Aquaculture can be defined as farming of aquatic organisms such as fin fish, carps, mollusks, crustaceans, and aquatic plants. This process of farming requires interventions in the rearing process to enhance production. Various components such as regular stocking, feeding, and more among others are to be kept on high priorities to attain the best harvest. A total of 580 species are being currently farmed all over the world, representing a wealth of genetic diversity both within and among species. Aquaculture is practiced primarily in the developed nations and as a result majority of the production comes from these regions.
Fish have excellent nutritional profile and is considered very healthy. Fish has been very popular with fitness enthusiasts due to its high protein content, fatty acids, vitamins, minerals, and other essential micronutrients.
The factor that drives the growth of the 5 Major aquaculture market includes widespread reduction of import tariffs as it has helped in the expansion of international trade over the past 25 years. Moreover, government initiatives such as regional trade agreements establishing preferential terms of trade among two or more trading partners in the same region has been imperative in the growth of global trade in the past several decades; thereby, boosting the market growth. In addition, increase in food supply security issue due to increase in global population, rise in protein demand, and technological advancements in the rearing of fish and cultivation of sea plants fuel the market growth.
Furthermore, changes in climatic condition has been recognized as a key concern and is expected to aggravate predicted shortfalls in coastal fisheries production; thus, driving the market growth. However, changes in consumption patterns due to growing preference of meat-based diet over seafood is expected to the major factor that restrain the growth of the market. On the contrary, evolution of inland fish farming and technological advancements provide numerous opportunities for the market expansion.
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The report segments the market on the basis of fish type and region. On the basis of fish type, the market is divided into pompano, snappers, salmon, milkfish, tuna, tilapia, catfish, seabass, and others (carps, mackerels, sea bream, and trout). Based on region, it is analyzed across U.S., Europe, Russia, China, and Japan.
Recent advancements in the market include an aquaculture contract for Norwegian offshore company, Farstad Shipping, for its AHTS vessels. The contract was awarded by Ocean Farming AS, a subsidiary of SalMar Group, for the complete mooring installation and hook up of Ocean Farming’s semi-submersible offshore fish farm. Rise in alliances among industry players is expected to boost the market growth.
Key players profiled in this 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.
The other major players (not profiled in report) in the value chain are Blue Ridge Aquaculture, Eastern Fish Co., Huon Aquaculture Group Pty Ltd., ASMAK – International Fish Farming Holding Company, RoyMarine Harvest ASA, Nireus Aquaculture S.A., Promarisco, and Stehr Group Pty Ltd.
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KEY BENEFITS FOR STAKEHOLDERS
• The report provides a quantitative analysis of the current market trends, estimations, and dynamics of the market size from 2022 to 2030 to identify the prevailing 5 Major aquaculture market opportunities.
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
• In-depth analysis of the size and segmentation assists in determining the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the industry.
• The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the 5 Major aquaculture industry.
KEY MARKET SEGMENTATION
• By Fish Type
• By Region