Global Aquaculture Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2024-2032)

Aquaculture Market Trends

Sustainable practices, technological integration, and alternative proteins drive efficiency and growth in aquaculture.

Sustainable Practices

Aquaculture is gradually adjusting its practices to environmental-friendly strategies that will minimise the impacts it has on the environment, becoming a key trend of the aquaculture industry For example, the integrated multi-trophic aquaculture and the recirculating aquaculture system acquire these practices to better the resources, waste reduction, and increase sustainability in the operation of fish farming.

Technological Integration

Aquaculture is transformed by advanced technologies: Automation in feeding, real-time sensors for monitoring, genetic improvements—all the way to health, optimised feeding practices, and productivity improvement. Innovations drive efficiency and sustainability in modern fish farming, thus boosting the trends in the aquaculture market.

Changing to Alternative Proteins

There is a growing focus on fish feed made from alternative sources of protein, such as plant-based ingredients and insect meal. This trend aims at minimum reliance on wild-caught fish, thus meeting the sustainability concerns and assurance toward a more sustainable and environmentally friendly way of aquaculture feeds, leading on to new aquaculture market opportunities.

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Industry News

January 2024

Aquaconnect and StartupTN launched "The Fish Tank" in Tamil Nadu to promote innovation in aquaculture. The platform supports early-stage startups and students to showcase and scale next-generation ideas for the blue economy.

October 2022

Innovasea launched Realfish Pro, a cloud-based aquaculture platform that enables 24/7 monitoring and management of fish farms. It integrates real-time data from sensors and cameras, offering insights to optimise operations and protect fish stocks.

Historical Market Analysis

As compared to other farming alternatives, aquaculture is a sustainable practice. Seafood offers high protein retention as compared to chicken, pork, and beef, and has the lowest feed conversion ratio among identical protein forms. Also, as against other farming practices, aquaculture shows lower greenhouse gas emissions, thus affecting the global aquaculture demand. With a growing global population, the demand for animal protein is expected to increase significantly, bolstering the aquaculture industry growth. Emphasis on finding sustainable methods of providing healthy food to the world population is increasing, and under these circumstances, sustainable aquaculture emerges as a good solution. These factors are expected to contribute to market growth.

Opportunities in the Aquaculture Market

Consumer demand, sustainable practices, innovation, and economic growth fuel market opportunities globally.

• An increased consumer preference for diets that are healthy and rich in proteins provides ample opportunities for the growth of aquaculture products.
• Growth opportunities abound for developing nations because of increased incomes and diets favourable to consumption, thereby propelling the aquaculture market opportunities.
• The development of more sustainable forms of aquaculture, including alternative feeds and recirculation systems may provide growth opportunities.
• Continuation of innovation in the field of genetic improvement, feed technology, and aquaponics can create an efficient and profitable industry.

Market Dynamics

China leads in aquaculture production, followed by Indonesia, India, and Vietnam's growing sectors.

Industry statistics show that, for the year 2024, China leads by a mile with an aggregate fisheries production of 85.95 million tonnes, of which 13.14 million tonnes came from capture fisheries and an enviable 72.81 million tonnes from aquaculture, thereby shaping the aquaculture market dynamics and trends. Such dominance simply underlines how well-developed and extensive aquaculture in China is, greatly outnumbering its capture fisheries output. Indonesia closely follows with 21.81 million tonnes in total, comprising 7.21 million tonnes from capture fisheries and 14.61 million tonnes from aquaculture. This indicates the balanced emphasis on both the capture and aquaculture sectors. India ranks third in overall fisheries production with 14.43 million tonnes—5.02 million tonnes from capture fisheries and 9.41 million tonnes from aquaculture. The amount of aquaculture in India underlines the increasing attention paid to the country in terms of sustainable and high-performance fish farming. Vietnam has a total of 8.29 million tonnes, with capture fisheries accounting for 3.54 million tonnes and aquaculture 4.75 million tonnes. A large part of the production in Vietnam comes from the traditional fishing industry alongside developing aquaculture activities, becoming a key trend of the market.

Growth Drivers

Global demand, technological improvements, government support, and efficient breeding drive market growth.

