Aquaculture Market Size, Share, and Trends 2024 to 2033

Aquaculture Market (By Environment: Fresh water Marine water Brackish water By Type: Fish, Crustaceans, Aquatic plant; By End-User: Seafood industry, Pharmaceuticals, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2024-2033

  • Last Updated : June 2024
  • Report Code : 2779
  • Category : Agriculture

Aquaculture Market Size and Manufacturers

The global aquaculture market size was USD 229.02 billion in 2023, accounted for USD 239.33 billion in 2024, and is expected to reach around USD 355.66 billion by 2033, expanding at a CAGR of 4.5% from 2024 to 2033.

Aquaculture Market Size 2024 to 2033

To Access our Exclusive Data Intelligence Tool with 15000+ Database, Visit: Precedence Statistics

Aquaculture Market Key Takeaways

  • Asia Pacific region dominated the market with a revenue share of 42.55% in 2023. 
  • The LAMEA market is expected to grow at a CAGR of 5.5% over the forecast period.
  • By Environment, the freshwater segment generated a revenue share of over 66% in 2023 and it is growing at a CAGR of 6.21%.
  • By Type, the fish segment captured the dominating position in the global market.
  • By Type, the aquatic plant segment is expected to record the fastest CAGR between 2024 and 2033. 
  • By End-Use, the seafood industry segment dominates the global market.
  • By End-Use, the pharmaceutical segment is expected to record the fastest CAGR between 2024 and 2033.

Asia Pacific Aquaculture Market Size and Growth 2024 to 2033

The Asia Pacific aquaculture market size was estimated at USD 97.44 billion in 2023 and is predicted to be worth around USD 156.49 billion by 2033, at a CAGR of 4.9% from 2024 to 2033.

Asia Pacific Aquaculture Market Size 2024 to 2033

Asia Pacific witnessed enormous growth in the aquaculture market in 2023; the region is expected to maintain its dominance during the forecast period. Several factors, including the increasing population, rising disposable incomes, and changing dietary habits, drive the Asian-Pacific region's demand for aquaculture products. Moreover, favorable government policies to support the growth of aquaculture practices in countries of Asia Pacific are observed to drive the development of the aquaculture market in the region.  

The Indian government has been taking various initiatives to promote the growth of the aquaculture market in the country. The National Fisheries Development Board (NFDB) is a government body that aims to promote and develop the Indian fisheries sector, including aquaculture. The board provides financial assistance to farmers and entrepreneurs engaged in fisheries and aquaculture. 

The Asia-Pacific region is also home to several large aquaculture companies, including Thai Union Group, Marine Harvest, and Charoen Pokphand Foods. These companies have been expanding their regional operations to meet the growing demand for aquaculture products and take advantage of the favorable production conditions in many countries. 

North America is expected to witness steady growth in the aquaculture market during the forecast period. With the changing dietary preferences and rising incomes, the demand for seafood in North America has been increasing. With increasing awareness about the environmental impact of traditional food production systems, there has been a growing interest in sustainable food systems; this is another considerable factor in the growth of the aquaculture market in North America. 

Aquaculture Market Share, By Region, 2023 (%)

The aquaculture market in Europe is booming at a noticeable rate. The rising investments in the aquaculture industry by potential players in the region are expected to fuel the market’s growth in Europe during the forecast period. Moreover, the enormous demand for premium aquatic products from the European food industry is observed to boost the revenue share of Europe in the global aquaculture market.  

In April 2022, Hatch, a European aquaculture development company, announced to launch of a new investment fund to promote regenerative and sustainable aquaculture practices. With this investment, the company aims to boost aquaculture practices to fulfill the rising demand for aquatic organisms from various end-users.    

The aquaculture market in Latin America is growing due to increasing demand for seafood and favorable government policies to support the industry. Brazil is the largest aquaculture producer in the region, followed by Chile, Ecuador, and Peru. The aquaculture market in the Middle East and Africa is relatively small compared to other regions, but it is growing due to increasing demand for seafood and government initiatives to support the industry. Major aquaculture producers in the region include Egypt, Nigeria, and South Africa.

