Newark, Oct. 19, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the fish farming market will grow from USD 320.67 Billion in 2022 to USD 517.38 Billion by 2032. Several laws and regulations have been established to ensure the sustainability and security of fish farming on regional and global levels. The regulations illustrated the importance of food quality, disease control, and water quality within the fish farming industry. The industry's long-term sustainability and the safety of consumers and ecosystems depend on compliance with these laws. As new industries and technologies are introduced, the fish farming sector is evolving. These developments include improving fish health, farm process automation, and creating alternative and sustainable fish diets. Fish growth and illness resistance are improved by biotechnology, which includes genetic manipulation and selective breeding. Innovations are essential to solve the sector's issues and guarantee long-term viability.
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Key Insight of the Fish Farming Market
South America region is expected to grow at the highest CAGR during the forecast period.
South America is expected to grow at the highest CAGR during the forecast period in the global fish farming market. The South America region would significantly expand. Technological advancements in emerging countries like Argentina and Brazil are expected to drive South America's fish farming market share. Further, the steady consumption of seafood and fish is anticipated to impact the market growth and development positively. The worldwide trade of aquaculture goods has benefited greatly from bilateral and multilateral trade agreements. The expansion of this sector is mostly due to changes in the development process and macroeconomic policies that allow for open competition in the aquaculture business in Latin American countries. Careful planning is needed for future aquaculture development in South America to guarantee that resources are used efficiently.
The marine water segment is expected to grow at the highest CAGR during the forecast period.
The environment segment is divided into marine water, freshwater, and brackish water. The marine water segment is expected to grow at the highest CAGR during the forecast period. The majority of the aquatic environment on Earth is found in marine habitats, which is essential to the well-being of both marine and terrestrial habitats. Because of its frequently high biodiversity, it is thought to resist invaders. Marine habitats' most common fish species include rays, hamlеts, sharks, angеlfish, eels, and lionfish. The perfect habitat for raising fish is one factor contributing to the expanding fish farming sector. This aspect results from the implementation of technology. Lucrative opportunities to grow the fish farming industry are expected to arise from several factors, including advantageous laws and regulations and positive international trade relations.
The salmon segment is expected to grow at the highest CAGR during the forecast period.
The fish type segment is divided into salmon, shellfish, tuna, tilapia and others. A variety of ray-finned fish species are referred to as salmon. Many parts of the world currently heavily farm salmon due to increased demand from the food and nutrition sectors. Salmon migrate from freshwater to the ocean during birth, then return to spawn in freshwater. The world's most widely farmed salmonid is the Atlantic salmon, followed by tilapia and carp. Salmon is levered for both its flavour and health benefits. Because it is high in potassium, lean protein, vitamin B, and vitamin D, salmon is a highly sought-after seafood item. Salmon is also rich in fat and other fatty acids and is a vital fish oil supply for the fish feed and nutritional supply industries.
Advancement in market
• In March 2023: To advance its Icelandic salmon project, Msval Eiendom, the major stakeholder of Ice Fish Farm, forged a strategic collaboration with the Icelandic fishing company, sfélag Vestmannaeyja.
• In September 2019, Northeast Nutrition Scotland Limited was founded, and Invergordon fish feed mills were acquired by Cooke Inc. Salmon production is anticipated to rise due to this acquisition. Skretting had previously run the mill but was shut down in April 2019. Cooke can trace its fish feed more easily and vertically using the new facility.
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Market Dynamics
Driver: Consumer Preferences and Health Awareness
The market for fish farming is being impacted by shifting consumer choices and increasing awareness of sustainability and health concerns. Customers are looking for goods that are created in an environmentally conscious manner in addition to being safe and nourishing. The fish farming techniques/methods are changing, such as producing fish that is organic or devoid of antibiotics to satisfy the growing demand for seafood. Fish species selection and diversification are important factors that stimulate industry growth. Farming practices, geographical conditions, and market demand determine the specifics chosen. For instance, the business has changed due to the rise of high-value species like prawn and salmon, and efforts are being made to diversify output with species like trout, tilapia, and catfish. These factors are driving the market growth and development.
Restraint: Steady Increase in Water Pollution and Climate Change
The main issue in the market for fish farming is the drastic climate. The natural balance of the water bodies, such as oceans, ponds, and seas, is affected by the effects of climate change, such as rising sea levels and tsunamis, modifications to monsoon and rainfall cycles, and extreme weather events. Aquaculture in tеmpеratе zones is negatively impacted by global warming because tеmpеraturеs can rise above what is suitable for farmed species. These factors impact numerous fish species' reproductive cycles. These unfavourable conditions are expected to hinder the expansion of the fish farming industry. Further, the market for fish farming is constrained by the rising levels of water contamination, which increases the probability of fish illnesses. These factors may restrain the market growth and development.
Opportunity: Growing Practice of Inland Fishing
Technological innovation in the aquaculture industry has been stimulated by inland fishing. Advanced technology development has been motivated by the need to maximize productivity in restricted fuel systems. An example is recirculating aquaculture systems (RAS), which effectively control water quality in inland facilities. By reducing the need for large bodies of water and minimizing their negative effects on the environment, these systems assist in keeping fish in a stable and controlled habitat. A benefit of inland fish farming is that farm animals have become more diverse. Inland fish farming offers a more varied habitat for species like tilapia, catfish, and carp, while coastal aquaculture frequently concentrates on high-value species like salmon and prawns. In addition to providing opportunities for local and national markets, diversity helps reduce market risks.
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Some of the major players operating in the fish farming market are:
• Mowi ASA
• Cooke Aquaculture Inc.
• Alpha Group
• Leroy Seafood Group
• Thai Union Group PCL
• Stolt Sea Farm
• Selonda Aquaculture SA
• Blue Ridge Aquaculture
• Marine Harvest ASA
• Nireus Aquaculture S.A.
• Mitsubishi Electric Corporation
Key Segments Cover in the Market:
By Environment:
• Marine Water
• Fresh Water
• Brackish Water
By Fish Type:
• Salmon
• Shellfish
• Tuna
• Tilapia
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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