Aquaculture Market Expected to Reach $573.7 Billion by 2035

According to a new report published by Allied Market Research, titled, “Aquaculture Market," The aquaculture market size was valued at $311.1 billion in 2023, and is estimated to reach $573.7 billion by 2035, growing at a CAGR of 5.2% from 2024 to 2035.

Aquaculture is a practice that farms or cultivates fish, crustaceans, mollusks, and aquatic plants and other aquatic species for food production. It entails the reproduction, raising, and harvesting of these creatures in confined spaces such as tanks, ponds, or sea habitats. Moreover, aquaculture encompasses both small-scale and large-scale industrial operations, contributes significantly to satisfying the world's expanding need for seafood. It is also regarded as a vital part of the world's food security and a long-term replacement for wild fisheries. It also allows for the cultivation of a wide range of species in various environments, including freshwater ponds, coastal areas, and offshore facilities

The aquaculture market is segmented on the basis of environment, fish type, and region. The environment segment includes marine water, fresh water, and Brackish Water. Among these, the freshwater segment occupied the major share of the market in 2023 and is anticipated to maintain its dominance during the aquaculture market forecast period. The freshwater segment dominates the aquaculture market due to its diverse range of cultivable species, including tilapia, carp, catfish, and freshwater prawns, which cater to various market preferences. Freshwater resources being more widely distributed globally compared to marine environments, inland areas such as rivers, lakes, and ponds provide accessible habitats for freshwater aquaculture operations.

These environments offer greater control over factors like water quality and stocking density, contributing to the ease of management and lower environmental impact of freshwater aquaculture systems. In addition, freshwater aquaculture benefits from local and traditional practices, which have been developed and refined over generations. The high market demand for freshwater species and their suitability for intensive production, the freshwater segment continues to play a vital role in meeting global seafood needs and driving the growth of the aquaculture industry.

On the basis of fish type, the market is divided into carps, mollusks, crustaceans, mackerels, mollusk and others. Among these, the mollusk segment occupied the major share of the market in 2023 and is anticipated to maintain its dominance during the forecast period. The dominance of mollusk is often influenced by factors such as global demand, ease of cultivation, environmental suitability, and market preferences. Moreover, according to aquaculture market analysis, mollusk is prized for its delicate flavor and firm texture which makes it a sought-after species in many cuisines around the world, particularly in Mediterranean countries where it is a staple part of the diet.

This high demand for mollusk drives its prominence in aquaculture in regions where it is popular, contributing to aquaculture market opportunities. In addition, mollusk is well-suited to aquaculture operations in Mediterranean and other temperate coastal areas. These regions provide favorable environmental conditions for mollusk cultivation, including suitable water temperatures, adequate salinity levels, and access to coastal marine environments.

On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, Latin America and MEA. Among these, North America occupied the major aquaculture market share of the Aquaculture market in 2023 and is anticipated to maintain its dominance during the forecast period. North America's aquaculture industry, dominating the global market, holds significance due to its diverse range of cultivated species, technological advancements, market demand, investment, and supportive regulatory environment. The varied portfolio including freshwater fish, shellfish, and marine species, the continent benefits from a robust aquaculture sector catering to domestic and export markets. Technological innovations in areas such as aquafeed formulation and disease management have enhanced production efficiency and sustainability. Moreover, aquaculture market trend, substantial investments in infrastructure, including hatcheries, farms, and processing facilities, have expanded the industry's capacity.

The region's regulatory frameworks ensure compliance with environmental, food safety, and animal welfare standards, fostering a conducive environment for aquaculture industry development. The North America aquaculture sector remains a vital contributor to food security, economic growth, and environmental stewardship within the continent, contributing to aquaculture market growth.

Major companies profiled in the aquaculture market report include Cermaq Group AS (Mitsubishi Corporation), Cooke Aquaculture Inc., Grupo Farallon Aquaculture, Leroy Sea Food Group, Marine Harvest ASA, P/F Bakkafrost, Selonda Aquaculture S.A., Stolt Sea Farm, Tassal Group Limited, and Thai Union Group Public Company Limited.

KEY FINDINGS OF STUDY     

• By environment, freshwater segment dominated the aquaculture market in 2023.
• By fish type, mollusk segment dominated the aquaculture market in 2023.
• By region, North America dominated the aquaculture market in 2023.