Market Overview

The aquaculture market refers to the industry involved in the production, processing, and distribution of aquatic organisms and plants, which are grown and harvested under controlled conditions. This market includes stakeholders such as fish farmers, aquaculture equipment manufacturers, feed suppliers, processing and packaging companies, distributors, and retailers.

The rising focus on sustainability in aquaculture practices is expected to drive the growth of the global aquaculture market during the period analyzed. Several governmental and non-governmental bodies are focused on promoting sustainable aquaculture practices with increased efficacy and productivity.

In September 2022, the Global seafood alliance launched a consumer-facing website, ‘Best Aquaculture Practices,’ to raise awareness about sustainable aquaculture. Efforts are taken to promote sustainably sourced seafood. The new website offers detailed information about sustainable aquaculture practices; along with this, the website also helps customers in buying seafood products that are ultimately better for eaters and the environment.

In July 2022, a strategic partnership between US chefs, business leaders, and environmental NGOs started a Coalition for Sustainable Aquaculture. The newly launched sustainable aquaculture project focuses on safe, equitable, and science-based sustainable aquaculture practices. The step has been taken by considering the rising demand for seafood and increased exports of fish and other aquatic products from the United States.

Aquaculture Market Growth Factors

The global aquaculture market is expected to grow exponentially during the forecast period owing to the economic benefits offered by aquaculture practices. Aquacultural practices provide a plethora of employment opportunities in the industry. Moreover, aquaculture practices offer unmatched environmental benefits, including the sustainable use of sea resources, conservation of biodiversity, and reduced ecological loss. As companies shift their focus toward sustainable ways of practices, these economic and environmental benefits are expected to drive the growth of the market. Additionally, the maximum efficacy and production efficiency offered by aquaculture activities highlights the market’s bright future across the globe during the forecast period.

Technological advancements in the aquaculture industry are observed to propel the market's growth; the aquaculture industry is constantly developing new technologies and techniques to improve the efficiency and sustainability of farming practices. This includes advances in genetics, nutrition, and disease management.

In October 2022, globally leading technologically advanced aquatic solution provider Innovasea Systems Inc announced the launch of a new aquaculture monitoring tool ‘Realfish Pro.’ The new monitoring tool is an advanced cloud-based solution that allows the operation and management of aquaculture activities from anywhere.

Aquaculture Market Scope

Report Coverage Details
Market Size in 2023 USD 229.02 Billion
Market Size in 2024 USD 239.33 Billion
Market Size by 2033 USD 355.66 Billion
Growth Rate from 2024 to 2033 CAGR of 4.5%
Largest Market Asia Pacific
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered By Environment, By Type, and By End-User
Regions Covered North America, Europe, Asia-Pacific, Latin America and Middle East & Africa

Aquaculture Market Dynamics


Rising demand for aquatic animals and plants from the pharmaceuticals industry

Aquaculture provides a sustainable and reliable source of these aquatic organisms for the pharmaceutical industry. Aquaculture ensures the consistency and quality of marine organisms, making them ideal for pharmaceutical research. Aquatic animals and plants have been found to have a wide range of medicinal properties. As a result, they are increasingly being used to develop new drugs and pharmaceutical products.

For example, various fish species, such as salmon, trout, and cod, are rich in omega-3 fatty acids, linked to several health benefits, including reduced risk of heart disease and improved brain function. Other aquatic organisms, such as certain algae and sea sponges, are being studied for their potential to treat various diseases, including cancer, HIV, and Alzheimer's.

Overall, the demand for these organisms from the pharmaceutical industry is likely to increase, significantly boosting the aquaculture market's growth.


Regulatory hurdles

Regulatory hurdles can be a significant restraint to the growth of the aquaculture market. Regulations can vary significantly between countries and regions, and compliance with these regulations can be complex and expensive. Regulatory requirements can create barriers to entry for new aquaculture producers. For example, obtaining the necessary permits and approvals to construct a new facility can be time-consuming and expensive, discouraging new producers from entering the market.

