Fish Farming Market

The global Fish Farming Market is valued at USD 300.5 Billion in 2022 and is projected to reach a value of USD 471.7 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 5.8% between 2023 and 2030.

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Fish Farming, often known as aquaculture, is the practice of growing fish in enclosures for consumption. It is food production that is expanding the fastest. These fabricated settings are used to raise over half of the fish that is consumed worldwide. Salmon, cod, tuna, trout, and halibut are among the species that are frequently grown. These "aquafarms" can be constructed as either concrete enclosures on land or mesh cages immersed in natural bodies of water. Furthermore, creating a Fish Farming is only sometimes necessary; instead, a small lake or pond might be used. Many are high-tech, and artificial structures are constructed to regulate every aspect of growing aquatic life. Farming structures create an environment where fish can grow while minimizing the likelihood of numerous external influences, such as pollution and predators. By raising fish and releasing them back into the wild, farms can also be crucial for preserving populations of wild fish that are in danger of extinction, including salmon and trout. Additionally, Fish Farming enables farmers to develop a habitat for rearing a particular kind of fish.

• The rapid expansion of aquaculture as a potential alternative to wild fishing will notably increase the Fish Farming market during the projection period from 2023 to 2030.
• The Salmon segment will continue to assert its dominance by fish type, capturing the largest market share globally throughout the forecast period 2023 to 2030.
• In 2022, Asia-Pacific exhibited its market prowess, achieving the highest revenue share of 40.90%.
• The North American region is poised for remarkable growth, displaying a noteworthy Compound Annual Growth Rate (CAGR) between 2023 and 2030.

Top Market Trends

1. Fish is a desirable alternative as customers become more health-conscious and look for lean protein options. In order to meet this need, Fish Farming produces a continuous year-round supply of different fish species, regardless of the actual fishing seasons.
2. Fish aquaculture relieves the strain on these depleting supplies and provides a viable alternative. Fish farmers work to lessen the effects of overfishing on marine ecosystems by raising fish in regulated habitats. This strategy helps wild fish populations recover by allowing them to procreate and increase in quantity, which is growing the market.
3. Fish is recognized for its nutritional advantages, especially its high omega-3 fatty acid content, which is essential for the functioning of the heart and brain. As people become more aware of these advantages, they are gravitating towards fish as a nutritious food source.
4. Aquaponics (the growing of plants and animals) and recirculating aquaculture systems (RAS) are two examples of emerging technologies that boost output while lowering water pollution. If they are designed to stop water from evaporating and are driven by renewable energy, this is more advantageous. Furthermore, it increases the market.
5. Over the past few years, improvements in the food system, improved logistics, increased affordability, expanding international trade, and rising consumer spending have all been primarily credited with the growth of the global food and beverage business. To meet consumer expectations, the food and beverage business has likewise been constantly growing.
6. Global public awareness of the health advantages of fish contributes to the market's expansion for Fish Farming. Fish is also a high-quality, low-fat protein. Fish is a great source of vitamin D, vitamin B2 (riboflavin) and omega-3 fatty acids. As it aids in the treatment of cancer, fish is a good source of phosphorus, iron, calcium, zinc, iodine, magnesium, and potassium.

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Economic Insights

Economic factors may also affect the aquaculture-related laws and regulations of the government. Economic considerations occasionally result in slack enforcement of environmental laws, thereby allowing unsustainable farming methods that could be detrimental to regional ecosystems. As a result, Fish Farming may find it more expensive to comply with strict restrictions, which could limit their ability to profit and grow. It can be costly to start and maintain Fish Farming. Economic downturns can make it more difficult for farmers to invest in essential infrastructure, equipment, research, and development. This can affect both new and existing Fish Farming businesses. This may obstruct the development of the sector and the adoption of cutting-edge, environmentally friendly aquaculture techniques.

Market Segmentation

The Global Fish Farming Market is categorized into the below-mentioned segments as:

The global Fish Farming market can be categorized into Environment, Fish Type, Region. The Fish Farming market can be categorized into Marine Water, Fresh Water, Brackish Water based on Environment. The Fish Farming market can be categorized into Pompano, Snappers, Groupers, Salmon, Milkfish, Tuna, Tilapia, Catfish, Sea Bass, Other Fish Types based on Fish Type. The Fish Farming market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region.

