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.                         

Key Findings of the Study: Fish Farming Market

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. 

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Scope of the Report and Fish Farming Market Segmentation

By Method Type

-Extensive Fish Farming

-Intensive Fish Farming

By 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.

By Environment

-Brackish Water

-Freshwater

-Marine Water

Top leading companies in the Fish Farming Market includes:

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.

Fish Farming Market 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.

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Geographical analysis:

North America: The US, Canada, Mexico

South America: Brazil, Argentina, Rest of South America

Europe: Germany, The UK, France, Italy, Spain, Rest of Europe

Asia-Pacific: China, Japan, India, South Korea, Australia, Rest of Asia-Pacific

Middle East & Africa: The UAE, Saudi Arabia, South Africa, Egypt, Rest of Middle East & Africa

·         Geographically, the Asia-Pacific holds a noteworthy share in the Global Fish Farming Market.

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