Aquaculture Market Size and Forecast 2024-2033| Austevoll Seafood ASA, Cermaq ASA, Nippon Suisan Kaisha Ltd (Nissui), P/F Bakkafrost, Tassal Group Limited

The Aquaculture by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Aquaculture, The aquaculture market size has grown strongly in recent years. It will grow from $249.75 billion in 2023 to $264.17 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to increased cultivation of aquatic animals, strong economic growth in emerging markets, rise in disposable income, growth in government initiatives and need for restoration of threatened and endangered species populations.

The aquaculture market size is expected to see strong growth in the next few years. It will grow to $340.3 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to rising demand for seafood, growing number of health-conscious consumers, increasing demand for fish oil across various industries and global population growth and urbanization. Major trends in the forecast period include iot connectivity, technology advancement, use of aquaculture drones, research and development, use of artificial intelligence, climate change-resistant species and open-ocean aquaculture.

The rising demand for seafood is expected to propel the growth of the aquaculture market going forward. Seafood refers to edible aquatic animals, including both freshwater and ocean creatures, such as lobsters, mussels, crabs, and sometimes other sea creatures. The rise in demand for seafood helps to increase the prominence of aquaculture in total fish supply. For instance, according to the Organization for Economic Cooperation and Development (OECD), a France-based intergovernmental economic organization, 90% of the fish produced will be consumed by humans, with consumption anticipated to increase by 16.3% by 2029. Therefore, the rising demand for seafood will drive the growth of the aquaculture market.

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The aquaculture market covered in this report is segmented –

1) By Fish Type: Carps, Mollusks, Crustaceans, Mackerel, Sea Bream, Other Fish Types

2) By Environment: Marine Water, Fresh Water, Brackish Water

3) By Rearing Product Type: Equipment, Chemicals, Pharmaceuticals, Fertilizers

4) By Species: Aquatic Animals, Aquatic Plants

5) By Distribution Channel: Traditional Retail, Supermarkets and Hypermarkets, Specialized Retailers, Online Stores, Other Distribution Channels

IoT connectivity is a key trend gaining popularity in the aquaculture market. IoT has been used in aquaculture to gather data, monitor fish and water quality, and forecast diseases and outbreaks. In 2022, the Aquaculture UK exhibition, R3-IoT introduced its brand-new Connected Seafarm system. It attempts to address the difficulties in digitizing remote aquaculture operations and sites because it was created expressly for the aquaculture sector. The Scottish business claims that its Connected Seafarm is a complete end-to-end data services solution that wirelessly and effortlessly connects smart devices from all over the world, including sensors and analytics platforms. It has also been developed to be swiftly and readily installed with automatic, continuous data collecting, regardless of the available connectivity infrastructure, and without the need for specialized internal technical expertise.

The aquaculture market report table of contents includes:

1. Executive Summary

2. Aquaculture Market Characteristics

3. Aquaculture Market Trends And Strategies

4. Aquaculture Market – Macro Economic Scenario

5. Global Aquaculture Market Size and Growth

26. South America Aquaculture Market

27. Brazil Aquaculture Market

28. Middle East Aquaculture Market

29. Africa Aquaculture Market

30. Aquaculture Market Competitive Landscape And Company Profiles

Top Major Players: