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

Fish Farming Market Overview

Fish farming, or pisciculture, is a type of aquaculture focused on breeding fish in enclosed spaces for commercial purposes, primarily for food. The trends in the fish farming market are experiencing growth as this practice can occur in controlled freshwater or saltwater environments, including ponds, tanks, and net pens in rivers, lakes, or oceans. In India, the Ministry of Fisheries, Animal Husbandry & Dairying reports that the fisheries sector supports over 28 million fishers and farmers, making India the third-largest fish producer globally, contributing about 8% of total fish production.

Sustainability is a crucial driver of growth in the fish farming industry. Increasing food production needs, along with technological advancements that promote more efficient and eco-friendly practices, are fueling demand for fish farming. Farmers are reducing their dependence on wild-caught fish for feed, improving waste management, and embracing integrated multi-trophic aquaculture (IMTA), which enhances environmental sustainability. In September 2024, a new project off Abu Dhabi's coast launched an AI program using sea cages at Delma Island to improve aquaculture and provide valuable ecosystem insights for sustainable food sourcing.

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Fish Farming Market Growth

The growth of the fish farming market is fueled by job creation in coastal and rural areas, along with its potential as a sustainable alternative.

The fish farming demand drives economic growth by generating jobs and encouraging development, especially in coastal and rural regions. Innovations in technology improve farming methods and feed efficiency, making aquaculture more productive and environmentally friendly. Farmed fish offer vital nutrients, including omega-3 fatty acids, which promote healthier diets. In October 2024, Singapore's Umami Bioworks partnered with South Korean K-Cell Biosciences and WSG to establish a sustainable production pipeline for cultivated seafood in South Korea. Their collaboration, formalized by a September Memorandum of Understanding (MOU), seeks to create scalable systems for cell-grown seafood as a sustainable alternative to traditional fishing.

Aquaculture is one of the key trends in the fish farming market, which serves as a sustainable alternative to wild-caught fish. This helps reduce overfishing and enables natural fish populations to regenerate. Various farming techniques enhance biodiversity, while fish farming also helps preserve traditional practices and supports local communities, enriching cultural heritage and fostering social unity. In Vietnam, particularly in the Mekong Delta, catfish aquaculture plays a significant role in both the economy and local culture. Communities there rely on age-old methods, and events like the Catfish Festival in Can Tho celebrate the cultural importance of fish in local cuisine and identity.

Industry News

February 2024

Norwegian Mountain Salmon (NMS), which had plans for a 25,000-tonne-per-year salmon farm in tunnels on the island of Utsira in Norway, envisioned farming 90,000 tonnes of salmon annually at a proposed site in Mealista, located in the Uig area of Lewis.

September 2024

The "Amrit Catla," a genetically improved Catla variety, was launched at ICAR-CIFA in Bhubaneswar, emphasising the government's commitment to enhancing aquaculture and ensuring quality fish seed supply. Distribution was supported by the National Freshwater Fish Brood Bank for wider availability.

Fish Farming Market Trends

Sustainability and Environmental Practices

The fish farming sector is increasingly prioritising sustainability to address environmental challenges. Methods such as integrated multi-trophic aquaculture (IMTA) and responsible feed sourcing are becoming standard practices. Farmers are adopting eco-friendly approaches to minimize waste and reduce their ecological footprint, thereby boosting the fish farming market revenue. This focus on sustainability not only meets consumer preferences for environmentally responsible products but also aids in the conservation of marine ecosystems. Regulatory bodies are intensifying the enforcement of sustainability standards, encouraging innovation in the industry while ensuring a balance between economic development and ecological health. In Vietnam, the Mangroves and Markets project, launched by SNV Netherlands Development Organisation and the International Union for Conservation of Nature, aims to promote sustainable shrimp farming through farmer training, mangrove replanting, and assistance with carbon market certification.

