Aquaculture involves farming of aquatic organisms such as fish, crustaceans, molluscs and aquatic plants. It is a rapidly growing food production sector that can help meet the demand for protein. Aquaculture practices enable cultivating aquatic species in a controlled environment to maximize production. It enables producing fish and seafood in commercial quantities to cater to the growing global demand.
The Global Aquaculture Market was valued at US$ 221.62 Bn in 2022, exhibiting a CAGR of 7.2% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 386.66 Bn by 2030
Key Takeaways
Key players operating in the aquaculture are Cermaq Group AS, Cooke Aquaculture Inc, Grupo Farallon, Leroy Seafood Group ASA and Blue Ridge Aquaculture. The key opportunities in the market include growing focus on sustainable aquaculture practices and increased adoption of technology. Introduction of IoT solutions is enabling automation and remote monitoring in aquaculture farms, thereby improving production efficiency.
Market drivers
Rising disposable incomes and growing global population have increased the Aquaculture Market Demand for seafood significantly. Aquaculture helps address issues of overfishing and depletion of natural fish stocks by providing a sustainable solution. Increased costs of capture fisheries combined with growing demand-supply gap for seafood make aquaculture a lucrative option. Adoption of advanced technologies such as IoT, AI and sensors is enabling precision farming in aquaculture. It allows real-time monitoring of environmental parameters, detection of diseases and automated systems for optimal production.
Current Challenges in Aquaculture Market
The aquaculture market is facing some key challenges that are hindering its growth. High initial investment costs pose a major barrier, especially for small farmers. Building farm infrastructures such as ponds, nets and equipment require large capital outlay that limits entry. Disease outbreaks have also adversely impacted production in recent years. Controlling diseases and maintaining good quality water is an ongoing challenge. Environmental issues related to waste discharge and use of chemicals for treatment have increased regulatory pressures and compliance costs. Climate change effects like warming waters are disrupting farming cycles in some regions. Rising operational costs of production due to increasing feed and labor costs are squeezing farmers' margins.
SWOT Analysis
Strengths: Growing global seafood demand, technological advancements support higher yields.
Weaknesses: High capital requirements, disease risks, environmental concerns related to waste discharge.
Opportunities: Scope to adopt new species, untapped markets in developing regions, integrated aquaculture models.
Threats: Climate change impacts, stricter regulations on resource usage and discharge limits.
Geographical concentration
Currently, Asia Pacific accounts for over 70% of global aquaculture production by value, led by China. Countries like India, Vietnam, Indonesia and Bangladesh are also major producers. Favorable climate and abundant water resources along with large domestic seafood markets have supported rapid growth in this region.
Fastest growing region
Latin America is projected to witness the fastest growth in aquaculture production over the forecast period. Countries in this region have substantial untapped aquaculture potential due to long coastlines. Favorable government support through incentives is boosting sector development. Rising incomes are augmenting demand for seafood which is creating conducive environment for aquaculture market expansion in Latin America at a strong pace.
Get This Report In Japanese Language
Get This Report In Korean Language
About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
