(MENAFN- PR Newswire) DUBLIN, Sept. 12, 2023 /PRNewswire/ -- The
"Global Fish Farming market - Forecasts from 2023 to 2028" report has been added to
ResearchAndMarkets.com's offering.
The global fish farming market is poised for substantial growth, with a projected compound annual growth rate (CAGR) of 4.86%, leading to an anticipated market value of USD 396.312 billion by 2028.
Fish farming, also known as pisciculture, involves the regulated raising and harvesting of aquatic organisms, including fish, crustaceans, mollusks, and others, in controlled environments such as fish tanks, ponds, and other man-made systems.
This industry plays a crucial role in meeting the growing global demand for dietary fish protein, which has led to overfishing in wild fisheries and the depletion of fish stocks. Key species farmed globally include carp, salmon, catfish, and tilapia.
Key Market Trends and Drivers
Several key trends and drivers are contributing to the growth of the global fish farming market:
Rising Demand for Fish Protein: The global demand for fish protein is on the rise, driven by the growing awareness of the health benefits of consuming fish and the need to address protein shortages. As wild fisheries face overfishing and depletion of stocks, fish farming offers a sustainable solution to meet the rising demand for fish protein. Fish is considered a healthy source of essential nutrients, including omega-3 fatty acids, vitamin D, and B12. This health-conscitrend is boosting the fish farming market. Health Benefits of Fish Consumption: Fish is recognized as one of the world's healthiest foods, rich in essential nutrients and omega-3 fatty acids, which are beneficial for the body and brain. Studies have linked fish consumption to a reduced risk of diseases like Alzheimer's. As consumers increasingly prioritize health and nutrition, the demand for fish as a source of protein and essential nutrients is expected to drive market growth. Regional Dominance - Asia Pacific: Asia Pacific is expected to dominate the global fish farming market. In 2020, Asia accounted for 88.4% of the total global production of fish for food, producing approximately 77 million tonnes. Countries like China and India lead in seafood production. China, in particular, has the world's largest animal aquaculture industry. The region's well-established seafood industries and growing demand for fish make it a key market. Sustainable Farming Technologies: The adoption of advanced technologies in fish farming, such as Recirculating Aquaculture Systems (RAS), Genetics & Genomics tools, and integrated agriculture-aquaculture systems, has enhanced the efficiency and sustainability of fish production. These technologies improve fish health, minimize environmental impacts, and optimize resource utilization. Market Developments
In March 2023, Benguela Blue Aqua Farming partnered with aquaculture technology company Innovasea to establish a salmon farming project off the coast of Namibia. This project involves the production of 35,000 tonnes of salmon using Innovasea's submersible SeaStation pens. In March 2023, Ice Fish Farm's principal shareholder, Msval Eiendom, formed a strategic alliance with Icelandic fishing company Samskip Vestmannaeyja to expand its Icelandic salmon project. Also in March 2023, Norwegian company Smart Salmon announced plans to build an 8,000-tonne land-based salmon farming facility in Brittany, France, using Recirculating Aquaculture Systems (RAS) technology.
Market Segmentation
The global fish farming market is segmented based on varifactors:
By Environment:
Freshwater Marine water Brackish water
By Fish Type:
Salmon Shellfish Tuna Tilapia Milkfish Others
By Geography:
North America South America Europe Middle East and Africa Asia Pacific China Japan South Korea India Taiwan Thailand Indonesia Others
The global fish farming market is expected to continue its growth trajectory, driven by the increasing global demand for fish protein, health-consciconsumer trends, and the adoption of sustainable farming technologies. Asia Pacific, with its established seafood industries and growing demand for fish, is anticipated to lead the market's growth.
Companies Mentioned
Alpha Group Cooke Aquaculture Inc. Leroy Seafood Group Mowi Thai Union Group PCL Stolt Sea Farm Selonda Aquaculture NirAquaculture S.A. Marine Harvest Blue Ridge Aquaculture
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