Aquaculture Products Market: Size, Share, Key Trends, Growth Drivers, Regional Outlook, Revenue Estimation and Forecast, 2023–2030

Market Overview

The aquaculture products market value has been estimated at USD 41.4 billion in 2023, and it will reach USD 67.1 billion by 2030, at a rate of 7.2% during 2023–2030.

The growth of the industry is credited to the financial benefits of such practices, the biggest being voluminous production, along with employment opportunities. Furthermore, these practices have numerous environmental benefits, such as the sustainable marine resource usage, biodiversity conservation, and decreased ecological loss. With the growing attention on sustainability, these environmental and economic benefits will power the industry.

The technological progressions aimed at improving the sustainability and efficiency of fish farming practices will propel the growth of the industry as well. This comprises progressions in nutrition, genetics, and disease management. For instance, in October 2022, Innovasea Systems Inc., which provides solutions for aquatic farming, announced the introduction of Realfish Pro. It is a cloud-based aquaculture monitoring tool allowing for operations management from anywhere.

Exploitation of Natural Marine Resources due to Overfishing

Overfishing is a key environmental concern as it results in the exhaustion of fish populations and the degradation of marine ecosystems. Overfishing happens when the level of fishing exceeds the capability of fish populations to replenish themselves, thus bringing about a decrease in the abundance and diversity of the species.

The exploitation of fish resources has significant economic and social consequences, as numerous communities globally rely heavily on fishing for their livelihoods and food security. Overfishing can cause decreased catches and the collapse of fish stocks, which can have severe costs for marine ecosystems and humans. Such events also have more-severe environmental impacts, such as the destruction of habitats, loss of biodiversity, and changes in food webs.

For instance, the Alaska Department of Fish and Game has canceled the entire red king crab, blue king crab, and snow crab (opilio and bairdi) seasons for 2022–2023, forcing fishing fleets to other areas, such as the Norwegian Sea and the North Sea. This is the second consecutive time the king crab season has been canceled, following the cancelation of 2021–2022.

Thus, there is a growing requirement for sustainable fishing and aquaculture practices to promote the conservation of fish resources and protect marine ecosystems for the future.

Freshwater Category To Dominate Environment Segment

The freshwater category has the largest revenue share in 2023, based on environment, because of the easy access to sources of freshwater all over the globe. Additionally, freshwater aquaculture requires simpler equipment, which has encouraged small firms to take it up as well. Additionally, salmon, trench, and trout, which are among the most-widely caught fish for food, thrive in rivers and streams.

Apart from a large variety of fish, freshwater aquaculture is also practiced for growing lettuce, watercress, seaweed, and other plants using aquaponics, which offers both income and food opportunities. Furthermore, this technique is usually more economical to initiate and maintain compared to marine aquaculture.

However, the marine water category will still grow the fastest till the end of this decade. This is ascribed to the increasing requirement for seafood because of the growth in population, increase in income, and changes in dietary preferences. Further, the increasing requirement for highly valuable marine species, such as shrimps and oysters, will power the growth of the category.

Moreover, the increasing emphasis on sustainable practices in the sea, as a result of the initiatives of private and government bodies, will enable the expansion of aquaculture practices involving seawater.

Equipment To Dominate Rearing Product Type Segment

Equipment witnesses the highest sales in the rearing product type segment because of the increasing need for a range of equipment for aquaculture and the growing pace of advancements in feeding systems.

In the same way, the growing importance of supplying nutrients at an optimum price and the surging addition of aquatic products in staple diets will contribute to the rising requirement for feed for the creatures being reared.

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APAC: Largest and Fastest-Growing Region

The APAC will be the largest and fastest-growing region in terms of revenue. The main factors responsible for the growth of the regional industry are the increasing requirement for seafood all over the world and the progressions in production techniques.

The developments in ocean cage designs have been replicated in the cages used for culturing in offshore and near-shore environments, to increase the yield considerably. Other technological progressions include water recirculation systems, more-nutritious fish feed, and more-potent pharmaceuticals.

The demand for the equipment other supplies necessary for aquaculture will also see steady growth in North America during 2024–2030. With the altering dietary choices and growing income, the requirement for seafood in the region is increasing. Additionally, with the growing awareness pertaining to the impact of conventional food production practices on the environment, sustainable practices are gaining increasing attention.

Europe is growing at a considerable rate too with the increasing funding in the aquaculture sector by public and private players. Furthermore, the enormous requirement for costly aquatic products from the food industry of the region will drive the revenue. Being surrounded by oceans, Europe has a long-standing association with seafood, especially countries such as Norway, Spain, Russia, Sweden, Denmark, Finland, the U.K., and Greece.

Aquatic Plants Category Will Grow Significantly

The fish category has the largest revenue share in the species segment, with the increasing population and rising requirement for food rich in proteins, which has driven the need for fish and other aquatic species. The increasing investments in the food sector along the coasts will also continue boosting the industry. Further, aquaculture would check the overexploitation of wild fish resources and the overall ecological influence of fishing.

Moreover, Tamil Nadu Dr. J.Jayalalithaa Fisheries University introduced a freshwater fish farming insurance scheme on World Fisheries Day in the month of November in 2022. This will encourage more people to engage in this activity, without worrying about large financial losses in case production is not up to the desired level.

The aquatic plants category will show significant growth, with the world witnessing an enormous requirement for the highly nutritious seaweed, which can be employed in numerous food products, such as snacks, protein powders, and supplements. In this regard, the market in this category is driven by the continuing focus of people on plant-based food and pharmaceutical products.

The requirement for less land and freshwater makes aquaculture a sustainable practice. Additionally, seaweed, known as nori, is widely consumed in Japan, being associated with its cuisine since time immemorial. Hence, the rising demand for seaweed, combined with the sustainability of aquaculture, will continue to drive the market across the world.

Seafood Is Largest End User

The seafood category has the largest share in the industry, with technological progressions and the existence of key players resulting in an increasing production of cultivated fish. The expanding requirement for packaged and tinned fish products, accompanied by the rising preference for plant-based protein sources, will drive the interest of seafood companies in aquaculture. Moreover, the increasing requirement for aquaculture from seafood companies is because it expands the variety of the products offered and also makes species that might be rare in nature accessible.

The pharmaceutical industry will grow the fastest over this decade. Aquaculture is being increasingly adopted by pharmaceutical companies because of its capability to offer raw materials and ingredients for bio-based drug production sustainably and cost-effectively. Furthermore, international organizations are quickly approving the use of fish and other marine creatures for developing drugs, vaccines, and antibiotics.

Top Companies Operating in Aquaculture Products

• Nireus Aquaculture S.A.
• Dainichi Corporation
• SalMar ASA
• Austevoll Seafood ASA
• Kyokuyo Co. Ltd.
• Surapon Foods Public Company Ltd.
• Nippon Suisan Kaisha Ltd.
• Maruha Nichiro Corporation
• Thai Union Group Plc
• Leroy Seafood Group ASA
• Eastern Fish Company
• Shandong Homey Aquatic Development Co. Ltd.