Aquaculture Market Growth Report and Size by 2031
The Aquaculture Market size is projected to reach US$ 289.66 billion by 2031 from US$ 406.44 million in 2023. The market is expected to register a CAGR of 4.3% in 2023–2031. The growing implementation of Recirculating Aquaculture Systems (RAS) technology across the globe farming of fishes and other aquatic species by reusing the water is likely to remain key aquaculture market trends.
Aquaculture Market Analysis
The Food and Agriculture Organization of the United Nations (UN FAO) has acknowledged a gap between seafood supply and demand for the future. It is forecasted that the demand for seafood by 2030 will exceed 260 million tons and the estimated supply by the current production rate will be 210 million tons. Thus, aquaculture is considered a capable source to meet the increased demand for seafood. Also, there are few certifications and standards associated with the seafood production for the sustainable environment. The World Wildlife Fund for Nature (WWF) and the Dutch Sustainable Trade Initiative (IDH) have come up with the Aquaculture Stewardship Council (ASC) which was initiated in the year 2010. The goal of this council is to transform the world’s seafood markets to promote social aquaculture performance.
Aquaculture Market Overview
Aquaculture includes farming of fish, aquatic plants, algae, crustaceans, molluscs, and other aquatic organisms. Small-scale aquaculture markets in developed and developing countries make critical contributions to employment. According to the Food and Agriculture Organization (FAO), aquaculture provides employment to more than 41 million people globally. The fish production constitutes majority of aquaculture activities in developing countries owing to the rising demand for seafood. Fish and other seafood species constitute an important source of nutrients for the people below poverty line and are amongst the cheapest form of animal protein. Aquaculture is considered as an important sector to meet rising fish demand, which will continue to increase with population growth, rising incomes, and increasing urbanization.
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Aquaculture Market: Strategic Insights
Market Size Value in US$ 267,423.64 million in 2021 Market Size Value by US$ 357,903.27 million by 2028 Growth rate CAGR of 4.3% from 2021 to 2028. Forecast Period 2021-2028 Base Year 2021
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Aquaculture Market: Strategic Insights
![aquaculture-market](https://www.theinsightpartners.com/assets/rdimages/aquaculture-market-img1.png)
Market Size Value in | US$ 267,423.64 million in 2021 |
Market Size Value by | US$ 357,903.27 million by 2028 |
Growth rate | CAGR of 4.3% from 2021 to 2028. |
Forecast Period | 2021-2028 |
Base Year | 2021 |
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Aquaculture Market Drivers and Opportunities
Surge in Demand and Consumption of Seafood to Drive Market
Seafood, specifically fish is the part of traditional food in many regions. Also, fish is largely consumed owing to its nutritional benefits and several health benefits. It is considered as a good source of fatty acids, vitamins, minerals, protein, and essential micronutrients. Increase in disposable income and spending power of consumer also upsurge their spending on animal proteins such as seafood as compared to other food categories. Currently, high growth in population and increased popularity of seafood as a healthy source of protein have fuelled the growth of aquaculture market.
Application of Fish Oil in Several Industries – An Opportunity in Aquaculture Market
Aquaculture is an efficient method for fish production, which is ecologically effective and requires less costs as these ventures can be operated at large as well as small-scale. The high growth in demand for fish oil is generating a need for more fish production, thus, boosting the demand for aquaculture in the near future. Fish oil is largely used as a dietary supplement, healthcare, pharmaceutical, and food industry. It is an efficient source of vitamin A and D and is considered the most significant vitamin source for human consumption after wild fish.
Aquaculture Market Report Segmentation Analysis
Key segments that contributed to the derivation of the aquaculture market analysis are type and application.
- In terms of product type, the market is bifurcated into fish, aquatic plants, crustaceans, molluscs, and others. The fish segment dominated the market in 2023.
- Based on culture environment, the aquaculture market is divided into freshwater, marine water, and brackish water. Marine segment held a larger market share in 2023.
Aquaculture Market Share Analysis by Geography
The geographic scope of the aquaculture market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
The Asia Pacific aquaculture market has experienced a huge shift over the years. The production and consumption rate of seafood is expanding rapidly with China and India being the major markets for the aquaculture industry. The Asia Pacific has evolved as the largest consumers and exporter of aquaculture products. Fisheries and aquaculture production are one of the major sectors contributing significantly to the economic growth of Asia-Pacific countries. However, the economic contribution of aquaculture production is less in the South and the Southeast Asian states. Seafood products are among the most traded commodities in the Asia Pacific region that bring valuable foreign exchange earnings in this region. Over the past few years, developing countries such as India and Thailand have become net exporters of fish, and a similar trend is projected to boost the aquaculture market in Asia Pacific over the coming years.
Aquaculture Market Report Scope
Aquaculture Market News and Recent Developments
The aquaculture market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion and strategies:
- In June 2021, JBS S.A. announced an agreement to acquire 100% of Huon Aquaculture, Australia's second-largest salmon producer. This is a strategic acquisition, which marks the entry of JBS into the aquaculture business. (Source: JBS S.A., Press Release)
- In Jan 2022, With the acquisition of Munkebo Seafood, Bakkafrost can now offer a wider range of products. Bakkafrost offers fresh, frozen, and smoked salmon products, and now canned food is added. Bakkafrost has a global sales network, and Munkebo Seafood’s products will now be offered in a wider market as a supplement to Bakkafrost's other consumer packaged products. (Source: Bakkafrost, Newsletter)
Aquaculture Market Report Coverage and Deliverables
The “Aquaculture Market Size and Forecast (2023–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
![Report Coverage](https://www.theinsightpartners.com/assets/rdimages/report_coverage.png)
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
![Segment Covered](https://www.theinsightpartners.com/assets/rdimages/segment_covered.png)
Segment Covered
Species , Nature , Culture Environment , and Geography
![Regional Scope](https://www.theinsightpartners.com/assets/rdimages/regional_scope.png)
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
![Country Scope](https://www.theinsightpartners.com/assets/rdimages/country_scope.png)
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.