Technological Advancements

Technological innovations are profoundly changing the fish farming industry. The fish farming market dynamics and trends are being enhanced by key advancements such as automated feeding systems, water quality monitoring sensors, and AI-driven predictive analytics, all of which are boosting operational efficiency and productivity. Genetic enhancements in fish breeding contribute to quicker growth and greater disease resistance, thereby increasing aquaculture profitability. Additionally, data analytics and IoT technologies equip farmers with real-time information for optimized resource management. The Department of Fisheries in India emphasizes that Recirculating Aquaculture Systems (RAS) represent a sustainable and eco-friendly approach to fish farming, effectively recycling 90–97% of the water used. RAS filters water to eliminate waste and uneaten food, allowing for improved control over critical water quality parameters like temperature, oxygen levels, and pH, thereby enhancing overall farming conditions. As these technologies continue to advance, they hold the promise of further increasing both the sustainability and profitability of the industry.

Opportunities in the Fish Farming Market

Regulatory Support and Policy Initiatives

Governments across the globe are increasingly acknowledging the role of aquaculture in ensuring food security and fostering economic growth. Numerous countries are establishing supportive policies and regulatory frameworks for fish farming, including subsidies, research funding, and training initiatives for farmers. These efforts aim to enhance local production and decrease reliance on imports, thereby boosting fish farming industry revenue. Furthermore, regulations emphasising sustainability and biosecurity are being introduced to promote responsible practices in the industry. This regulatory backing creates a favourable environment for growth and innovation in aquaculture. In the EU, stringent regulations govern aquaculture to ensure sustainability, food safety, and animal welfare. The Common Fisheries Policy (CFP) outlines guidelines for fish farming, prioritizing environmental protection and resource management, while the EU Aquaculture Strategy advocates for sustainable growth and practices that lessen environmental impact.

Market Restraints

The global fish farming industry faces several key market restraints. Environmental concerns such as water pollution and habitat destruction increase regulatory scrutiny and operational costs. Diseases pose economic threats, necessitating costly biosecurity measures. Rising production costs for feed and energy challenge profitability, while complex regulatory compliance adds to operational burdens.

Intense fish farming market competition from wild-caught and lower-cost imports pressures local producers. Changing consumer perceptions about sustainability can affect demand. Additionally, limited access to technology, climate change risks, supply chain disruptions, and investment barriers further hinder growth. These factors require strategic responses from stakeholders to ensure sustainability and profitability.

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Fish Farming Industry Segmentation

The EMR’s report titled “Fish Farming Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Environment

• Marine Water
• Fresh Water
• Brackish Water

Market Breakup by Fish Type

• Salmon
• Milkfish
• Tuna
• Tilapia
• Catfish
• Sea Bass
• Others

Market Breakup by Region

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

Fish Farming Market Share

By Environment Insights

Marine water aquaculture facilitates the cultivation of various fish species, including high-value types like salmon and tuna, which boosts market profitability. It creates ideal growth conditions, resulting in quicker growth rates. Additionally, many marine species can tolerate higher salinity, contributing to healthier stock, while abundant nutrients enhance integrated farming practices. The strong global demand for marine fish also presents substantial export opportunities in the fish farming market. In July 2023, Morocco launched its first marine hatchery to strengthen its aquaculture sector, aiming to produce up to 30 million high-quality fry of species like sea bream and sea bass. Covering 2.28 hectares, this hatchery represents a key investment of MAD 120 million ($12.3 million) to ensure a steady supply of fry for the industry.

Freshwater fish farming generally involves lower operational costs, making it more accessible for small-scale farmers. It facilitates better management of water quality and temperature, which helps minimize disease risks. This type of aquaculture supports popular species like tilapia and catfish and aligns well with sustainable practices, enhancing efficiency. Additionally, strong local demand for freshwater fish lowers transportation costs and improves product freshness, contributing to the fish farming demand growth. Uttar Pradesh received the best state award in the inland fisheries category, according to a state government official. This award was presented at the Global Fisheries Conference 2023 held in Ahmedabad, Gujarat, on November 21, coinciding with World Fisheries Day.

