Factors such as increase in concern toward food security, technological advancements in the industry, and rise in awareness about healthy diet fuel the growth of the fish farming industry.
Portland, OR -- (SBWIRE) -- 05/07/2019 -- According to a new report published by Allied Market Research, titled,"Global Fish Farming Market by Environment, Fish Type, Distribution Channel, and Region: Global Opportunity Analysis and Industry Forecast, 2018 - 2025"the global fish farming market size was valued at $257,936 million in 2017, and is expected to reach $376,485 million by 2025, growing at a CAGR of 4.77% from 2018 to 2025. The others segment consists of carps, mackerels, sea bream, and trout is expected to retain its dominant position, in terms of revenue generation, throughout the forecast period.
Asia-Pacific held the leading position in the global fish farming market in 2017 and is expected to maintain its dominance in the future. The fin fish segment is expected to retain its dominant position, in terms of revenue generation, throughout the forecast period.
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Currently, fish farming is an absolute necessity to meet the food demand and supply. This industry provides high-quality and disease-free fishes by rearing fishes in an environment that meets the hygiene standards. In addition, fish farming activity is utilized to conserve the species on the verge of extinction.
The global fish farming market is projected to witness significant growth during the forecast period, owing to increased health awareness among consumers about the intake of balanced nutrient quantities. In addition, rise in government rules and regulations in different countries that promote fish farming to meet the growth in demand to cope with food insecurities is expected to boost the fish farming market size. However, increase in water pollution and changes in climatic conditions hamper the fish farming market growth. Moreover, fish farming production is vulnerable to adverse impacts of diseases such as koi herpesvirus a viral disease that hamper the fish production. Disease outbreaks in recent years have affected farmed Atlantic salmon in Chile, and in several countries in Asia, South America, and Africa, resulting in partial or total loss of production, which restrained the of market growth.
Top Market Players:
- Cermaq Group AS (Mitsubishi Corporation)
- Cooke Fish Farming Inc.
- Grupo Farallon Fish Farming
- Leroy Sea Food Group
- Marine Harvest ASA
- P/F Bakkafrost
- Fish Farming Technologies Asia Limited
- Nippon Suisan Kaisha Ltd.
- Tassal Group Limited
- Thai Union Group Public Company Limited.
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The report segments the market on the basis of environment, fish type, and region. The environment segment includes freshwater, marine water, and brackish water. On the basis of fish type, the market is divided into fin fish and others. Region wise, it is analyzed across North America (U.S., Mexico, and Canada), Europe (Russia, Norway, Iceland, and rest of Europe), Asia-Pacific (China, Philippine, Japan, Indonesia, Vietnam, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Freshwater was the highest revenue generator, and is expected to witness highest CAGR of 4.74% during the forecast period, followed by marine water segment at 4.89%.
Among all the types of fishes, the other segment that includes carps mackerels, sea bream, and trout generated maximum revenue in 2017. Carps, belonging to the Cyprinidae family, is an extremely large group of fish that is native to Asia and Europe. The hardiness and adaptability of carps have encouraged the domestication of this species globally. They are being considered as highly prized coarse fish that are difficult to hook.
Others segment comprises mollusks, crustaceans, crabs, octopus, prawns & seals, dolphins, and turtles as well as a diverse group of aquatic animals that dwell in oceans and in freshwater. Seals, dolphins, and turtles are widely reared using fish farming techniques, owing to their high commercial and nutritional values. However, disturbance in natural habitat is causing an adverse effect on these species. Thus, use of recirculating aquaculture technology in an efficient way to increase their population and government regulations promoting conservation of this species are some factors driving this segment.
LAMEA was the second largest market in terms of revenue generation, with almost one-fourth share in 2017, and is expected to register a CAGR of 4.55% 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. This is attributed to technological developments in South America. Moreover, rapid development in the Middle East, in terms of infrastructure and technology, drives the growth of the LAMEA fish farming market. However, weak economies in Africa hamper the spending of consumers, which in turn limits the growth of the market.
Key findings of the Fish Farming Market:
- Asia-Pacific is expected to lead the global fish farming market, growing at the highest CAGR of 4.89%, in terms of revenue, from 2018 to 2025.
- Based on environment, the fresh water segment occupied around 61.8% of fish farming market share of the total market in 2017.
- By fish type, the others segment that includes craps mackerels, sea bream, and trout occupied a major share of the global market in 2017, in terms of revenue, followed by salmon.
- China is the largest country, in terms of revenue generation, in the global fish farming market, and is expected to grow at a CAGR of 5.31% from 2018 to 2025.
- The tilapia fish segment is expected to witness significant growth of 4.62%, in terms of revenue, during the fish farming market forecast period.
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