Global Fish Farming Market Research Report: Forecast (2024-2030)

Market Definition

Fish farming is referred to as the process of raising different species of fish in confined areas like tanks, ponds, etc., for commercial purposes.

Market Insights & Analysis: Global Fish Farming Market (2024-30):

The Global Fish Farming Market size is valued at USD 320 billion in 2023 and is expected to reach USD 552 Billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 6.59% during the forecast period, i.e., 2024-30. The rising consumption of fish, increasing launches of seafood-specialized restaurants, extensive utilization of fish in the pharmaceutical & cosmetic industry, and growing trade volumes of the wide variety of marine creatures are positively influencing the market growth.

In recent years, there has been growing awareness regarding the health benefits associated with fish since they are a major source of omega fatty acids & proteins, which help in improving heart & brain health. Based on the National Institutes of Health (NIH) statistics, more than 90% of individuals are aware of the positive health benefits. Along with this, as per research conducted by academic institutions, it is scientifically proven that fish helps to enhance consumers' body vitals. Therefore, consumers are increasingly including fish in their daily diet to maintain their health and adequate protein levels in the body. According to the Sustainable Fisheries Organization, more than 3.1 billion depend upon fish to fulfill their protein requirement. Thus, with the increasing health consciousness & inclination towards a protein-rich diet, the demand for the fishes is also witnessing a rise, enlarging the Global Fish Farming Market size.

Additionally, several coastal regions across the globe are dependent upon the fish as their livelihood solely depends on it. However, the overfishing in these regions has caused the depletion of the natural stock of fish. In accordance with recent reports, Bangladesh and Cambodia are among the nations witnessing a drastic decline in natural marine life creatures. Thus, to boost the production of the fishes in these nations, the fishmongers are increasingly encouraging the set-up of fish farms to breed fish via artificial means, consequently uplifting the Global Fish Farming Market.

Moreover, the traditional dishes in regions like Asia-Pacific and the Middle East & Africa are based on fish and other marine animals. Therefore, the inhabitants of these regions consume more seafood. According to a study by the Indian Council of Agricultural Research (ICAR), it is found that consumption of seafood has increased by 32% across the country. Thus, to cater to the demand of the consumers relying on seafood, several restaurant groups are establishing specialized cafes & eateries. For instance, in 2024, The China Gate Group launched a Pan-Asian and Seafood restaurant in Mumbai. These eating outlets would continue to generate the demand for the fishes, necessitating fish farming in the forecast years.

Global Fish Farming Market Driver:

Increasing Usage of Fishes in Cosmetic & Pharmaceutical Applications – In recent years, the pharmaceutical & cosmetic industries have recognized the importance of fishes to develop several medicines & beauty products. Based on several researches, it is found and validated that the fishes provide essential nutrients when combined with other ingredients of medicinal drugs & cosmetic products like lotions & beauty creams. Therefore, the top companies are necessarily utilizing the fish, its oil, and skin to develop their products. This is amplifying the demand for a wide range of fish and thus highlighting the importance of fish farming across the globe.

Additionally, both pharma & cosmetic companies are actively working on developing a new & innovative range of products. As a result, they are increasingly conducting clinical trials. As of 2023, more than 4,52,604 clinical trials were registered worldwide as per the government organization. During the clinical trials, fish are extensively utilized to test the efficacy of the products. Thus, the increasing R&D within the pharma & cosmetic industry would continue to raise the demand for fish, enhancing the Global Fish Farming market size.  

Global Fish Farming Market Challenge:

Growing Pests & Diseases and Higher Equipment Costs – Improper feeding and attack by the disease-causing microorganisms are resulting in higher fish diseases in the farms. In India, the outbreak of the DNA virus caused mortality of around 30% to 50% of farm fishes. This caused reduced fish growth & production, leading to economic loss for the fish farmers. Moreover, the slightest change in the temperature and water pressure in the farm can potentially lead to the spread of diseases among marine creatures. Therefore, the farmers are required to equip the farms with the latest machines & products, like air pumps & heaters. Also, these types of equipment are relatively more expensive & need regular maintenance, which adds overhead costs for the fish farmers. Also, fish farmers in under-developed economies prefer natural fishing activities over fish farming setup, owing to the financial constraints. This, in turn, aids in impeding the Global Fish Farming Market Growth.