Based on Environment

Fresh Water to Lead Maximum Market Share Due to the Fish Aquaculture Expanding Quickly as a Feasible Substitute For Wild Fishing

In 2022, the Fresh Water segment was poised to dominate the global market for Fish Farming. In addition to groundwater in aquifers and underground streams, the earth's surface is naturally covered in freshwater in the forms of ice sheets, glaciers, icebergs, bogs, ponds, lakes, rivers, and streams. The three fish species that are most common in freshwater settings are tench, salmon, and trout. China is, without a doubt, the leader in Asia, which accounts for over 95% of all freshwater fish breeding worldwide. The nation that cultivates carp the most extensively also produces large amounts of tilapia, catfish, and a few other species. The regulation of Fish Farming and aquaculture is governed by fisheries policy in several places, including China, Bangladesh, and Thailand. For instance, Bangladesh enacted a fisheries plan in 1998 that included a procedure for freshwater aquaculture to increase the nation's freshwater fish production and fuel the expansion of the Fish Farming industry.

Based on Fish Type

The Others segment Expects Dominion because of The Salmon Fish's Health Advantages.

In 2022, the Others segment will dominate the Fish Farming market. Many ray-finned fish species are referred to as salmon. Carps, sea bream, trout, mollusks, crustaceans, mackerels, crabs, octopus, dolphins, turtles, prawns & seals, and a great range of marine and freshwater animals are among the others. Carps' flexibility and durability have aided in their domestication all over the world. Carps are distinct coarse fish because they are difficult to hook (catch). Mackerel is a frequent name for pelagic fish. They can be found in both the tropical and temperate waters.

Based on Region

Asia Pacific Expected to Dominate Global Sales Owing to the Fact of People Preferences

In 2022, the Asia Pacific region emerged as the dominant player in the Fish Farming market. Fish Farming is possible in the Asia-Pacific region because there are many developing countries there that have large water supplies. Fish Farming is rapidly expanding in nations like Vietnam, China, and Indonesia as a result of rising per capita disposable income, growth in interest from aquaculture giants due to low labor costs, and government programs to assist the industry. Australian Fish Farming is experiencing significant growth as a result of rising domestic seafood consumption. There are many varieties of fish raised for food in the Philippines, such as milkfish, tilapia, and carp. A national fisheries development plan for the Philippines that incorporates aquaculture is currently being drafted by the country's government and private sector, which is fostering the expansion of the Fish Farming industry. The Asia-Pacific market is driven by population growth, economic development, and societal factors such as customary fish consumption patterns.

The Fish Farming industry in North America is rapidly growing in popularity. The market has grown as a result of increased health concerns among both young people and older people, as well as a rise in fish intake. Additionally, the market is expanding as a result of the rise in people with heart conditions or high triglyceride levels who are frequently advised to consume a diet high in calcium by medical professionals. Omega 3 fatty acid consumption also decreases blood pressure and lessens the risk of heart attacks and strokes.

Competitive Landscape

The global Fish Farming market is highly competitive, with various key players operating in the industry. Some of the major companies in the market include Cooke Fish Farming, Alpha Group Ltd, Thai Union Group Plc (Thai Union), Tassal Group Limited (Tassal), Marine Harvest ASA (Marine), Nippon Suisan Kaisha, Ltd., P/F Bakkafrost (Bakkafrost), Leroy Seafood Group Asa (Leroy), Fish Farming Technologies Asia Limited, Cermaq Group As (Mitsubishi Corporation). To create novel and sustainable products, these businesses are putting their attention on research and development. As businesses try to increase their product offerings and market presence, mergers, acquisitions, and other strategic alliances are common in the market.

The key players in the global Fish Farming market include - Cooke Fish Farming (Canada), Alpha Group Co. (China), Thai Union Group PLC (Thailand), Tassal Group Ltd. (Australia), Marine Harvest ASA (Norway), Nippon Suisan Kaisha Ltd. (Japan), P/F Bakkafrost (Denmark), Leroy Seafood Group ASA (Norway), Fish Farming Technologies Asia Ltd. (Singapore), Cermaq Group AS (Norway) among others.

Recent Market Developments

• In March 2022, In order to give the fish individualized follow-up, BioSort and Cermaq tested for the first time a sorting mechanism that will sort the fish in a net pen. In order to improve fish health and welfare in net pens and to boost survival in salmon farming, it is essential to be able to distinguish between different species.
• In September 2022, To support an ambitious expansion plan, the Lery Seafood group intended to invest more than NOK 3 billion (£260 million) in its value chain.
• In October 2023, Tydal Settefisk has acquired the Norwegian land-based char farmer Fish Farm Tydal. Tydal Settefisk is the brainchild of three Norwegian companies: land-based char farmer Blafjoll Drift, advice firm Morefish, and land-based consultancy firm EquNor Aqua.

Segmentation of the Global Fish Farming Market