• High demand due to the increasing global population and awareness of the health benefits of seafood makes aquaculture an essential activity in food production, thereby boosting the aquaculture market growth.
• Improvements in breeding, feed management, and disease control increase production volumes and develop sustainable aquaculture operations.
• Subsidies by governments favouring policies, and funding for research make aquaculture an industry showing growth in recent times.
• This breeding technique is relatively more efficient in feed-to-protein conversion and is less destructive to the natural environment than its traditional livestock counterpart.

Market Restraints

Aquaculture faces environmental, disease, regulatory, climate, economic, and sustainability challenges impacting market growth.

• Aquaculture operations tend to be habitat-destructive, pollute the water, and deplete stocks of wild fish used in hatchery feeds, thus leading to aquaculture market challenges.
• Disease outbreaks can eventually destroy aquaculture stocks and create huge losses; hence, expensive management measures in their control become necessary.
• This dependence on feed made from wild-caught fish introduces sustainability concerns and depletes wild fish populations.
• Diverse and strict regulations vary between countries and may be complicated and expensive for aquaculture companies.
• Shifting climate conditions can impact the production of aquaculture because of changes in water temperature, sea levels, and extreme weather conditions.
• The global nature of the aquaculture trade comes with risks for disease transfers and the introduction of invasive species that threaten the local ecosystems and economies.
• Fluctuations in worldwide economic conditions can alter consumer purchasing power and demand for aquaculture products, impeding the market growth.

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Aquaculture Industry Segmentation

“Aquaculture Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

On the basis of environment, the market can be divided into the following:

• Marine water
• Fresh water
• Brackish water

On the basis of fish type, the market can be divided into the following:

• Carps
• Mollusks
• Crustaceans
• Mackerel
• Sea bream
• Others

Based on region, the market can be segregated into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Aquaculture Market Share

By Environment Analysis

Aquaculture is expanding in marine, freshwater, and brackish environments to meet global seafood demand.

Aquaculture is gaining popularity in marine, freshwater, and brackish water ecosystems due to diverse opportunities in production and increasing demand for sustainable seafood. As per aquaculture market analysis, aquaculture species are growing in marine, with salmon and tuna mainly from the offshore systems. Freshwater aquaculture is represented by tilapia and catfish, whereby progression is made step by step with more benefits from lower costs and higher production efficiency. Aquaculture of brackish waters, especially shrimp, is on the rise in the coastal region with an emphasis toward environmental responsibility and in achieving global seafood demand.

Market Analysis by Fish Type

Aquaculture demand for salmon, tilapia, and shrimp grows due to health, sustainability, and profitability.

Compared to other species, the demand for salmon, tilapia, and shrimps is particularly increasing owing to a high global consumption of seafood, people's higher awareness towards health conditions that derive from seafood, and the culture towards sustainability. Aquaculture for salmon is on an upsurge based on high demand in domestic and export markets. As per aquaculture industry analysis, freshwater species such as tilapia benefit since they are considerably cheap and versatile. Brackish water shrimp farming is continuously gaining because it's more lucrative and exportable, mostly in places like Asia and Latin America where there's fulfilment of local demand but export is from the producing areas.

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Aquaculture Market Regional Insights

North America Aquaculture Market Opportunities

The North American aquaculture market is supported by various government initiatives aimed at promoting sustainable seafood production. In the United States, the National Oceanic and Atmospheric Administration (NOAA) has invested in programs like the Seafood and Aquaculture Innovation Fund to improve production and sustainability. The United States Department of Agriculture (USDA) is also supporting aquaculture expansion under its "Aquaculture Development Plan." In Canada, the government’s "Growing Canadian Agriculture" strategy includes support for sustainable aquaculture, with a focus on improving environmental practices and production efficiency.

Europe Aquaculture Market Dynamics

The European aquaculture market is driven by increasing demand for sustainable seafood, stringent environmental regulations, and technological innovations. In Norway, the largest producer of farmed salmon, the industry is focusing on reducing environmental impact through offshore farming and new feed technologies. The EU’s "Farm to Fork" strategy promotes sustainable aquaculture practices across member states. In Spain, Mediterranean aquaculture, particularly fish farming, is growing, with significant government investment in sustainable production methods to meet both domestic and export needs.