By Fish Type Analysis

Salmon is highly sought after worldwide due to its taste and nutritional benefits, driving strong demand in the fish farming market. Rich in omega-3 fatty acids and protein, it appeals to health-conscious consumers. Its efficient feed conversion and rapid growth in controlled environments enhance profitability, and various farming methods provide flexibility for producers. Industry reports indicate that global salmon production reached approximately 2.5 million tons in 2021, translating to between 288 and 674 million fish. Norway is the largest producer, contributing over 50% of the world's salmon supply, while Chile follows with a 27% share of global production.

Catfish farming offers low operational costs, making it accessible for small-scale farmers and contributing to local economic growth. Catfish are resilient and adaptable, thriving in various water conditions, which simplifies management. Their rapid growth allows for quicker harvests, and strong local demand, coupled with sustainable practices, boosts profitability and resource efficiency, driving growth in the fish farming market. In 2021, catfish producers in the United States reported sales of USD 421 million, a 12% increase from USD 377 million in the previous year, according to the USDA’s National Agricultural Statistical Service. The leading states Mississippi, Alabama, Arkansas, and Texas accounted for 97% of total U.S. sales.

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Fish Farming Market Regional Insights

Europe Fish Farming Market Analysis

Europe is at the forefront of fish farming demand, with significant contributions from Germany, Italy, and France. In Italy, aquaculture focuses on a limited number of species, including mussels, clams, rainbow trout, sea bass, and sea bream, and employs various farming methods tied to local traditions. According to the European Union, 67% of EU aquaculture production occurs in France, Greece, Spain, and Italy, with shellfish making up over half of the total production, while marine and freshwater fish account for about 21% and 28%, respectively.

North America Fish Farming Market Trends

The North American fish farming market value is supported by key players such as Marine Harvest USA, Clear Springs Foods, Cermaq Canada, and AquaBounty Technologies. This sector fosters technological advancements that improve farming methods and disease management while preserving cultural heritage and aiding environmental restoration. In June 2024, the IDRC collaborated with the Canadian government to launch AQUADAPT, a CAD 23 million initiative aimed at enhancing small-scale aquaculture's climate resilience and sustainability. The partnership seeks to develop nature-based solutions to sustainably manage aquatic ecosystems, including climate-resilient shrimp production and eco-friendly fish feeds made from otherwise wasted ingredients.

Asia Pacific Fish Farming Market Insights

In India, companies like Aquaculture Technologies India Ltd. (ATIL), Hatcheries & Farms Pvt. Ltd., Nandani Aquaculture, and Avanti Feeds illustrate the growth of the fish farming market share in the Asia-Pacific region. Innovations in aquaculture improve resource efficiency, support the cultivation of various species, and enhance nutrition, fostering sustainable practices that meet consumer demands and promote better health through protein-rich fish. According to the USDA, China was the largest seafood producer in 2022, with production anticipated to reach 67.5 million metric tons (MMT), up from 66.9 MMT in 2021, driven by a 1.2 per cent increase in aquaculture production.

Latin America Fish Farming Market Analysis

Key markets in the region include Brazil, Mexico, and Argentina, where demand for fish farming is high. The Latin American fish farming market is growing as it contributes to rural economies by creating jobs and improving livelihoods, particularly in coastal areas. Additionally, it enhances food security by ensuring a consistent supply of nutritious fish for the increasing population. According to the latest annual report from Brazil's fish-farming association, the country produced 887,029 metric tons (MT) of farmed fish in 2023, reflecting a 3.1 per cent increase from 2022 and a 53.2 per cent rise from the 578,800 MT produced a decade ago.

