PUBLISHER: Daedal Research | PRODUCT CODE: 1482922
PUBLISHER: Daedal Research | PRODUCT CODE: 1482922
Global Fish Farming Market: Analysis by Environment (Freshwater, Marine Water and Brackish Water), By Fish Type (Salmon, Tilapia, Catfish, Sea Bass, Milk Fish and Others), By Region Size and Trends with Impact of COVID-19 and Forecast up to 2029
Fish farming, also known as pisciculture, is the commercial breeding and cultivation of fish in controlled environments such as fish tanks, ponds, or artificial enclosures. It's a method of producing seafood sustainably to meet the increasing demand for fish products while minimizing pressure on wild fish population. In fish farming, fish are raised under controlled conditions that mimic their natural habitat as closely as possible. This includes monitoring water quality, temperature, and feeding regimes to ensure optimal growth and health. Fish farming can take place in freshwater, saltwater, or brackish water environments, depending on the species being cultivated. The global fish farming market value in 2023 stood at US$323.02 billion, and is likely to reach US$444.38 billion by 2029.
In terms of production, the total number of fish farmed in 2023 stood at 66.56 million tonnes. One of the key drivers behind the growth of fish farming is growing global population and increasing demand for fish protein. As the global population continues to expand, with projections indicating nearly 10 billion people by 2050, the demand for fish food is expected to rise substantially. This demand surge has led to a shift towards aquaculture as a sustainable solution to supplement dwindling wild fish stocks. Various other factors driving the growth of fish farming include rising awareness of health benefits associated with consumption of fish, rising per capita income, urbanization, declining wild fish stock, etc. Furthermore, the fish farming market is predicted to grow due to technological advancements like Recirculating Aquaculture Systems (RAS) and genetic tools optimizing production efficiency and environmental sustainability, integration of AI and machine learning in aquaculture sector, heightened environmental concerns and a focus on sustainable practices, etc. The global fish farming market value is projected to grow at a CAGR of 5.46%, during the forecast period of 2024-2029.
Market Segmentation Analysis:
By Environment: According to the report, the global fish farming market is bifurcated into three segments based on the type of environment: freshwater, marine water and brackish water. Freshwater segment acquired majority of share in the market in 2023 and is the fastest growing segment because of the diversity of fish species suitable for cultivation in freshwater, including popular varieties like tilapia, carp, catfish, and trout, enables a broad range of products and market opportunities within this segment. Additionally, freshwater environments offer abundant and accessible resources, and freshwater fish farming generally entails lower production costs compared to marine or brackish water farming, driven by factors such as reduced land and operational expenses and simpler infrastructure requirements.
By Fish Type: According to the report, the global fish farming market is bifurcated into six types of fishes: salmon, tilapia, catfish, sea bass, milkfish and others. Salmon acquired majority of share in the market in 2023 as salmon is highly valued in international markets for its taste, texture, and nutritional benefits, making it a preferred choice among consumers. Additionally, salmon farming techniques have seen substantial advancements in recent years, allowing for 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 addressing environmental concerns. While, tilapia segment has been experiencing rapid growth in the global fish farming market because of 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 applications, making it a sought-after choice in both domestic and international markets.
By Region: The report provides insight into the fish farming market based on the geographical operations, namely, Asia Pacific, North America, Europe and rest of the world. Asia Pacific fish farming market enjoyed the highest market share in 2023 and is the fastest growing region as well. Asia Pacific countries, such as China, India, and Indonesia, have long-standing traditions and expertise in aquaculture practices. These countries have extensive coastlines, rivers, and inland water bodies that provide abundant resources for aquaculture operations. Additionally, the region's large population base and rising disposable incomes drive demand for seafood products, stimulating growth in the fish farming sector. Moreover, government policies and initiatives aimed at promoting aquaculture development, improving infrastructure, and providing financial support to fish farmers further bolster growth in the region.
India is expected to be the fastest growing country within the Asia Pacific region due to country's vast water resources, including rivers, canals, ponds, reservoirs, and brackish water areas. Additionally, the transition from capture-based to culture-based fishing has opened the way for a stable blue economy, supporting the livelihoods of millions of people along the value chain. India's extensive coastline, exclusive economic zone, and marine resources provide a conducive environment for marine fisheries and aquaculture, contributing significantly to fish output.
