The global fish farming market size was valued at $285,359.7 million in 2019, and is projected to reach $378,005.5 million by 2027, registering a CAGR of 5.8%. The others segment is expected to retain its dominant position, in terms of revenue generation, throughout the forecast period. Asia-Pacific held a leading position in the global market in 2019, and is expected to maintain its dominance in the future.
Fish farming is term used to define the activity of fish farming. This farming procedure involves interventions in rearing process to enhance production, such as regular stocking, feeding, and protection from predators. Fish farming involves 580 species that are currently farmed all over the world, representing a wealth of genetic diversity both within and among species. Fish farming is practiced by some farmers in developing countries and by multinational companies that can hold ownership of the stock being cultivated. Eating fish is part of cultural traditions of many people and in terms of health benefits, it has an excellent nutritional profile. It is a good source of protein, fatty acids, vitamins, minerals, and essential micronutrients.
Fish is included in the category of products that is purchased by consumers frequently. Hence, the demand for such products remains consistent among consumers. The outbreak of the novel coronavirus has significantly affected the growth of the market worldwide. There has been slight decrease in sales of fishproducts due to the disruption of the supply chain and reduction in the out-of-home consumption of food during the COVID-19 pandemic. However, the at-home consumption of fish has increased and is expected to increase profitability of this market in the coming years.
The growth of the fish farming market can be attributed to changes in the food consumption pattern of people all around the world. The expansion ofretail market and easy availability of the product through various sales channel make it convenient for consumers to purchase packaged fish farming, which drive the sales figures. Currently, fish farming is an absolute necessity to meet food demand and supply. This industry provides high-quality and disease-free fish by rearing fish in an environment that meets hygiene standards. Fish farming activity is also utilized by industries to conserve species that are on the verge of extinction. However, rise in the adoption of veganism and stringent law implemented against animal cruelty act as the major restraintsof the global fish farming market. On the contrary,rise in popularity protein rich diet is expect to open avenue for the global fish farming market.
The global fish farming market is segmented into environment, fish type, and region. The environment segment includes marine water, fresh water, and brackish water. On the basis of fish type, the market is divided into pompano, snappers, groupers, salmon, milkfish, tuna, tilapia, catfish, sea bass, and others. Region wise, it is analyzed across North America (the U.S., Mexico, and Canada), Europe (Russia, Norway, Iceland, and rest of Europe), Asia-Pacific (China, the Philippines, Japan, Indonesia, Vietnam, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Fresh Water segment was the fastest growing segment.
Based on fish farming market forecast by environment, the fresh water was the highest revenue-generating segment, accounting for a major share in 2019. The fresh water segment is expected to witness highest growth of 5.9% during the forecast period, followed by the marine water segment at 5.8%. The growth can be attributed to rapid expansion of fish farming as a viable alternative to wild fishing.
By Fish Type
Catfish segment was the fastest growing segment.
Based on the fish farming market analysis by fish type, the others segment generated maximum revenue in 2019. The dominance of this segment can be attributed to hardiness and adaptability of these fish encouraging widespread domestication globally. Moreover, rise in demand for fish in the dietary nutrition sector to produce omega-3 supplements further propels the fish farming market growth.
Asia-Pacific was the fastest growing segment
Based on the region, LAMEA was the second largest market, in terms of revenue generation, with almost one-fourth share in 2019. This region is further expected to expand at a CAGR of 5.6% during the forecast period. In North America, fish farming has ceased expanding in recent years, however, in South America it has shown strong and continuous growth, particularly in Brazil and Peru. Technological developments in South America and some countries in South Africa are expected to increase growth of the fish farming market in LAMEA. Moreover, rapid development in the Middle East, in terms of infrastructure and technology result in growth in the LAMEA market. However, weak economies in Africa hamper growth of the fish farming market in this region.
The players in the fish farming industry have adopted such as acquisition, partnership & agreement, merger, and geographical expansion as their key development strategy to increase profitability and improve their stance in the fish farmingmarket share. The key players profiled in the reportinclude WH Group, JBS S.A., Smithfield Foods, Triumph Foods, Danish Crown, Tyson Foods Inc., Tönnies, Yurun Group, Vion Food Group Ltd., and Shuanghui Development.
Key Benefits For Stakeholders
- The report provides a quantitative analysis of the current fish farmingmarket trends, estimations, and dynamics of the market size from 2019 to 2027 to identify the prevailing opportunities.
- Porter’s five forces analysis highlights the potency of the buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis and the market size and segmentation assists to determine the prevailing fish farming market opportunities.
- The major countries in each region are mapped according to their revenue contribution to the fish farming market.
- The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the industry.
Fish Farming Market Report Highlights
By Fish Type
Key Market Players
ALPHA GROUP LTD, THAI UNION GROUP PLC (THAI UNION), NIPPON SUISAN KAISHA, LTD., LEROY SEAFOOD GROUP ASA (LEROY), P/F BAKKAFROST (BAKKAFROST), MARINE HARVEST ASA (MARINE), TASSAL GROUP LIMITED (TASSAL), COOKE FISH FARMING, FISH FARMING TECHNOLOGIES ASIA LIMITED, CERMAQ GROUP AS (MITSUBISHI CORPORATION)
The fish farming market holds a substantial scope for the global growth. The market, which is in its growth stage, is expected to contribute significantly to the global market in the next six years. With governments promoting the fish-farming industry, use of new technologies and development of infrastructure in the fish farming industry drives the market. A large number of players are stepping in the fish farming market with innovative techniques. Rise in concern of consumers around the world regarding the intake of protein also drives the market for fish farming companies. The resultant water pollution and change in climatic conditions across the globe disturbs aquatic ecosystem, which presents a huge hurdle for the fish farming industry to overcome.