Press Release Description

By Expecting USD 320 Billion Fish Farming Market to Grow at a CAGR of Around 6.59% During 2024-30

The Global Fish Farming Market size was valued at USD 320 billion in 2023 & is expected to reach USD 552 Billion by 2030. Along with this, the market is estimated to grow at a CAGR of 6.59% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The factors that are supporting the growth of the Global Fish Farming Market are increasing seafood consumption, the rising application of fish in the pharma & cosmetic industry, and the rapid launch of restaurants that specialize in serving seafood. Several nations across the globe are dependent on the natural fish stock, owing to which these nations are experiencing deterioration in the number of fish in the natural water resources. Therefore, the private entities in these nations are increasingly setting up fish farms to produce more fish in the artificial environment, uplifting the Global Fish Farming Market.

Moreover, consumers are becoming more conscious of the nutrients provided by fish and other sea creatures. As a result, individuals are actively incorporating fish and related dishes into their daily diet, increasing the consumption of fish across the globe. Hence, to cater to the growing demand for fish, the farmers have engaged in fish farming activities, supporting market growth.

In addition to this, the traditional dishes in several countries are made from fish owing to which the preference of consumers in these countries is seafood. Thus, to provide consumers with unique cuisines related to fish, several groups are opening the cafe and eating outlets. These eateries would continue to generate the demand for fish and enhance the Global Fish Farming Market during forecast years, further states the research report, “Global Fish Farming Market Analysis, 2024.”

Global Fish Farming Market

Global Fish Farming Market Segmentation Analysis

Salmon Anticipated to Dominate in the Forthcoming Years

Based on the fish type, the market is further bifurcated into, Catfish, Tilapia, Sardines, Salmon, Trout, Tuna, and Others. Among them, Salmon holds a prominent market share in the Global Fish Farming Market. Salmon fish provide health benefits to consumers since they are rich in nutrients, like fatty acids. Apart from this, these fish reduce the heart attack rate & minimize arrhythmia. Therefore, consumers suffering from high cholesterol and high blood pressure issues tend to opt for the salmon fish, enlarging the segment’s market share.

Additionally, the cost of salmon fish has substantially declined over the past few years. This has made these fishes more accessible to the low & middle-class populations and increased the sales of the salmon fish. Therefore, to cater to the growing demand for salmon fish, the farmers are actively breeding these fish, further uplifting market growth.

Asia-Pacific to Lead the Global Fish Farming Market

Geographically, the Asia-Pacific holds a noteworthy share in the Global Fish Farming Market. Asia-Pacific countries are increasingly focusing on producing a wide variety of fish to facilitate trade and boost their economy. This increased fish breeding is necessitating the establishment of artificially controlled fish farms, supporting market growth. Additionally, these nations have several water resources, which ensures a consistent supply of marine water within the farms and provides an optimal environment for fish breeding.

Along with this, the governing bodies across the region are actively encouraging fish farmers to produce a diverse variety of fish to emerge as leading producers across the globe. This would continue to boost the fish farming activities in the Asia-Pacific countries, enlarging market size.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Bakkafrost, SalMar ASA, Thai Union Group PCL, Cermaq Group AS, Cooke Aquaculture, Leroy Seafood Group ASA, Mowi ASA, Maruha Nichiro Corporation, Tassal Group Limited, Nireus, Stolt Sea Farm, Huon Aqua, Stehr Group, BlueNalu, SalmonChile, AJD Tuna Limited, and Others, are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the Global Fish Farming Market?
  3. What key factors would propel and impede the industry across the globe?
  4. How has the industry been evolving in terms of geography & product adoption?
  5. How has the competition been shaping across various regions?
  6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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