Compliance with regulations can be expensive, particularly in countries with strict environmental regulations. Compliance costs may include monitoring and reporting requirements, permit fees, and environmental assessments, all of which can add to the cost of production.


Rising investment is research and development activities

Rising investments in research and development activities can open up numerous opportunities in the aquaculture market by driving innovation and improving efficiencies. Investments in research and development can help to develop new aquaculture technologies that will enhance production efficiency and reduce costs. This includes new techniques for fish breeding, disease control, and feed production.

Research into sustainable aquaculture practices can help to reduce environmental impacts and improve the overall sustainability of the industry. This includes developing new ways to recycle waste and reduce water usage. Rising investments in such activities lead to increased productivity, profitability, and sustainability. This creates opportunities for businesses and entrepreneurs to develop new products and services.

Covid-19 Impacts:

The Covid-19 pandemic has had positive and negative impacts on the aquaculture market, which refers to farming aquatic organisms such as fish, shellfish, and seaweed.

The pandemic has disrupted global supply chains, making it difficult for aquaculture producers to access feed, equipment, and other inputs. This has led to increased costs and reduced production for some producers. The closure of restaurants and markets due to lockdowns significantly reduced demand for certain high-value seafood products, such as oysters and lobster, which are typically consumed in these settings.

The pandemic also reduced global demand for seafood, particularly in countries heavily affected by the pandemic. This has resulted in reduced export opportunities for some aquaculture producers.

However, the global aquaculture market witnessed few positive impacts during the Covid-19 pandemic. As people turned their preferences to healthy eating habits during lockdowns, there was a surge in demand for seafood. This increased demand has led to a positive impact on the aquaculture market during this critical time.

The pandemic disrupted global trade and transportation, which reduced the supply of imported seafood products in some countries. This created opportunities for domestic aquaculture producers to fill the gap and meet local demand. Moreover, some governments have provided financial support to aquaculture producers affected by the pandemic, such as subsidies for feed and operating costs.

Overall, the impacts of the COVID-19 pandemic on the aquaculture market have been mixed, with some producers benefiting from increased demand and government support, while others have been negatively affected by disruptions to supply chains and reduced export opportunities.

Environment Insights:

The freshwater segment held the largest share of the global aquaculture market in 2023; the segment is predicted to grow with the easy availability of freshwater sources around the world. The demand for less specialized equipment in freshwater aquaculture has supplemented the entry of small-scale players into the practices.

Along with the wide range of fishes, freshwater aquaculture can also be used to grow plants such as watercress and lettuce using aquaponic systems, which provide both food and income opportunities. Moreover, Freshwater aquaculture is generally less expensive to set up and maintain than marine aquaculture.

The marine water segment is expected to register the fastest growth during the forecast period; the rising demand for seafood due to factors such as population growth, rising incomes, and changing dietary preferences is observed to boost aquaculture practices in marine water sources. Rising demand for premium or high-value marine water species, including salmon, shrimp, and oysters, is propelling the segment’s growth.

Additionally, the rising focus on sustainable marine aquaculture practices by multiple initiatives by government and private bodies is expected to highlight the development of marine water aquaculture practices. However, the high cost of setting up aquaculture practices in marine water sources restrains market players from growing.

Type Insights:

The fish segment holds the dominating position in the global aquaculture market; with the growing worldwide population and increasing demand for protein-rich food, the demand for fish as a source of food is increasing. Rising investments in coastal regions, especially in the food industry, are predicted to maintain the dominance of the fish segment.

Additionally, aquaculture practices are observed to reduce the pressure on wild fish stocks, and the efficiency of aquaculture practices for fish reduces the overall environmental impact of fish production. Such beneficial factors are predicted to continue the development of the fish segment.

The aquatic plant segment is expected to grow the fastest during the forecast period. The global aquaculture industry is experiencing an enormous demand for nutrient-rich seaweed that can be used in various food products, including plant-based protein powders, snacks, and supplements. As the population continues focusing on plant-based products, the aquatic plants segment will continue to grow.

