December 5, 2023

Aquaculture Market Forecast: Size, Share, and Growth Perspective 2030

The global aquaculture market is poised for significant growth, driven by surging demand for seafood products and an increasing awareness of their health benefits. Aquaculture, which encompasses the farming of freshwater and marine water creatures, is experiencing rapid expansion, with China and the United States emerging as major consumers of aquaculture products.

China Leads the Way

China, in particular, stands out as the world’s largest producer of aquaculture products, with 2013 figures showing a staggering 43.5 million tons of food fish and 13.5 million tons of aquatic algae produced. This production volume highlights the pivotal role China plays in the global aquaculture landscape.

Rising Global Seafood Consumption

Global seafood consumption has doubled over the past five decades, reaching over 20 kg per capita annually in 2015, according to the European Commission. This trend is underpinned by the increasing awareness of the health benefits associated with seafood consumption and bolstered by supportive government regulations.

In 2018, China boasted the largest seafood consumption footprint, followed by the European Union, Japan, Indonesia, and the United States. This growing demand for seafood products provides a fertile ground for the expansion of the global aquaculture market.

Beyond Fish: The Seaweed Revolution

Apart from traditional seafood, aquatic plants such as seaweed are gaining traction in the aquaculture market. Seaweed has become a significant player in the hydrocolloid industry, with production volumes doubling between 2005 and 2015 to surpass 30 million tonnes annually. The seaweed business is expected to be worth over US$6 billion globally in the coming years.

Aquaculture Industry Faces COVID-19 Challenges

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While the aquaculture industry was on a growth trajectory, the COVID-19 pandemic had a profound impact. Production and exports were severely affected, causing significant financial losses. For instance, India, a country that generated nearly US$6.7 billion annually through marine product exports, is now experiencing daily losses of US$41.4 million due to the pandemic’s disruptions.

Global Competitive Landscape

Key players in the global aquaculture market include Nireus Aquaculture S.A, Cermaq ASA, Eastern Fish Co., Selonda Aquaculture, S.A., Blue Ridge Aquaculture, Tassal Group Ltd, International Fish Farming Co. – Asmak, Huon Aquaculture Group Pty Ltd., Stehr Group Pty Ltd., Promarisco, Selonda Aquaculture S.A., Thai Union Frozen Products Public Company Ltd., and Leroy Sea Food Group, among others.

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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This press release first seen on Brilad