Global Fish farming Market Dynamics:
Growth Drivers: Increasing consumption of fish coupled with rising awareness of health benefits associated with fish consumption serves as a significant growth driver for the fish farming market due to several key factors outlined in the research. According to OECD, by 2030, it is projected that 90% of fish production will be consumed as food as fish is widely recognized as a highly nutritious food source, rich in essential nutrients such as protein, omega-3 fatty acids, vitamins, and minerals. As awareness of the health benefits of consuming fish grows, more consumers are incorporating fish into their diets as a healthier protein alternative to meat. Other factors driving the growth of global fish farming market include growing population, urbanization, rise in per capita income, declining wild fish stock, government support and regulations etc.
Challenges: Disease Outbreak is a significant challenge in fish farming market, posing threats to both economic viability and environmental sustainability. With the intensification of operations, the spread of diseases and parasites increases even more. When diseases strike fish farms, they can result in substantial economic losses due to increased mortality rates, reduced growth, and compromised product quality. These losses not only affect individual farmers but also reverberate throughout the industry, leading to supply shortages and market instability. Other challenges might include feed sustainability, habitat degradation etc.
Trends: Adoption of AI has emerged as a significant trend in the global fish farming market. Machine learning and AI technologies are being integrated into aquaculture to improve efficiency and sustainability. AI software enhances feeding patterns, maintains water quality, and increases yields. It also aids in decision-making during uncertain conditions by automatically taking preventive measures. AI solutions enable real-time biomass monitoring automation, early disease detection, and more precise fish farming management. 3D cameras capture images of diseased fish, fish biomass, and feed consumption, providing valuable information for farmers. Companies like Aquabyte and UMITRON are implementing AI technologies, while the Indian government is expanding its use under the PMMSY scheme. More trends are believed to augment the growth of fish farming market during the forecasted period include, growing popularity of IoT and sensors, recirculating aquaculture systems, plant-based feed, Biofloc technology, genetics and breeding programmes, digitalization and e-commerce etc.
Impact Analysis of COVID-19 and Way Forward:
The COVID-19 pandemic has significantly impacted global fisheries and aquaculture, causing shifts in consumer demand and logistical challenges. Despite initial declines, recovery has been slow. Digital transformation has accelerated, reducing dependence on manpower and promoting scientific farming practices. Remote surveillance systems and biofloc technology can help fishers improve operations and cope with the pandemic.
Competitive Landscape and Recent Developments:
Fish farming industry exhibits high fragmentation, with numerous players contributing to a diverse landscape. The market is characterized by many companies offering a wide range of quality products, creating a competitive environment. Key players of global fish farming market are:
Stolt-Nielsen Limited (Stolt Sea Farm)
P/F Bakkafrost
Austevoll Seafood ASA
Mowi ASA
SalMar ASA
Cermaq Group AS
Nordic Aquafarms
Cooke Inc.
Australis Aquaculture
Blue Ridge Aquaculture
AquaBounty
America's Catch
The key players are constantly investing in strategic initiatives, such as adoption of new technologies, introducing their products to emerging markets and more, to maintain a competitive edge in this market. For instance, in March 2024, Ethical Seafood Research (ESR) and FAI announced a new partnership to launch the Tilapia Welfare Project in Egypt. Egypt is the top tilapia producer in Africa and the Tilapia Welfare Project aims to show Egyptian producers not only how to measure and assess tilapia welfare on farm, but also the financial and production benefits of doing so. Also, in November 2023, Bakkafrost planned to build a new recirculating aquaculture system (RAS) smolt hatchery in Skalavik, Faroe Islands, with a total capacity of 28,600 m3.