Middle East and Africa Fish Farming Driving Factors

The African fish farming market is experiencing growth as governments in Egypt, Ethiopia, and Morocco implement regulations to promote aquaculture. This sector supports the cultivation of various fish species to meet local demands, improves resource efficiency through advanced techniques, and integrates with agriculture to enhance climate resilience. In 2021, Liberia produced 25,444 metric tons of fish while importing 55,000 tons. Ghana produced 400,000 tons but imported over 600,000 tons. Nigeria's production reached 1.2 million metric tons, with imports of 2.4 million metric tons. Cameroon produced 300,130 metric tons against an annual demand of 450,000 metric tons, and Gabon produced 29,000 metric tons, importing 50,000 metric tons.

Innovative Startups in Fish Farming Market

Innovative startups in fish farming enhance the industry through technological advancements, sustainable practices, and increased profitability. They explore niche markets, provide training for farmers, and attract investment, all while promoting eco-friendly methods and improving operational efficiency, ultimately contributing to the sector's growth and diversification.

BlueNalu: BlueNalu focuses on producing seafood directly from fish cells, offering a sustainable alternative to traditional fishing. Their innovative cell-cultured fish aims to meet consumer demand for seafood while reducing environmental impact and preserving marine ecosystems.

eFishery: eFishery offers smart feeding technology for aquaculture, enabling farmers to optimise feed usage and reduce waste. Their innovative system uses IoT devices to monitor fish behaviour and automate feeding, enhancing efficiency and profitability for fish farmers.

Competitive Landscape

Key market players in fish farming prioritise environmental stewardship and responsible practices to guarantee high-quality seafood while safeguarding fish welfare and local ecosystems. They emphasize innovation by adopting advanced technologies that improve efficiency and sustainability. Dedicated to fulfilling global seafood demand, these firms support marine health and align with initiatives for sustainable food production and responsible sourcing. They have placed emphasis on RAS, which allow for the recycling of water within fish farms. These systems significantly reduce the environmental impact of aquaculture by reducing water use, controlling disease spread, and reducing effluents. Additionally, technologies such as automated feeding systems, underwater drones, and sensors are being used to monitor fish health, water quality, and optimise feeding.

Key Industry Players

Alpha Group Ltd.: Founded in 2006 and based in Malaysia, it is a key player in aquaculture, specializing in fish and shrimp farming. The company emphasizes sustainable practices and employs advanced technologies to enhance production efficiency, addressing the increasing global demand for seafood.

Cermaq Group AS: Established in 2011 and headquartered in Oslo, Norway, it focuses on salmon farming. The company is dedicated to sustainability, incorporating responsible practices into its operations to ensure high-quality seafood while safeguarding the environment and promoting the welfare of fish and local ecosystems.

Cooke Aquaculture Inc.: Founded in 1985 and located in Blacks Harbour, Canada, is a leading seafood producer specializing in sustainable fish farming and processing. With a commitment to innovative practices, the company provides high-quality seafood while bolstering local economies and encouraging healthier eating habits.

Leroy Seafood Group ASA: Established in 1899 in Bergen, Norway, is one of the country’s largest seafood companies, primarily focusing on salmon and various fish products. The company emphasizes sustainability and innovation, promoting responsible aquaculture practices to ensure quality production and enhance food security.

Recent Developments

August 2024

Ghana launched an initiative to fund 10,000 new fish farms, providing training, equipment, and startup capital for aspiring fish farmers. The program aimed to produce 20,000 tonnes of fish annually, create 60,000 jobs in the aquaculture sector, and contribute $40 million to the GDP, reversing declining fish production trends.

June 2024

China's state-owned CHN Energy Investment Group (CHN Energy) launched a marine facility combining wind power generation with fish farming. Situated in a marine farm off Putian, Fujian Province, it included a 4-megawatt offshore wind turbine generating 96,000 kilowatt-hours daily and a hexagonal aquaculture area for remote fish health monitoring. Built to endure typhoons, the facility could withstand winds up to 50.9 meters per second.