Aquatic plant cultivation can be a sustainable form of agriculture, as it does not require large amounts of land or freshwater resources. The rising focus on sustainable aquaculture practices is expected to boost the development of the aquatic plant segment.

End-User Insights:

The seafood industry segment dominates the global aquaculture market; the advancements and presence of potential key players in aquaculture practices have led to increased production of farmed fish. This has helped to meet the growing demand for seafood. The rising demand for packaged fish products, along with growing preferences for plant-based food products, will increase aquaculture activities in the upcoming years.

Additionally, the rising demand for aquaculture practices from the seafood industry is attributed to the diversification of products offered. Aquaculture can provide a means of diversifying the types of seafood products available to consumers, including species that may not be readily available through wild fishing.

The pharmaceutical industry segment is expected to register the fastest growth during the forecast period. Aquaculture for the pharmaceutical industry is becoming popular due to its ability to provide a sustainable and cost-effective source of marine organisms for pharmaceutical production, as well as its potential to diversify the industry and provide new sources of high-value products.

Moreover, several national and international bodies/organizations are rapidly approving the utilization of fish and other aquatic resources to develop drugs, including antibiotics, vaccines, and medicines. This factor is predicted to fuel the segment’s growth during the forecast period.

Aquaculture Market Companies:

  • Nireus SA Ltd
  • Dainichi Corporation
  • SalMar ASA
  • Austevoll Seafood
  • Kyokuyo Co Ltd
  • Surapon Foods Public Company Ltd
  • Nippon Suisan Kaisha Ltd
  • Maruha Nichiro Corporation
  • Thai Union Group Plc
  • Leroy Seafood Group ASA
  • Eastern Fish Co.
  • Shandong Homey Aquatic Development Co Ltd

Recent Developments:

  • In March 2023, the minister of Innovation, Science, and Technology in Israel announced to launch of an aquaculture project in Western Sahara. Israel recently launched an aquaculture water project in Moroccan Sahara. The ministry is yet to disclose the details of this upcoming project. 
  • In November 2022, Tamil Nadu’s Dr. J. Jaylalithaa Fisheries University launched insurance for freshwater fish farming on the occasion of World Fisheries Day.  
  • In October 2022, Scotland-based Sustainable Aquaculture Innovation Center announced the launch of a new program worth the investment of $578,3492 to help the innovation in aquaculture practices.  
  • In November 2022, the European Union launched a 4.8 million Euros project for aquaculture welfare. This new 4.5-year Horizon Europe Project, ‘Cure4Aqua,’ aims to improve the health of aquatic animals. The project involves researchers from 16 countries to strengthen the measures to prevent the disease from spreading in marine animals.  

Segments Covered in the Report:

By Environment

  • Fresh water
  • Marine water
  • Brackish water

By Type

  • Fish
  • Crustaceans
  • Aquatic plant

By End-User

  • Seafood industry
  • Pharmaceuticals
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • The Middle East and Africa

Frequently Asked Questions

The global aquaculture market size is expected to increase USD 355.66 billion by 2033 from USD 229.02 billion in 2023.

The global aquaculture market will registered growth rate of 4.5% between 2024 and 2033.

The major players operating in the aquaculture market are Nireus SA Ltd., Dainichi Corporation, SalMar ASA, Austevoll Seafood, Kyokuyo Co Ltd., Surapon Foods Public Company Ltd., Nippon Suisan Kaisha Ltd, Maruha Nichiro Corporation, Thai Union Group Plc, Leroy Seafood Group ASA, Eastern Fish Co., Shandong Homey Aquatic Development Co Ltd. and Others.

The driving factors of the aquaculture market are the growing demand for seafood products and rising demand for aquatic animals and plants from pharmaceuticals industry.

Asia Pacific region will lead the global aquaculture market during the forecast period 2024 to 2033.

Proceed To Buy

USD 4900
USD 3800
USD 2100
USD 2100
USD 7500

Ask For Sample

No cookie-cutter, only authentic analysis – take the 1st step to become a Precedence Research client