According to a new report published by Report Ocean, titled, “Fish farming Market by Environment, and Fish Type: Opportunity Analysis and Industry Forecast, 2021–2027,” The global fish farming market size was valued at $285,359.7 million in 2019, and is projected to reach $378,005.5 million by 2027, registering a CAGR of 5.8%. The others segment is expected to retain its dominant position, in terms of revenue generation, throughout the forecast period. Asia-Pacific held a leading position in the global market in 2019, and is expected to maintain its dominance in the future.
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The growth of the fish farming market can be attributed to growing need for food security. Currently, fish farming is an absolute necessity to meet food demand and supply. This industry provides high-quality and disease-free fish by rearing fish in an environment that meets hygiene standards. Fish farming activity is also utilized by industries to conserve species that are on the verge of extinction. Moreover, advanced technology enhances yield of fish farming. The global fish farming market is projected to witness significant growth during the forecast period, owing to increase in health awareness among consumers about intake of balanced nutrient quantities. Moreover, rise in government rules and regulations in different countries that promote fish farming to meet growth in demand to cope with food insecurities is expected to further boost the market growth. However, increase in water pollution and changes in climatic conditions hamper the market growth. Furthermore, rise in the adoption of veganism and implementation of stringent regulations toward animal cruelty act as the major restraints of the global market. On the contrary, rise in popularity protein rich diet is expect to open avenue for the global fish farming market growth.
The global fish farming market is segmented into environment, fish type, and region. The environment segment includes marine water, fresh water, and brackish water. On the basis of fish type, the market is divided into pompano, snappers, groupers, salmon, milkfish, tuna, tilapia, catfish, sea bass, and others. Region wise, it is analyzed across North America (the U.S., Mexico, and Canada), Europe (Russia, Norway, Iceland, and rest of Europe), Asia-Pacific (China, the Philippines, Japan, Indonesia, Vietnam, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Based on fish farming market forecast by environment, the fresh water was the highest revenue-generating segment, accounting for a major share in 2019. The fresh water segment is expected to witness highest growth of 5.9% during the forecast period, followed by the marine water segment at 5.8%. The growth can be attributed to rapid expansion of fish farming as a viable alternative to wild fishing.
Based on the fish farming market analysis by fish type, the others segment generated maximum revenue in 2019. The dominance of this segment can be attributed to hardiness and adaptability of these fish encouraging widespread domestication globally. Moreover, rise in demand for fish in the dietary nutrition sector to produce omega-3 supplements further propels the market growth.
Region wise, LAMEA was the second largest market, in terms of revenue generation, with almost one-fourth share in 2019. This region is further expected to expand at a CAGR of 5.6% during the forecast period. In North America, fish farming has ceased expanding in recent years, however, in South America it has shown strong and continuous growth, particularly in Brazil and Peru. Technological developments in South America and some countries in South Africa are expected to increase growth of the fish farming market in LAMEA. Moreover, rapid development in the Middle East, in terms of infrastructure and technology result in growth in the LAMEA market. However, weak economies in Africa hamper growth of the fish farming market in this region.
Key Findings Of The Study
On the basis of environment, the fresh water segment is projected to witness the highest CAGR of 5.9%, in revenue terms, during the forecast period.
On the basis of fish type, the others segment is expected to dominate the market from 2021 to 2027.
The salmon segment is expected to grow at a significant CAGR during the forecast period.
China was the largest country, in terms of revenue generation for fish farming in 2019.
Asia-Pacific is anticipated to witness highest growth rate, registering a CAGR of 6.0% from 2021 to 2027.
Key players in the fish farming market have relied on strategies such as acquisition, partnership & agreement, merger, and geographical expansion, to expand their market share and to stay relevant in the global fish farming market share. The key players in the fish farming industry profiled in the report are Cermaq Group AS (Mitsubishi Corporation), Cooke Fish farming Inc., Grupo Farallon Fish farming, Leroy Sea Food Group, Marine Harvest ASA, P/F Bakkafrost, Selonda Fish farming S.A., Stolt Sea Farm, Tassal Group Limited, and Thai Union Group Public Company Limited.