Table of Contents
- 2.1 Fish Farming: An Overview
- 2.1.1 Introduction to Fish Farming
- 2.1.2 Pros of Fish Farming
- 2.1.3 Major Factors Affecting the Development of Aquaculture
- 2.2 Fish Farming Segmentation: An Overview
- 2.2.1 Fish Farming Segmentation
- 3.1 Global Fish Farming Market: An Analysis
- 3.1.1 Global Fish Farming: An Overview
- 3.1.2 Global Fish Farming Market by Value
- 3.1.3 Global Fish Farming Market by Environment (Freshwater, Marine Water and Brackish Water)
- 3.1.4 Global Fish Farming Market by Fish Type (Salmon, Tilapia, Catfish, Sea Bass, Milkfish and others)
- 3.1.5 Global Fish Farming Market by Region (North America, Europe, Asia Pacific, and Rest of the World)
- 3.2 Global Fish Farming Market: Production Analysis
- 3.2.1 Global Fish Farming Market Production: An Overview
- 3.2.2 Global Fish Farming Market by Production
- 3.2.3 Global Fish Farming Market Production by Environment (Inland Fisheries and Marine Fisheries)
- 3.3 Global Fish Farming Market: Environment Analysis
- 3.3.1 Global Fish Farming Market: Environment Overview
- 3.3.2 Global Freshwater Fish Farming Market by Value
- 3.3.3 Global Marine Water Fish Farming Market by Value
- 3.3.4 Global Brackish Water Fish Farming Market by Value
- 3.4 Global Fish Farming Market: Fish Type Analysis
- 3.4.1 Global Fish Farming Market: Fish Type Overview
- 3.4.2 Global Salmon Farming Market by Value
- 3.4.3 Global Tilapia Farming Market by Value
- 3.4.4 Global Catfish Farming Market by Value
- 3.4.5 Global Sea Bass Farming Market by Value
- 3.4.6 Global Milkfish Farming Market by Value
- 3.4.7 Global Others Fish Farming Market by Value
- 3.5 Global Fish Farming Market Production: Environment Analysis
- 3.5.1 Global Fish Farming Market Production: Environment Overview
- 3.5.2 Global Inland Fish Farming Market by Production
- 3.5.3 Global Marine Fish Farming Market by Production
- 4.1 Asia Pacific Fish Farming Market: An Analysis
- 4.1.1 Asia Pacific Fish Farming Market: An Overview
- 4.1.2 Asia Pacific Fish Farming Market by Value
- 4.1.3 Asia Pacific Fish Farming Market by Region (China, Indonesia, India, Japan, South Korea and Rest of Asia Pacific)
- 4.1.4 China Fish Farming Market by Value
- 4.1.5 Indonesia Fish Farming Market by Value
- 4.1.6 India Fish Farming Market by Value
- 4.1.7 Japan Fish Farming Market by Value
- 4.1.8 South Korea Fish Farming Market by Value
- 4.1.9 Rest of Asia Pacific Fish Farming Market by Value
- 4.2 North America Fish Farming Market: An Analysis
- 4.2.1 North America Fish Farming Market: An Overview
- 4.2.2 North America Fish Farming Market by Value
- 4.2.3 North America Fish Farming Market by Region (The US, Mexico and Canada)
- 4.2.4 The US Fish Farming Market by Value
- 4.2.5 Mexico Fish Farming Market by Value
- 4.2.6 Canada Fish Farming Market by Value
- 4.3 Europe Fish Farming Market: An Analysis
- 4.3.1 Europe Fish Farming Market: An Overview
- 4.3.2 Europe Fish Farming Market by Value
- 4.3.3 Europe Fish Farming Market by Region (France, Spain, Italy, UK, Germany and Rest of Europe)
- 4.3.4 France Fish Farming Market by Value
- 4.3.5 Spain Fish Farming Market by Value
- 4.3.6 Italy Fish Farming Market by Value
- 4.3.7 UK Fish Farming Market by Value
- 4.3.8 Germany Fish Farming Market by Value
- 4.3.9 Rest of Europe Fish Farming Market by Value
- 4.4 Rest of the World Fish Farming Market: An Analysis
- 4.4.1 Rest of the World Fish Farming Market: An Overview
- 4.4.2 Rest of the World Fish Farming Market by Value
- 5.1 Impact of COVID-19 on Global Fish Farming Market
- 5.1.1 National Policies and Responses to COVID-19
- 5.2 Post COVID-19 Impact on Global Fish Farming Market
- 6.1 Growth Drivers
- 6.1.1 Increasing Consumption of Fish
- 6.1.2 Growing Population
- 6.1.3 Declining Wild Fish Stocks
- 6.1.4 Rising Awareness of Health Benefits
- 6.1.5 Government Support and Regulations
- 6.2 Challenges
- 6.2.1 Disease Outbreaks
- 6.2.2 Feed Sustainability
- 6.2.3 Habitat Degradation
