The Aquaculture Market size was USD 34.40 Billion in 2020 and is expected to reach USD 57.82 Billion in 2028 and register a revenue CAGR of 6.5% over the forecast period, according to the latest report by Reports and Data. Continuous technological advancements in the fish farming industry and growing focus on food security among major players are key factors driving market revenue growth. There are around 580 species currently farmed using aquaculture farming across the globe by farmers in developing countries and by multinational companies that can retain ownership of cultivated stock. Eating fish is part of cultural traditions of large population and it has an excellent nutritional value such as good source of protein, fatty acids, vitamins, minerals, and essential micronutrients.
Revenue growth of the global aquaculture market can be attributed to changing eating preferences globally. Expansion of organized retail industry and availability of products through various sales channels make it convenient for consumers to buy packaged aquaculture products, which is expected to continue to drive market revenue growth. Currently, aquaculture is necessary to meet the demand for and supply of seafood. The industry provides high-quality and disease-free fishes by breeding these fishes in a hygienic environment. Aquaculture activities are also used to conserve endangered species, which is another factor driving market revenue growth.
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Some Key Highlights from the Report
- Freshwater segment accounted for largest revenue share in 2020. Technological advancements in freshwater aquaculture using automation processes for nutritional balance of aquatic products, increasing export of freshwater fishes such as Pangasius and Tilapia, availability of resources such as irrigation canals, lakes, paddy fields, and reservoirs, and increasing expenditure on aquaculture and favorable policies by governments of various countries across the globe are factors expected to drive revenue growth of the segment.
- The carps segment is expected to register faster revenue growth rate over the forecast period. Carps are cultivated in freshwater environments and are the main cultivated aquatic species in aquaculture market owing to easy adaptability in any environmental conditions. Growing awareness of various health benefits of consuming carps to balance hormone levels and reduce the risk of chronic diseases is a major factor driving revenue growth of the segment.
- Mackerel segment is expected to register rapid revenue growth rate over the forecast period. Mackerel is mainly preferred for its rich source of nutrients, especially omega-3 fatty acids, which are needed to balance metabolism. Moreover, consuming mackerel lowers cholesterol, boosts brain development, and reduces risk of depression and asthma.
- Market in Europe accounted for significantly large revenue share in 2020. Growing trend of consuming high protein products among young population is expected to drive revenue growth of Europe aquaculture market. Growing health and fitness trends among younger generation is increasing demand for protein as it helps in tissue repair. Therefore, seafood is a perfect alternative to meet body's protein requirements.
- Some major companies profiled in the global market report include WH Group, JBS S.A., Smithfield Foods, Triumph Foods, Danish Crown, Tyson Foods, Inc., Cooke Aquaculture, Inc., Cooke Aquaculture, Inc., SalMar ASA, and Norway Royal Salmon ASA.
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For the purpose of this report, Reports and Data has segmented the global aquaculture market based on environment, fish type, and region:
Environment Outlook (Revenue, USD Billion; 2018-2028)
- Brackish Water
- Marine Water
- Fresh Water
Fish Type Outlook (Revenue, USD Billion; 2018-2028)
- Sea Bream
- Sea Bass
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Key questions answered by the report
- What was the market size of the aquaculture market in 2020?
- What is the expected revenue Compound Annual Growth Rate (CAGR) of the aquaculture market over the forecast period?
- Which are some key factors expected to drive the adoption of aquaculture?
- Which region is expected to account for the largest revenue share in the aquaculture market?
- Which are the key companies operating in the global market?
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