Aquaculture Global Market Report 2024

The aquaculture market size has grown strongly in recent years. It will grow from $249.75 billion in 2023 to $264.17 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The historical growth in aquaculture can be attributed to several factors, including the increased cultivation of aquatic animals, robust economic growth in emerging markets, a rise in disposable income, government initiatives promoting aquaculture, and the imperative need for the restoration of threatened and endangered species populations.

The aquaculture market size is expected to see strong growth in the next few years. It will grow to $340.3 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. Forecasted growth is driven by increased seafood demand, a health-conscious consumer base, rising fish oil demand, and global population growth with urbanization. Key trends include IoT connectivity, technological advancements, aquaculture drone use, research and development, artificial intelligence integration, climate change-resistant species adoption, and the rise of open-ocean aquaculture.

The increasing demand for seafood is anticipated to drive the growth of the aquaculture market in the foreseeable future. Seafood encompasses edible aquatic animals from both freshwater and ocean environments, including creatures such as lobsters, mussels, crabs, and various other marine species. This surge in seafood demand plays a pivotal role in elevating the significance of aquaculture in the overall fish supply. According to the Organization for Economic Cooperation and Development (OECD), a France-based intergovernmental economic organization, a projected 90% of the fish produced will be consumed by humans, with an expected consumption increase of 16.3% by 2029. Consequently, the growing demand for seafood is poised to be a key driver for the expansion of the aquaculture market.

The global population's continuous growth is forecasted to be a significant factor propelling the demand for aquaculture in the future. The increasing population amplifies the requirement for various food and beverages, including seafood and related products, consequently fostering the demand for aquaculture. United Nations data indicates that the world population, which was 7.9 billion in 2021, is projected to reach 9.8 billion by 2050. This escalating urbanization trend is expected to contribute substantially to market growth in the forecast period. The United Nations estimates that by 2050, approximately 68% of the total global population will reside in urban areas, marking a notable increase from the current 55%. The rapid urbanization and population growth, particularly in developing economies, are anticipated to generate high demand for aquaculture in the future.

IoT connectivity is emerging as a significant trend in the aquaculture market, with applications focused on data collection, fish and water quality monitoring, and disease outbreak forecasting. In 2022, during the Aquaculture UK exhibition, R3-IoT introduced the Connected Seafarm system. This system aims to address the challenges of digitizing remote aquaculture operations and sites, specifically designed for the aquaculture sector. The Scottish company claims that Connected Seafarm is a comprehensive end-to-end data services solution that wirelessly connects smart devices worldwide, including sensors and analytics platforms. It is designed for easy and rapid installation, ensuring automatic and continuous data collection irrespective of the available connectivity infrastructure, eliminating the need for specialized internal technical expertise.

Technological advancements represent a prominent trend gaining traction in the aquaculture market, with major players introducing advanced products such as brackish water aquaculture technology. In August 2021, the ICAR-CIBA, a research institute under the Indian Council of Agricultural Research, launched brackish water aquaculture technology interventions for livelihood development in the public domain of Tamil Nadu. This initiative, named 'Diversification of livelihoods among coastal through brackish water aquaculture technologies integrated with agro-based technologies and societal developments,' was organized as part of India's 75th independence anniversary celebrations (Azad Ki Amrut Mahotsav) under the CIBA Tribal Sub-Plan 20/6 and CIBA - SCSP schemes. The program included interventions for Scheduled Tribal farmers and Scheduled Caste farmers, emphasizing the integration of aquaculture technologies with agro-based technologies and societal developments.

In November 2021, Brazil-based meat processing company JBS S.A. acquired Huon Aquaculture for $425 million, marking JBS's entry into the aquaculture sector. Huon Aquaculture, based in Australia, is a company specializing in aquaculture and food processing.

Major companies operating in the aquaculture market report are Austevoll Seafood ASA, Cermaq ASA, Nippon Suisan Kaisha Ltd (Nissui), P/F Bakkafrost, Tassal Group Limited, Grieg Seafood ASA, Zhanjiang Guolian Aquatic Products Co. Ltd., Cooke Aquaculture Inc., Maruha Nichiro Corporation, Stolt Nielsen Ltd., Charoen Pokphand Foods Pcl, Dainichi Corporation, Thai Union Group PLC, Pioneer Group, Dalian Yi Qiao Sea Cucumber Ltd., Dahu Aquaculture Company Limited, Zoneco Group, Shandong Homey Aquatic Development Co. Ltd., Zeal Aqua Ltd., Apex Frozen Foods Ltd., Northeast Nutrition Scotland Limited, George S. Forman Limited, Highland Smoked Salmon (Scotland) Limited, Kames Fish Farming Limited, Offshore Shellfish Limited, Aanderaa A Xylem Brand, Enexio Water Technologies Gmbh, Landing Aquaculture, Aquamaof Aquaculture Technologies Ltd., Holland Aqua B. V, Pjsc, F.L.G. Srl, Scorilo Srl, Enpi Lake Fishing S.R.L, Cotobic Srl, Sunfish Srl, Almar Seafood Ltd., Alva Nord Ltd., Pentair PLC, Xylem Inc., Aquaculture System Technologies Llc, CPI Equipment Inc., Lifegard Aquatics, Reef Industries Inc., Aquaculture Of Texas, Blue Ridge Aquaculture Inc., American Abalone Farms Incorporated, Sea Watch International Ltd., Jbs S. A, Inve Aquaculture, Skretting, Jazan Energy And Development Company, Tabuk Fisheries Company, Tharawat Seas, Aquaculture Sharq Farms, Wahat Alreem Fish & Live Animals Trading, Pristine Fish Farm, African Marine Products (Pty) Ltd., Aquanion, Blue Ocean Mussels (Pty) Ltd.

Asia-Pacific was the largest region in the aquaculture market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the aquaculture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the aquaculture market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

Key fish types in aquaculture encompass carp, mollusks, crustaceans, mackerel, sea bream, and others. Carp aquaculture, focused on oily freshwater fish, is particularly significant in European and Asian countries due to its rapid growth and high tolerance, making it commercially valuable. Aquaculture is practiced in various environments such as marine water, freshwater, and brackish water, utilizing products such as equipment, chemicals, pharmaceuticals, and fertilizers. The species involved in aquaculture include both aquatic animals and plants, distributed through various channels such as traditional retail, supermarkets, hypermarkets, specialized retailers, online stores, and more.

The aquaculture market research report is one of a series of new reports that provides aquaculture market statistics, including aquaculture industry global market size, regional shares, competitors with an aquaculture market share, detailed aquaculture market segments, market trends and opportunities, and any further data you may need to thrive in the aquaculture industry. This aquaculture market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The aquaculture market includes revenues earned by entities by mariculture, fish farming, algaculture, integrated multi-trophic aquaculture (IMTA), inland pond culture, recirculating systems, open-net pen and cage systems, and flow-through or raceway systems. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.


The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.