- 6.3 Market Trends
- 6.3.1 Artificial Intelligence (AI) and Machine Learning
- 6.3.2 Recirculating Aquaculture Systems (RAS)
- 6.3.3 IoT Devices and Sensors
- 6.3.4 Plant-based Feed
- 6.3.5 Biofloc technology
- 6.3.6 Genetics and Breeding Programmes
- 6.3.7 Digitalization and E-commerce
- 7.1 Global Fish Farming Market: Competitive Landscape
- 7.2 Global Fish Farming Market Players by Recent Developments
- 7.3 Global Salmon Farming Market Players: Harvest Volume Comparison
- 8.1 Stolt-Nielsen Limited (Stolt Sea Farm)
- 8.1.1 Business Overview
- 8.1.2 Operating Segments
- 8.1.3 Business Strategy
- 8.2 P/F Bakkafrost
- 8.2.1 Business Overview
- 8.2.2 Operating Segments
- 8.2.3 Business Strategy
- 8.3 Austevoll Seafood ASA
- 8.3.1 Business Overview
- 8.3.2 Operating Segment
- 8.3.3 Business Strategy
- 8.4 Mowi ASA
- 8.4.1 Business Overview
- 8.4.2 Operating Segment
- 8.4.3 Business Strategy
- 8.5 SalMar ASA
- 8.5.1 Business Overview
- 8.5.2 Operating Segments
- 8.5.3 Business Strategy
- 8.6 Cermaq Group AS
- 8.6.1 Business Overview
- 8.6.2 Business Strategy
- 8.7 Nordic Aquafarms
- 8.7.1 Business Overview
- 8.7.2 Business Strategy
- 8.8 Cooke Aquaculture
- 8.8.1 Business Overview
- 8.8.2 Business Strategy
- 8.9 Australis Aquaculture
- 8.9.1 Business Overview
- 8.10 AquaBounty
- 8.10.1 Business Overview
- 8.11 Blue Ridge Aquaculture
- 8.11.1 Business Overview
- 8.12 America's Catch
- 8.12.1 Business Overview
1. Executive Summary
2. Introduction
3. Global Market Analysis
4. Regional Market Analysis
5. Impact of COVID-19
6. Market Dynamics
7. Competitive Landscape
8. Company Profiles
List of Tables
- Table 1: Major Factors Affecting the Development of Aquaculture
- Table 2: Global Salmon Farming Market Players: Harvest Volume, All Farmed Salmonid Species (Tonnes); 2022
List of Figures
- Figure 1: Pros of Fish Farming
- Figure 2: Fish Farming Segmentation
- Figure 3: Global Fish Farming Market by Value; 2019-2023 (US$ Billion)
- Figure 4: Global Fish Farming Market by Value; 2024-2029 (US$ Billion)
- Figure 5: Global Fish Farming Market by Environment; 2023 (Percentage, %)
- Figure 6: Global Fish Farming Market by Fish Type; 2023 (Percentage, %)
- Figure 7: Global Fish Farming Market by Region; 2023 (Percentage, %)
- Figure 8: Global Fish Farming Market by Production; 2019-2023 (Million Tonnes)
- Figure 9: Global Fish Farming Market by Production; 2024-2029 (Million Tonnes)
- Figure 10: Global Fish Farming Market Production by Environment; 2023 (Percentage, %)
- Figure 11: Global Freshwater Fish Farming Market by Value; 2019-2023 (US$ Billion)
- Figure 12: Global Freshwater Fish Farming Market by Value; 2024-2029 (US$ Billion)
- Figure 13: Global Marine Water Fish Farming Market by Value; 2019-2023 (US$ Billion)
- Figure 14: Global Marine Water Fish Farming Market by Value; 2024-2029 (US$ Billion)
- Figure 15: Global Brackish Water Fish Farming Market by Value; 2019-2023 (US$ Billion)
- Figure 16: Global Brackish Water Fish Farming Market by Value; 2024-2029 (US$ Billion)
- Figure 17: Global Salmon Farming Market by Value; 2019-2023 (US$ Billion)
- Figure 18: Global Salmon Farming Market by Value; 2024-2029 (US$ Billion)
- Figure 19: Global Tilapia Farming Market by Value; 2019-2023 (US$ Billion)
- Figure 20: Global Tilapia Farming Market by Value; 2024-2029 (US$ Billion)
- Figure 21: Global Catfish Farming Market by Value; 2019-2023 (US$ Billion)
- Figure 22: Global Catfish Farming Market by Value; 2024-2029 (US$ Billion)
- Figure 23: Global Sea Bass Farming Market by Value; 2019-2023 (US$ Billion)
- Figure 24: Global Sea Bass Farming Market by Value; 2024-2029 (US$ Billion)
- Figure 25: Global Milkfish Farming Market by Value; 2019-2023 (US$ Billion)
- Figure 26: Global Milkfish Farming Market by Value; 2024-2029 (US$ Billion)
- Figure 27: Global Others Fish Farming Market by Value; 2019-2023 (US$ Billion)
- Figure 28: Global Others Fish Farming Market by Value; 2024-2029 (US$ Billion)
