The aquaculture market, which was valued at $311.1 billion, or Rs25,98,000 crore, in 2023, is expected to reach $573.7 billion, or Rs47,90,000 crore, by 2035, growing at a compounded annual growth rate of 5.2%, according to a new report from Allied Market Research.
The Asia-Pacific region holds the highest market share, accounting for more than two-thirds of global aquaculture market revenue, and is expected to maintain its leadership status throughout the forecast period, the report said.
Aquaculture is the cultivation of aquatic organisms, including fish, shellfish, crustaceans, and aquatic plants, in controlled environments such as ponds, tanks, cages, or open bodies of water such as lakes and coastal areas. Commonly referred to as “fish farming” or “mariculture” when focusing on marine environments, it plays a crucial role in global food production, providing a significant portion of the world’s food supply. It also contributes to conservation efforts, restoration of endangered species, and the production of ornamental fish and plants for aquariums.
Aquaculture is expected to take various forms, from fish farming for species such as salmon and tilapia to shellfish farming for oysters and clams to crustacean farming for shrimp and lobsters, and even aquatic plant farming for seaweed.
While aquaculture offers the advantage of reducing pressure on wild fish populations and supporting sustainable seafood production, it also faces challenges such as environmental impact, disease management, and ethical concerns, the report said. Successful aquaculture practices aim to strike a balance between productivity, sustainability, and animal welfare.
There are several reasons why the Asia-Pacific holds the highest market share. The region has a long history of aquaculture practice, with countries such as China, Thailand, and Vietnam pioneering various methods of fish and shellfish farming. This tradition has fostered extensive knowledge and expertise.
The region also has a diverse range of ecosystems, from freshwater to marine environments, allowing for the cultivation of a wide variety of species. This versatility contributes to a robust aquaculture industry, which can meet different market demands.
In addition, the Asia-Pacific region has a large and growing population with increasing need for protein. As disposable incomes rise, the demand for seafood and aquaculture products increases.
The aquaculture market is driven by a combination of factors, which include economic growth, technological advances, and changes in consumer preferences. The rising global demand for seafood, propelled by the growing human population and a shift towards healthier diets, plays a major role.
Concurrently, the decline of wild fish stocks due to overfishing and environmental degradation underscores the need for sustainable alternatives, which aquaculture provides. Technological innovations like recirculating aquaculture systems and automated feeding have improved efficiency and sustainability, driving market growth further.
Government policies and support in the form of subsidies and regulations help to ensure environmental compliance while promoting industry expansion. Sustainability and environmental considerations are key factors, with practices such as integrated multitrophic aquaculture offering eco-friendly solutions. Consumer trends toward health consciousness and a preference for sustainably produced seafood also contribute to the market growth, according to the report.
By environment, the freshwater segment held the highest market share in 2023, accounting for more than two-thirds of the total aquaculture market revenue, and is estimated to maintain its leadership status throughout the forecast period. Freshwater is naturally present on the earth’s surface and underground. Salmon, trout, and tench are the major fish found in the freshwater ecosystem. Almost 95% of freshwater aquaculture production is from Asia, with China being the dominant country.
By fish type, the molluscs segment held the highest market share in 2023, accounting for more than two-thirds of the global revenue, and is estimated to maintain its leadership status throughout the forecast period. Molluscs, which include oysters, clams, mussels, and scallops, hold a significant market share for a combination of factors. Demand for shellfish is consistently high, driven by their popularity in various cuisines. Unlike other forms of aquaculture, molluscs are filter feeders, which allows them to clean and improve water quality, resulting in a lower environmental impact. Their farming methods tend to be cost-effective, as they require fewer resources and simpler setups compared to farming fish. This translates into reduced operational costs and improved profitability.
SOURCE: PR Newswire