Global Fish Farming Market Trend:

Rising Inclination Towards Data-driven Smart Fish Farming – The top companies operating in the Global Fish Farming Industry are increasingly introducing innovative solutions that help the farmers boost their fish farm productivity. The market players are actively incorporating emerging technologies like Artificial Intelligence and Big Data within the fish farm to create a digital ecosystem. This helps the fish farmers to receive real-time data about the fish, enabling them to make decisions accurately. Additionally, these solutions help to provide alert messages about the water temperature, pressure, and dissolved oxygen level. Based on this critical information, fish farmers can streamline their fish activity & maximize their breeding, leading to revenue growth. Thus, more fish farmers would continue to shift towards these next-generation technologies to optimize their fish production process, amplifying Global Fish Farming Market growth during forecast years.  

Global Fish Farming Market (2024-30): Segmentation Analysis

The Global Fish Farming Market study by MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2024–2030 at the global level. In accordance with the analysis, the market has been further classified as:

Based on Fish Type:

• Catfish
• Tilapia
• Sardines
• Salmon
• Trout
• Tuna
• Others (Sea Bass, Eel, etc.)

Salmon holds a notable market share in the Global Fish Farming Market. This particular type of fish offers more nutritional advantages and is rich in proteins & omega fatty acids, which are necessary for the functioning of the brain & heart. Therefore, consumers prefer to intake Salmon fish over other fish type, contributing to market growth. Additionally, the prices of salmon fish are consistently deteriorating. For instance, the Food & Health Communication Organization states that in 2024 the costs of the salmon fishes have dropped to around USD 9.35 to USD 10.01.

The low costs of these fish are making them more accessible to even consumers living in under-developed economies. This facilitates the consumption of these fishes & accentuates their demand. Therefore, fish farmers are actively making more efforts to breed salmon fishes in the farms. Also, as of 2024, more than 2.5 million metric tons of salmon fish are produced via aquaculture, states the World Wild Life Organization. This is consequently, supporting market growth and enhancing the Fish Farming Market size.

Based on Environment:

• Brackish Water
• Freshwater
• Marine Water

Freshwater holds a prominent market share in the Global Fish Farming Market. The freshwater is an ideal environment for breeding fish since the water has excellent dissolved oxygen & fewer disease-causing bacteria. The water pressure in a freshwater environment is optimal for various fishes, including Catla & Rohu. Therefore, the farmers prefer to conduct farming activities in the freshwater bodies, boosting the market growth and enlarging the market share.

Additionally, the brackish & marine water has higher salt value, which is harmful to the wide range of fish and possibly leads to their death. The values of the salt content in the marine & brackish water reach up to 35,000 ppm. Thus, the fish farmers tend to choose freshwater since the salinity in the freshwater is less than 1,000 ppm, contributing to the Global Fish Farming Market growth.

Global Fish Farming Market (2024-30): Regional Projection

Geographically, the Global Fish Farming Market expands across:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

Geographically, the Asia-Pacific holds a noteworthy share in the Global Fish Farming Market. The Asia-Pacific countries are emerging as one of the leading producers & exporters of fishes, which is economically benefitting the nation. As per the reports by the US Foreign Agricultural Service, the official production of fish in China reached 71 million in 2023, making it the world's largest seafood producer. Therefore, to boost economic growth and facilitate exports, the nations are signing trade agreements with other countries & setting up large fish farms. This is consequently amplifying the market growth and enlarging the Asia-Pacific Fish Farming Market size and & share.

Moreover, the governing authorities in the Asia-Pacific countries are encouraging fish farming within their nations to boost fish production and gain a competitive edge over European and American countries. Hence, this consistent support from the governments would continue to boost the market growth in the forecast years as well.

Global Fish Farming Industry Recent Development:

• 2023: Tassal Group Limited announced the acquisition of MPA Fish Farms Pty Ltd which operates as Australia’s only ocean-based barramundi farm at Cone Bay.
• 2023: Bakkafrost signed an agreement to build a big new hatchery in Skálavík, Faroe Islands to increase production capacity by nearly 7 million smolts, each weighing 500g.

Gain a Competitive Edge with Our Global Fish Farming Market Report

• Global Fish Farming Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
• This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
• Global Fish Farming Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.