Global Fish Farming Market - Forecasts from 2023 to 2028

The global fish farming market is projected to grow at a CAGR of 4.86%, reaching US$396.312 billion in 2028 from US$284.375 billion in 2021. Commercial fish farming, also known as pisciculture, occurs in fish tanks or other man-made tanks like fish ponds, predominantly for food. It is a specific form of aquaculture that involves the regulated raising and harvesting of aquatic organisms, including crustaceans, fish, mollusks, and others, in a natural or artificial setting. Carp, salmon, catfish, and tilapia are some of the most popular species farmed globally.

The demand for dietary fish protein is rising globally, leading to widespread overfishing in wild fisheries and the depletion of fish stocks. In addition, fish farming enables the establishment of artificial fish colonies that are adequately fed, shielded from natural predators and competitive threats, and have access to veterinary care. Therefore, the growing demand for fish protein and the growing seafood industry will drive the growth of the global fish farming market during the analysis period. In 2020, 1.1 million tonnes of aquatic creatures were produced by aquaculture farming worth €3.5 billion.

Implementing advanced technologies such as Advancing Integrated Agriculture-Aquaculture, Recirculating Aquaculture Systems, and Genetics & Genomics tools have increased the efficiency and productive capacity of fish farming more sustainably. However, the growing trend of veganism, the rising prevalence of fish-related allergies among consumers, and the implementation of strict rules and regulations against animal cruelty are some factors anticipated to impede the market growth.

The growing demand for fish protein will spur the demand for fish farming during the projected period.

One of the prime factors that will boost the growth of the fish farming market is the high demand for fish protein worldwide. Fishes are one of the most widely consumed forms of protein globally. The majority of the fish people consume originates from farms or artificial fisheries. Eighty-five percent of marine stocks worldwide are either exhausted or overfished, causing the farmed fish business to grow significantly. As the world's population grows more affluent and urbanized and approaches 9 billion before 2050, fish farming offers a solution to the rising need for protein sources.

Eating fish is essential for maintaining a healthy diet in many parts of the world. According to FAO data, about 20 percent of the average per capita animal protein consumption of the world's 3.3 billion people came from fish. According to the National Oceanic and Atmospheric Administration's "Fisheries of the United States 2019 report," the people in the US consumed 19.2 pounds of seafood per person in 2019. In 2019, the UK produced over 234,000 tonnes of farmed food fish worth over £1.15 billion.

Fish is also one of the world's healthiest foods, abundant in essential nutrients such as vitamin D and B12. Furthermore, fish are also a great source of omega-3 fatty acids, which are vital for the body and brain. In addition, the Journal of the American Medical Association reports that fish consumption has been linked to a reduced risk of Alzheimer's disease. Hence, various health benefits associated with the consumption of fish have also increased its demand, propelling market growth even further.

Asia Pacific is anticipated to hold a significant share of the global fish farming market during the forecast period.

The Asia Pacific region is anticipated to hold a significant market share in fish farming. In 2020, Asia produced around 77 million tonnes of fish for food which represented 88.4 percent of the total global production. Asia is also the world's largest aquaculture region. Well-established seafood industries in countries such as China and India are also driving growth in this region. China has the world's most significant animal aquaculture industry, as in 2020, China produced 49.6 million tonnes of edible fish. According to official data, fish farming is one of the fastest-growing industries in India, employing over 28 million people. This industry also supplies nutrition and food security to a significant portion of the nation's population. India is also the second largest fish producer in the world 7.56 percent of the global production. Other factors, such as growth in fish demand and rising ambition from the public and commercial sectors to create a national fisheries development plan to expand fish farming, are also driving growth in this region. Prime markets in the Asia Pacific region include India, China, Japan, Taiwan, South Korea, Thailand, and Indonesia.

Market Developments

• In March 2023, for the project to raise 35,000 tonnes of salmon off the coast of Namibia at a high-energy site, Benguela Blue Aqua Farming partnered with aquaculture technology company Innovasea, which will supply its submersible SeaStation pens and also provided consultancy services to help secure the permits. Eight kilometers off the coast of Luderitz will be where the farm will be situated.
• In March 2023, the principal shareholder of Ice Fish Farm, Msval Eiendom, formed a strategic alliance with the Icelandic fishing business sfelag Vestmannaeyja to expand its Icelandic salmon project.
• In March 2023, the Norwegian company Smart Salmon plans to build an 8,000-tonne land-based salmon farming facility in Brittany. The Smart Salmon RAS plant will be near the town of Guingamp in the northwest region.

Market Segmentation

By Environment

• Freshwater
• Marine water
• Brackish water

By Fish Type

• Salmon
• Shellfish
• Tuna
• Tilapia
• Milkfish
• Others

By Geography

• North America
  • USA
  • Canada
  • Others
• South America
  • Brazil
  • Others
• Europe
  • Germany
  • UK
  • France
  • Others
• Middle East and Africa
  • Israel
  • Others
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Taiwan
  • Thailand
  • Indonesia
  • Others