The new report by Expert Market Research titled, ‘Global Fish Farming Market Size, Share, Report and Forecast 2023-2028’, gives an in-depth analysis of the global fish farming market, assessing the market based on its segments like environment, fish type, and major regions like Asia Pacific, Europe, North America, Middle East and Africa and Latin America.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 259.13 Billion
- Forecast CAGR (2023-2028): 5.8%
- Forecast Market Size (2026): USD 359.92 Billion
The growth of the global fish farming market is driven by the rising demand for food owing to the rapid increase in the global population. Additionally, the growing demand for fish can also be attributed to the excellent source of protein and OMEGA-3 fatty acids provided by the fish meat. Moreover, factors such as rising awareness for the benefits of fish consumption, increasing technological advancement in fish breeding methods and fish preservation techniques, and expansion of distribution channels are anticipated to boost the market growth further.
Furthermore, the application of fish farming to conserve endangered species of fish is likely to aid the market growth. However, the increasing shift towards veganism and stringent laws against animal cruelty may constrain the market growth over the forecast period.
Fish Farming Industry Definition and Major Segments
According to Food and Agriculture Organization (FAO), fish farming also known as pisciculture refers to raising, feeding, stocking, and protecting fish in a ponds, tanks, and other enclosures for commercial production. Fish farming is seen as an alternative for preventing overfishing to meet the growing demand thereby maintaining a balance in the wild fish population.
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By environment, the industry is segmented into:
- Marine Water
- Fresh Water
- Brackish Water
The market can be broadly categorised on the basis of fish type into:
- Sea Bass
The regional markets for fish farming include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Fish Farming Market Trends
Regionally, the global market for fish farming is anticipated to be dominated by Asia Pacific. This can be attributed to presence of large population and vast fish consumption population in the region. Moreover, the increasing small scale fish farming operations in countries like China, India, Japan, and Thailand are likely to bolster the market growth over the forecast period. The Asia Pacific is also projected to witness fastest growth rate. Meanwhile, Latin America is expected to show a significant growth over the forecast period.
Key Market Players
The major players in the market are Alpha Group Ltd., Cermaq Group AS, Cooke Aquaculture Inc., Leroy Seafood Group ASA, and a few others.
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