Asia Pacific Aquaculture Market Trends

The Asia Pacific aquaculture market is driven by growing seafood demand, technological advancements, and sustainable farming practices. China, the world’s largest aquaculture producer, continues to dominate with innovations in fish farming technologies and feed efficiency. In India, shrimp farming is expanding rapidly due to rising export demand, supported by government initiatives like the Pradhan Mantri Matsya Sampada Yojana (PMMSY). Southeast Asian countries, such as Vietnam and Thailand, are focusing on eco-friendly practices to meet global sustainability standards and increase production.

Latin America Aquaculture Market Insights

The Latin America market for aquaculture is experiencing growth due to increasing seafood demand, favourable climatic conditions, and government support for sustainable practices. For instance, Brazil, the region’s largest producer, has seen significant investment in tilapia and shrimp farming, driven by both domestic consumption and exports. Chile, a global leader in salmon production, continues to innovate with sustainable farming techniques. Governments across the region are promoting aquaculture through subsidies, infrastructure development, and research to boost production and ensure food security.

Middle East and Africa Aquaculture Market Drivers

The Middle East and Africa aquaculture market is significantly influenced by government initiatives aimed at boosting food security and promoting sustainable seafood production. In Saudi Arabia, the government’s Vision 2030 plan emphasises increasing domestic fish production to reduce dependency on imports. The UAE's Ministry of Climate Change and Environment is investing in aquaculture research to enhance sustainable practices. Additionally, Egypt’s government is supporting aquaculture expansion, with plans to produce 2 million tons of fish annually by 2025.

Competitive Landscape

The aquaculture market players are focusing on sustainability and resource efficiency as well as food security. They want to reduce the environmental footprint, increase traceability, and conduct farming responsibly. Innovations in feed technology, disease management, and water quality dominate the list. Aquaculture companies are also investing in digital solutions for better farm management, fostering transparency, and unlocking growing global demand for seafood while adhering to higher sustainability standards.

Key Market Players

Key industry leaders in this market are:

Cermaq Group AS, established in 1995 and headquartered in Norway, has focused on R&D to enhance the health and welfare of fish by investing in breeds that can resist diseases and adopting novel farming techniques. Automated feeding and health monitoring trigger with the objective of feeding optimization and health management through data analytics and machine learning-farm management solution applications. Cermaq keeps to sustainable aquaculture and pursues best practices that lessen its effect on the environment by improving the well-being of fish.

Strategic purchases and partnerships led to Cooke Aquaculture, founded in 1985 and headquartered in Canada, widening its circle of market existence in North America, amongst other areas. It has done its sustainability growth policy by investing in eco-friendly operations and reducing the footprint of environmental emissions during the production process. Cooke value-added its product offerings by developing further processing of seafood, targeting niche markets, and trying to move toward consumer demand.

Mowi ASA (previously Marine Harvest ASA), established in 2007 and headquartered in Norway, has committed to sustainability development by adding eco-friendly feed and reducing the ecological footprint of the operations. The firm has invested much in technological changes that would improve productivity and fish welfare. Mowi is expanding the company's global presence with the purchase of regional aquaculture firms and the creation of new farms in priority markets.

Nippon Suisan Kaisha, Ltd. (NISSUI), established in 1937 and headquartered in Japan, has invested in R&D to source quality aquaculture products. It ranges from improvements in breeding technologies and feed formulations. The company adheres religiously to guaranteeing sustainability through environmentally friendly practices and responsible sourcing. Moreover, NISSUI had focused on bases around the world and strategic alliances to gain a broader market presence.

Thai Union Group, established in 1977 and headquartered in Thailand, achieved vertical integration through different levels in the aquaculture value chain, from hatcheries to processing plants, guaranteeing quality and efficiency in costs. The company also focuses on high-value products, such as value-added seafood, which serves high-class markets and hence diversifies the product mix. Thai Union is committed to sustainability, investing in responsible sourcing and promoting eco-friendly practices within its aquaculture operations.

Other key players in the aquaculture market report are Huvis, HYOSUNG, KERMEL, and Kolon Industries Inc., among others.

Recent Developments

October 2024

The "Race to the Top" shrimp farming sustainability forum launched in Ecuador at AquaExpo 2024, attracting 300+ attendees. It featured panels on governance, environmental, economic, and social sustainability, with experts from diverse sectors.

April 2023

Innovasea, a United States-headquartered aquaculture technology company, launched a new waterborne feeding system, FlowFeeder, which delivers feed in a way that minimises pellet damage common with air-blown feeding systems.