- Figure 29: Global Inland Fish Farming Market by Production; 2019-2023 (Million Tonnes)
- Figure 30: Global Inland Fish Farming Market by Production; 2024-2029 (Million Tonnes)
- Figure 31: Global Marine Fish Farming Market by Production; 2019-2023 (Million Tonnes)
- Figure 32: Global Marine Fish Farming Market by Production; 2024-2029 (Million Tonnes)
- Figure 33: Asia Pacific Fish Farming Market by Value; 2019-2023 (US$ Billion)
- Figure 34: Asia Pacific Fish Farming Market by Value; 2024-2029 (US$ Billion)
- Figure 35: Asia Pacific Fish Farming Market by Region; 2023 (Percentage, %)
- Figure 36: China Fish Farming Market by Value; 2019-2023 (US$ Billion)
- Figure 37: China Fish Farming Market by Value; 2024-2029 (US$ Billion)
- Figure 38: Indonesia Fish Farming Market by Value; 2019-2023 (US$ Billion)
- Figure 39: Indonesia Fish Farming Market by Value; 2024-2029 (US$ Billion)
- Figure 40: India Fish Farming Market by Value; 2019-2023 (US$ Billion)
- Figure 41: India Fish Farming Market by Value; 2024-2029 (US$ Billion)
- Figure 42: Japan Fish Farming Market by Value; 2019-2023 (US$ Billion)
- Figure 43: Japan Fish Farming Market by Value; 2024-2029 (US$ Billion)
- Figure 44: South Korea Fish Farming Market by Value; 2019-2023 (US$ Billion)
- Figure 45: South Korea Fish Farming Market by Value; 2024-2029 (US$ Billion)
- Figure 46: Rest of Asia Pacific Fish Farming Market by Value; 2019-2023 (US$ Billion)
- Figure 47: Rest of Asia Pacific Fish Farming Market by Value; 2024-2029 (US$ Billion)
- Figure 48: North America Fish Farming Market by Value; 2019-2023 (US$ Billion)
- Figure 49: North America Fish Farming Market by Value; 2024-2029 (US$ Billion)
- Figure 50: North America Fish Farming Market by Region; 2023 (Percentage, %)
- Figure 51: The US Fish Farming Market by Value; 2019-2023 (US$ Billion)
- Figure 52: The US Fish Farming Market by Value; 2024-2029 (US$ Billion)
- Figure 53: Mexico Fish Farming Market by Value; 2019-2023 (US$ Billion)
- Figure 54: Mexico Fish Farming Market by Value; 2024-2029 (US$ Billion)
- Figure 55: Canada Fish Farming Market by Value; 2019-2023 (US$ Billion)
- Figure 56: Canada Fish Farming Market by Value; 2024-2029 (US$ Billion)
- Figure 57: Europe Fish Farming Market by Value; 2019-2023 (US$ Billion)
- Figure 58: Europe Fish Farming Market by Value; 2024-2029 (US$ Billion)
- Figure 59: Europe Fish Farming Market by Region; 2023 (Percentage, %)
- Figure 60: France Fish Farming Market by Value; 2019-2023 (US$ Billion)
- Figure 61: France Fish Farming Market by Value; 2024-2029 (US$ Billion)
- Figure 62: Spain Fish Farming Market by Value; 2019-2023 (US$ Billion)
- Figure 63: Spain Fish Farming Market by Value; 2024-2029 (US$ Billion)
- Figure 64: Italy Fish Farming Market by Value; 2019-2023 (US$ Billion)
- Figure 65: Italy Fish Farming Market by Value; 2024-2029 (US$ Billion)
- Figure 66: UK Fish Farming Market by Value; 2019-2023 (US$ Billion)
- Figure 67: UK Fish Farming Market by Value; 2024-2029 (US$ Billion)
- Figure 68: Germany Fish Farming Market by Value; 2019-2023 (US$ Billion)
- Figure 69: Germany Fish Farming Market by Value; 2024-2029 (US$ Billion)
- Figure 70: Rest of Europe Fish Farming Market by Value; 2019-2023 (US$ Billion)
- Figure 71: Rest of Europe Fish Farming Market by Value; 2024-2029 (US$ Billion)
- Figure 72: Rest of the World Fish Farming Market by Value; 2019-2023 (US$ Billion)
- Figure 73: Rest of the World Fish Farming Market by Value; 2024-2029 (US$ Billion)
- Figure 74: Per Capita Fish Consumption; 2018-20 and 2030 (Kg/year)
- Figure 75: Global Population; 2019-2023 (Billion)
- Figure 76: Stolt-Nielsen Limited Revenue by Segment; 2023 (Percentage, %)
- Figure 77: P/F Bakkafrost Revenue by Segment; 2023 (Percentage, %)
- Figure 78: Austevoll Seafood Operating Income by Segment; 2023 (Percentage, %)
- Figure 79: Mowi ASA Revenue by Segment; 2023 (Percentage, %)
- Figure 80: SalMar ASA Revenue by Segment; 2023 (Percentage, %)
