IMARC Group’s report titled “Aquaculture Market Report by Fish Type (Freshwater Fish, Molluscs, Crustaceans, and Others), Environment (Fresh Water, Marine Water, Brackish Water), Distribution Channel (Traditional Retail, Supermarkets and Hypermarkets, Specialized Retailers, Online Stores, and Others), and Region 2024-2032”. The global aquaculture market size reached 79.3 Million Tons in 2023. Looking forward, IMARC Group expects the market to reach 116.6 Million Tons by 2032, exhibiting a growth rate (CAGR) of 4.2% during 2024-2032.
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Factors Affecting the Growth of the Aquaculture Industry:
Technological Advancements:
Innovations in aquaculture technology are revolutionizing the industry by increasing productivity, sustainability, and efficiency. Advancements, such as Recirculating Aquaculture Systems (RAS), which recycle water within fish farms, allow for year-round production in controlled environments, minimizing the environmental impact. In addition, improvements in genetics and selective breeding are increasing the growth rates, disease resistance, and quality of farmed fish. The development of alternative and sustainable feed options, such as plant-based or insect-based feeds, is reducing reliance on fishmeal and fish oil, making aquaculture more eco-friendly. These technological improvements are critical in addressing the challenges of traditional aquaculture, such as disease management and resource utilization.
Environmental Concerns:
Environmental sustainability is becoming a pivotal factor in the growth of the aquaculture market. The growing focus on sustainable aquaculture practices due to the increasing awareness among individuals about the negative impacts of overfishing, habitat destruction, and climate change on marine ecosystems is offering a favorable market outlook. Sustainable aquaculture aims to minimize environmental impact through methods, such as integrated multi-trophic aquaculture (IMTA), which combines different species to improve resource efficiency and reduce waste. These sustainable practices not only reduce the environmental footprint of aquaculture but also appeal to eco-conscious consumers and investors.
Rising Global Demand for Seafood:
The escalating demand for seafood items due to their high nutritional value, like high protein, omega-3 fatty acids, and essential vitamins and minerals, is propelling the market growth. Health-conscious consumers are increasingly preferring seafood products over red meats. However, overfishing and the depletion of wild fish stocks are leading to a decline in natural seafood sources, making aquaculture a vital alternative. Besides this, the rising demand for reliable food sources like seafood due to high population levels across the globe is bolstering the market growth. Aquaculture offers a controlled environment for fish production, reducing pressure on wild fisheries while ensuring a steady supply of seafood.
Leading Companies Operating in the Global Aquaculture Industry:
Aquaculture of Texas Inc.
Aquaculture Systems Technologies, L.L.C.
Aquafarm Equipment AS
Cermaq
Cooke Aquaculture Inc
CPI Equipment Inc.
Frea Aquaculture Solutions
Farallon Aquaculture, SA
Huon Aquaculture Group Ltd
International Fish Farming Holding Co. -Asmak
Leroy Seafood Group
Nireus Aquaculture
SELONDA Aquaculture SA
Stehr Group
Stolt-Nielsen Limited
Tassal
Thai Union Group
Aquaculture Market Report Segmentation:
By Fish Type:
Freshwater Fish
Molluscs
Crustaceans
Others
Freshwater fish represents the largest segment as it grows under contrasting environmental conditions.
By Environment:
Fresh Water
Marine Water
Brackish Water
Fresh water holds the biggest market share due to its ability to provide suitable habitats for various aquatic species.
By Distribution Channel:
Traditional Retail
Supermarkets and Hypermarkets
Specialized Retailers
Online Stores
Others
Traditional retail accounts for the largest market share because these stores offer a wide range of seafood products.
Regional Insights:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
Asia Pacific enjoys a leading position in the aquaculture market on account of favorable government initiatives.
Global Aquaculture Market Trends:
Governing agencies of various countries are recognizing the importance of aquaculture in ensuring food security, economic growth, and environmental sustainability. They are implementing supportive policies and regulations to promote the growth of the aquaculture sector. This includes subsidies for aquaculture infrastructure, research funding, and incentives for adopting sustainable practices. Governing authorities are also developing frameworks for better management of aquatic resources, including water quality and disease control measures.
Seafood is a rich source of protein, making it a preferred choice for urban dwellers. Moreover, rising preferences for ready-to-cook and processed seafood products among individuals are impelling the market growth.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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