breeders are becoming increasingly conscious of the advantages of implementing effective aquaculture procedures to sustain overall biological productivity and control water quality. They are also adding cutting-edge technology to monitor the water, examine fish behavior, and manage facility logistics. Along these lines, intensive research and development (R&D) initiatives, such as genetic improvements in finfish species, fish reproduction control, chromosome manipulation, and monitoring of parasitic diseases in aquatic animals in off-shore and open oceans, are also anticipated to fuel market growth.
Possible restrictions that may slow down the growth rate are explained in the report as follows: The key factor hampering the market growth of the global aquaculture industry is the strict government regulation on the trapping of aquatic animals pertaining to overfishing as it impacts the fragile balance of the ecosystem of marine environments, so it is predicted to be a restraint for the aquaculture market growth over 2022-2028 forecast period. Likewise, fish may eat unsafe chemicals, particularly mercury, liquidated in water bodies by industries, and if a person unknowingly consumes such a fish, it has severe repercussions on the nervous system of the person. Such factors are expected to play an important role in restraining the market growth of the global aquaculture market.
MARKET STATUS BASED BY TYPE
Based on the type, global aquaculture market is segmented into aquatic plants, fish, crustaceans, Mollusca, and warm water species. According to the market research company Blueweave Consulting, in this segmentation, the fish segment is predicted to dominate the global aquaculture market with a profitable market share during the forecast period of 2022-2028. The integration of farming, fishing activities, aquaculture, and ecosystem management events are probable to influence the growth of the aquaculture products industry during the forecast timespan 2022-2028. As per the NCBI (National Center for Biotechnology Information, USA), the application of aquaculture-based fishing activities throughout twenty-seven countries comprising 80 fish species & 2 million tons of fish products will drive market growth over the forecast period.
Major Players:
Alpha Group Ltd
American Abalone Farms
Aquaculture of Texas Inc.
Aquaculture Systems Technologies LLC
Aquaculture Technologies Asia Limited
Aquafarm Equipment AS
International Fish Farming Co. – Asmak
Austevoll Seafood ASA
Blue Ridge Aquaculture
Camanchaca SA
Campania Pesquera
Cargill Incorporated
Cermaq Group AS (Mitsubishi Corporation)
Charoen Pokphand Foods PCL
Cooke Aquaculture
CPI Equipment Inc.
Dainichi Corporation
Danish Crown
Dongwon Enterprise Co.
Eastern Fish Co.
Empresas AquaChile S.A.
Frea Aquaculture Solutions
Grieg Seafood ASA
Grupo Farallon Aquaculture
Huon Aquaculture Group Pty Ltd.
JBS S.A.
Kyokuyo Co., Ltd.
Lerøy Seafood Group ASA
Marine Harvest ASA
Maruha Nichiro Corporation
Mowi ASA
Multiexport Foods SA
Nippon Suisan Kaisha Ltd
Nireus Aquaculture S.A.
Norway Royal Salmon ASA
P/F Bakkafrost (Bakkafrost)
Promarisco
Red Chamber Co.
RoyMarine Harvest ASA
SalMar ASA
Sea Watch International Ltd.
Selonda Aquaculture S.A. (Andromeda Seafood Limited)
Shandong Homey Aquatic Development Co.
Shanghai Kaichuang Marine International Co.
Smithfield Foods
Stehr Group Pty Ltd.
Stolt Sea Farm
Stolt-Nielsen Limited (Fiducia Ltd.)
Stoly Sea Farm SA
Surapon Foods Public
Tassal Group Ltd
Taylor Shellfish, Inc.
Thai Union Group PCL
The Nueva Pescanova Group
Tongwei Group Co.
Trident Seafoods
Triumph Foods
Tyson Foods
Unima Group
WH Group
Zhangzidao Group
Zhanjiang Guolian Aquatic Products Co.
MARKET STATUS BASED BY CULTURE ENVIRONMENT
Based on the cultural environment, the global aquaculture market has been segmented into freshwater, brackish, and marine water.
According to the report of Blueweave Consulting, under this segmentation, freshwater was the highest revenue-generating segment, accounting for a significant share in 2021. Freshwater aquaculture, which is substantial to the aquaculture industry, is the cultivation and breeding of aquatic creatures (fish, shrimp, crab, shellfish, etc.) and plants for economic gain through the utilization of ponds, reservoirs, lakes, rivers, and other inland waterways (including brackish water). The growth can be credited to the rapid development of aquaculture as a feasible alternative to wild fishing and recent advancements emerging in the arena of fishing and aquaculture.
Allied Market Research also makes a similar assessment in its report. According to the company’s report, the fresh water was the highest revenue-generating segment, accounting for a major share in 2019. The fresh water segment is expected to witness highest growth of 5.9% during 2021–2027 forecast period, followed by the marine water segment at 5.8%. The growth can be attributed to rapid expansion of aquaculture as a viable alternative to wild fishing.
MARKET STATUS ON REGIONAL BASIS
Asia-Pacific dominates the aquaculture market on a regional basis. According to Blueweave Consulting, Asia-Pacific accounted for the largest market share in 2021 due to fish being a staple food in countries like Japan and China. South and Central America followed the Asia Pacific region. The technological developments in South America and a few countries in South Africa are predictable to upsurge the growth of the aquaculture market in LAMEA (Latin America, Middle East and Africa). Moreover, the rapid development in the Middle East in the footings of technology and infrastructure results in a development in the LAMEA market.
According to the report of Global Industry Analysts, which evaluates the situation of the market on a country basis, aquaculture market in the U.S. is estimated at US$2.8 billion in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$167.3 billion by the year 2026 trailing a CAGR of 4.9% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.5% and 3.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.7% CAGR. North America and Europe are expected to witness strong progress led by growing adoption of advanced aquaculture techniques and tools. Consumption of fish commodities is growing rapidly in developing countries. Urbanization, rising income levels, and increased consumption of both high and low value food fish are further propelling the market for aquaculture and fisheries in the developing countries.
GLOBAL MAJOR PLAYERS
The global aquaculture market is characterized by the presence of many local, regional, and global vendors. The players maintain their dominance in the market by investing in research and development activities, integrating the latest and advanced technologies for the customers. Different strategies are adopted, like engaging in strategic alliances, agreements, mergers, and collaborations.
Resources:
• Blueweave Consulting; Global Aquaculture Market – Industry Trends & Forecast Report 2028; July 2022, https://www.blueweaveconsulting.com/report/global-aquaculture-market/report-sample
• Global Industry Analysts Inc., (GIA); Aquaculture – Global Market Trajectory & Analytics; July 2022; https://www.strategyr.com/market-report-aquaculture-forecasts-global-industry-analysts-inc.asp
• Research and Markets, Global Aquaculture Market 2020-2030 by Nature; October 2021; https://www.researchandmarkets.com/reports/5459946/global-aquaculture-market-2020-2030-by-nature
• IMARC Group; Aquaculture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027; 2021; https://www.imarcgroup.com/aquaculture-market
• Allied Market Research; Aquaculture Market by Environment, 2021–2027; November 2020; https://www.alliedmarketresearch.com/aquaculture-market
