Global Fish Farming Market - 2022-2029

Global Fish Farming Market - 2022-2029

Market Overview

Fish farming is a type of aquaculture in which fish is produced in a controlled environment to be sold as food. Fish farming is also called as pisciculture and involves commercial breeding of fish, usually for food, in fish tanks or artificial enclosures such as fish ponds. The increasing demand for dietary fish protein and aquaculture has been the main driver of the increase in fisheries and aquaculture production. Fish farming is a form of aquaculture in which fish are raised in enclosures to be sold as food and it is considered as the fastest growing area of animal food production. Commonly farmed species include salmon, tuna, cod, trout and halibut among others. The rearing process to enhance production such as regular stocking, feeding and protection from predators has driven the growth of the market.

The global fish farming market was valued at USD XX million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of 5.34% during the forecast period (2022-2029).

Market Dynamics: The health benefits of consuming fishes drives the market growth

The increasing consumption of fishes are due to health benefits related to the consumption of fishes. Fish is a low-fat high quality protein and it is filled with omega-3 fatty acids and vitamins such as D and B2 (riboflavin). Fish is rich in calcium and phosphorus and a great source of minerals, such as iron, zinc, iodine, magnesium, and potassium. Fish is packed with protein, vitamins, and nutrients that can lower blood pressure and help reduce the risk of a heart attack or stroke. Some of the fishes which are rich in calcium and phosphorus are salmon, trout, sardines, herring, canned mackerel, canned light tuna, and oysters. Consuming fish helps in infant development of vision and nerves during pregnancy. In addition, consumption of fish prevents inflammation and reduces the risk of arthritis. Consumers are increasingly shifting to healthier alternatives while adopting preventive care as a necessary tool to help them lead a better lifestyle and the omega-3 fatty acids aid in decreasing the risk of abnormal heartbeats or arrhythmias, which can even cause sudden death of the patient as the fishes are rich source of omega 3 fatty acids. These factors are propelling the growth of the market.

Market Segmentation: The salmon segment accounted for the highest share in global fish farming market

The salmon segment accounted for a dominant share in the market over the forecast period owing to the health benefits related with the Salmon fish. Farmed salmon contains slightly more healthy fats and calories, whereas wild-caught salmon is a bit higher in protein and the nutritional value of salmon can vary slightly among the varieties. Salmon is particularly high in selenium, an important nutrient that is involved in DNA synthesis, thyroid hormone metabolism, and reproductive health. It contains a type of heart-healthy fat that can decrease inflammation and support brain health. The health benefits in consumption of salmon fish are impacting the growth of the market positively. It is used widely in aquaculture diets for all species because its specific fatty acids are not available in other fats and oils. It is similarly a general ingredient in companion animal diets, mainly for the feline species. Thus, salmon fish is being increasingly consumed as they are a rich source of vitamins, proteins, minerals and render benefits to diseases, such as cancer, asthma, depression, and others. All these factors are driving the market growth.

Geographical Penetration: North America is the dominating region during the forecast period

North America held the largest revenue share in 2021. The rising health concerns among the geriatric population as well as young population and the increase in consumption of fishes have boosted the market growth. In addition, the market is growing owing to the growth of People suffering from heart diseases are or high triglyceride levels are often recommended for the intake of calcium rich diet by the doctors. In addition, consuming the omega 3 fatty acids lowers the blood pressure and reduces the chances of heart attacks and strokes. As per NOAA fisheries, focus on high-value products resulted in aquaculture contributing 24 percent of the value of domestic seafood products. Nearly one quarter of the salmon caught in Alaska and an estimated 70 to 80 percent of those caught in the Pacific Northwest start their lives in hatcheries. In addition, national seafood trade deficit has grown to $17 billion in 2020 in U.S. These factors have surged the market growth in North America.

Competitive Landscape:

There are several established participants in the industry and local manufacturers; hence, the market is fragmented. Some major key players are Alpha Group Ltd., Fish Farming Technologies, Cermaq Group, Cooke Fish Farming, Marine Harvest ASA, Nippon Suisan Kaisha, Tassal Group Ltd., Thai Union Group, Stolt Sea Farm, Cooke Aquaculture, Inc., Leroy Sea Food Group among others. Some of the major key players invested in expanding their business through the incorporation of new technologies in aquaculture such as artificial intelligence and machine learning. For instance, in October 2022, Cermaq Group AS, in collaboration with BioSort, developed a mechanism called iFarm that will improve fish health and welfare through AI and machine learning.

COVID-19 Impact: Negative impact on the global fish farming market

Although, hundreds of millions of people, aquatic foods are an integral part of their livelihood, food and nutrition security, and culture the COVID-19 pandemic and subsequent lockdowns have created health and economic crises, leading to an increased incidence of poverty and a looming food crisis. All aspects of fish supply chains are strongly affected by the COVID-19 pandemic, with jobs, incomes and food security at risk. The closure of restaurants and cancellation of both public and private events has resulted in a collapse in demand for certain fish products and demand from the hospitality, restaurant and catering sector represents a significant share of fish consumption in many OECD countries. Public health responses to the COVID-19 pandemic and associated measures, from confinement and social distancing to stricter border controls and reduced air traffic, have made significant and complex impacts on the demand and prices for fish products. Trade has been further affected by border closures and significant declines in the availability, and increases in the cost, of global air-freight as passenger flights are cancelled while social distancing and confinement measures have also led to the closure of many fish markets globally. Thus, the market is impacted negatively.

The global fish farming market report would provide an access to approximately 61 market data tables, 57 figures and 170 pages