$444.38 billion market by 2029 driven by genetics and breeding programs, government support and regulations, and digitalization and e-commerce

Global fish farming market

Dublin, May 29, 2024 (GLOBE NEWSWIRE) — “Global Fish Farming Market: Analysis by Environment, Fish Type, Region Size and Trends with COVID-19 Pandemic Impact and Forecast to 2029” report added. ResearchAndMarkets.com offering.

The global fish farming market value in 2023 was USD 323.02 billion and is likely to reach USD 444.38 billion by 2029. During the forecast period 2024-2029, the global fish farming market value is expected to grow at a CAGR of 5. 46%. . In terms of production, the total number of fish farmed in 2023 was 66.56 million tonnes.

One of the key factors for the growth of fish farming is the growing world population and the growing demand for fish protein. As the world population continues to grow, with projections pointing to almost 10 billion people by 2050, the demand for fish food is expected to increase significantly.

This surge in demand has led to a shift to aquaculture as a sustainable solution to replenish dwindling wild fish stocks. Various other factors driving the growth of fish farming include growing awareness of the health benefits of fish consumption, rising per capita income, urbanization, declining wild fish stocks, etc.

The Asia-Pacific fish farming market enjoyed the highest market share in 2023 and is also the fastest-growing region. Asia-Pacific countries such as China, India and Indonesia have long traditions and expertise in aquaculture practices. These countries have extensive coastlines, rivers and inland bodies of water that provide abundant resources for aquaculture activities.

Additionally, the region’s large population base and rising disposable incomes are driving demand for seafood products, spurring the growth of the fish farming sector. Moreover, government policies and initiatives to promote aquaculture development, improve infrastructure and provide financial support to fish farmers continue to enhance the region’s development.

India is expected to be the fastest growing country in the Asia-Pacific region due to the country’s vast water resources, including rivers, canals, ponds, reservoirs and brackish water areas. Moreover, the shift from catch-based to culture-based fishing has paved the way for a sustainable blue economy supporting the livelihoods of millions of people across the value chain. India’s extensive coastline, exclusive economic zone and marine resources provide a favorable environment for marine fishing and aquaculture, contributing significantly to fish production.

The story continues

Additionally, the fish farming market is expected to grow due to technological advancements such as recirculating aquaculture systems (RAS) and genetic tools to optimize production efficiency and environmental sustainability, integration of artificial intelligence and machine learning in the aquaculture sector, increased environmental concerns and focus on sustainable practices etc.

Competitive landscape and latest developments

The fish farming industry is highly fragmented, with numerous actors contributing to the creation of a diverse landscape. The market is characterized by the presence of many companies offering a wide range of high-quality products, creating a competitive environment.

Key players are constantly investing in strategic initiatives such as implementing new technologies, introducing their products to emerging markets and more to maintain a competitive advantage in this market. For example, in March 2024, Ethical Seafood Research (ESR) and FAI announced a new partnership to launch the Tilapia Welfare project in Egypt.

Egypt is the main producer of tilapia in Africa, and the Tilapia Welfare project aims to show Egyptian producers not only how to measure and evaluate the welfare of tilapia on farm, but also the financial and production benefits that result from it. Additionally, in November 2023, Bakkafrost has planned to build a new smolt hatchery in a recirculating aquaculture system (RAS) in Skalavik, Faroe Islands, with a total capacity of 28,600 m3.

Market segmentation analysis:

By environment: The freshwater segment acquired the majority of market share in 2023 and is the fastest growing segment due to the diversity of fish species suitable for freshwater farming, including popular varieties such as tilapia, carp, catfish and trout, enabling a wide range of products and opportunities market in this segment.

Additionally, freshwater environments offer abundant and accessible resources, and freshwater fish farming generally has lower production costs compared to farming in marine or brackish water, driven by factors such as lower land and operational costs and simpler infrastructure requirements.

By type of fish: Salmon captured the majority of the market share in 2023 as salmon is highly valued in international markets for its taste, texture and nutritional properties, making it the preferred choice among consumers. Additionally, salmon farming techniques have advanced significantly in recent years, enabling efficient and sustainable production on a large scale.

Technologies such as sea cage farming and land-based recirculating aquaculture systems (RAS) have enabled salmon farmers to meet market demands while also taking into account environmental concerns. Meanwhile, the tilapia segment is witnessing rapid growth in the global fish farming market due to its adaptability to various environmental conditions, lower production costs and reduced risks for farmers. Additionally, tilapia has gained popularity among consumers due to its mild flavor, white flesh and versatility in culinary uses, making it a sought-after choice in both domestic and international markets.

Key Features:

Market dynamics

Growth factors

• Increasing fish consumption

• Growing population

• Declining wild fish stocks

• Growing awareness of health benefits

• Government support and regulation

Challenges

• Disease outbreaks

• Sustainability of feed

• Habitat degradation

Market trends

• Artificial intelligence (AI) and machine learning

• Recirculating aquaculture systems (RAS)

• IoT devices and sensors

• Plant feed

• Biofloc technology

• Genetics and breeding programs

• Digitization and e-commerce

Key players

More information about this report can be found at https://www.researchandmarkets.com/r/ellmy7

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