Aquaculture Market to Reach $573.7 Billion, Globally, by 2035 at 5.2% CAGR: Allied Market Research

The aquaculture market is driven by a variety of factors that encompass economic, environmental, technological, and consumer-related aspects. Moreover, the rapid technological advancement in the marine industry has led to a change in dynamics and made it easier for both customers and organizers to organize the market smoothly.

WILMINGTON, Del., June 5, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Aquaculture Market by Environment (Marine Water, Fresh Water, and Brackish Water), and Fish Type (Carps, Mollusks, Crustaceans, Mackerel, Sea Bream, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2035". According to the report, the aquaculture market was valued at $311.1 billion in 2023 and is estimated to reach $573.7 billion by 2035, growing at a CAGR of 5.2% from 2024 to 2035.

Aquaculture is the cultivation of aquatic organisms, including fish, shellfish, crustaceans, and aquatic plants, in controlled environments such as ponds, tanks, cages, or open bodies of water such as lakes and coastal areas. Commonly referred to as "fish farming" or "mariculture" when focusing on marine environments, aquaculture plays a crucial role in global food production, providing a significant portion of the world's seafood supply. It also contributes to conservation efforts, restoration of endangered species, and the production of ornamental fish and plants for aquariums. Aquaculture is expected to take various forms, from fish farming for species such as salmon and tilapia to shellfish farming for oysters and clams to crustacean farming for shrimp and lobsters, and even aquatic plant farming for seaweed. While aquaculture offers the advantage of reducing pressure on wild fish populations and supporting sustainable seafood production, it also faces challenges such as environmental impacts, disease management, and ethical concerns. Successful aquaculture practices aim to strike a balance between productivity, sustainability, and animal welfare.

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Prime determinants of growth    

The aquaculture market is driven by a combination of factors that include economic growth, technological advancements, and change in consumer preferences. The increasing global demand for seafood, propelled by a rising population and a shift towards healthier diets, plays a significant role. Concurrently, the decline of wild fish stocks due to overfishing and environmental degradation underscores the need for sustainable alternatives, which aquaculture provides. Technological innovations like recirculating aquaculture systems (RAS) and automated feeding have improved efficiency and sustainability, further driving market growth. Government policies and support in the form of subsidies and regulations help ensure environmental compliance while promoting industry expansion. Sustainability and environmental considerations are key factors, with practices such as integrated multitrophic aquaculture (IMTA) offering eco-friendly solutions. Consumer trends toward health consciousness and a preference for sustainably produced seafood also contribute to the market growth.

Report coverage & details:   

The freshwater segment to maintain its leadership status throughout the forecast period.

 By environment, the freshwater segment held the highest market share in 2023, accounting for more than two-thirds of the aquaculture market revenue and is estimated to maintain its leadership status throughout the forecast period. Freshwater is naturally present on the earth's surface in the form of ice sheets, glaciers & icebergs, bogs, ponds, lakes, rivers & streams, and underground as groundwater in aquifers and underground streams. Salmon, trout, and tench are the major fish found in the freshwater ecosystem. Almost 95% freshwater aquaculture production is from Asia, with China being the dominant country. Where carp species are most commonly cultured, however, tilapias, catfish, and a few other species are produced in large quantities in the country.

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The mollusk segment to maintain its leadership status throughout the forecast period.

 By fish type, the mollusks segment held the highest market share in 2023, accounting for more than two-thirds of the aquaculture market revenue and is estimated to maintain its leadership status throughout the forecast period. Mollusks, which include oysters, clams, mussels, and scallops, often hold a significant market share in aquaculture due to a combination of factors. The demand for these shellfish is consistently high, driven by their popularity in various cuisines worldwide. Unlike other forms of aquaculture, mollusks are filter feeders, which allows them to clean and improve water quality, resulting in a lower environmental impact. Their farming methods tend to be cost-effective, as they require fewer resources and simpler setups compared to fish farming. This simplicity can translate into reduced operational costs and enhanced profitability. Mollusks also provide ecological benefits by creating habitats and improving water quality, which can aid in obtaining certifications and meeting regulatory requirements. Furthermore, their versatility in culinary applications makes them attractive to a wide range of consumers. Overall, it holds the highest market share in the aquaculture industry.

Asia-Pacific to maintain its leadership status throughout the forecast period.

By region, Asia-Pacific held the highest market share in 2023, accounting for more than two-thirds of the aquaculture market revenue and is estimated to maintain its leadership status throughout the forecast period. The Asia-Pacific region holds the highest market share in the aquaculture market due to several key factors. First, this region has a long history of aquaculture practices, with countries such as China, Thailand, and Vietnam pioneering various methods of fish and shellfish farming. This deep-rooted tradition has fostered extensive knowledge and expertise, enabling the Asia-Pacific to remain a global leader. Moreover, the region has a diverse range of ecosystems, from freshwater to marine environments, allowing for a wide variety of species to be cultivated. This versatility contributes to a robust aquaculture industry that can meet different market demands. In addition, the Asia-Pacific region has a large and growing population with increasing protein consumption needs. As disposable incomes rise, the demand for seafood and aquaculture products also increases, thus fueling the market growth.

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Leading Market Players: -  

• Cermaq Group AS (Mitsubishi Corporation),
• Cooke Aquaculture Inc.
• Grupo Farallon Aquaculture
• Leroy Sea Food Group
• Marine Harvest ASA
• P/F Bakkafrost
• Selonda Aquaculture S.A.
• Stolt Sea Farm
• Tassal Group Limited
• Thai Union Group Public Company Limited

The report analyzes government regulations, policies, and patents to provide information on the current market trends and suggests future growth opportunities globally. Furthermore, the study highlights Porter's five forces analysis to determine the factors affecting market growth.    

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