Fish belongs to the category of goods that people buy on a regular basis. Consuming fish is part of the cultural habits of many people and has a very good nutritional profile. For human health, it is also an excellent source of protein, fatty acids, vitamins, minerals, and micronutrients. Aquaculture, or raising fish in enclosures for human consumption, is known as fish farming. This type of farming entails meddling in the animal-production process in order to boost output. Frequent feeding, stocking, and predator protection are some of these measures.
According to SPER market research, ‘Fish Farming Market Size By Environment, By Fish Type – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Fish Farming Market is predicted to reach USD 484.68 million by 2033 with CAGR of 4.91%.
Growth in fish market may be linked to shifts in the global population’s patterns of food intake. Consumers may easily purchase packaged fish farms due to the growth of the retail industry and the product’s accessibility through a variety of sales channels, which boosts sales. Fish farming is currently the only viable way to meet the world’s food supply and demand. This sector raises fish in hygienic conditions to produce fish that are of the highest calibre and free of disease. Industries also use fish aquaculture to preserve species that are in danger of going extinct. Growing public knowledge of the health advantages of eating fish is expected to significantly improve the fish farming industry’s overall market development.
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Global warming has a negative effect on aquaculture in temperate zones because temperatures might rise over what is suitable for farmed animals. These elements affect the reproductive cycles of many fish species. These elements could impede the expansion and development of the market. In fish farming, water parameters like pH, salinity, hardness, and alkalinity are crucial. People’s shifting preferences towards vegetarianism are another factor impeding the market’s growth. Avoiding animal products, especially in the diet, is the practice of veganism. It is also a philosophy that opposes the status of animals as commodities because it has greater health benefits.
Impact of COVID-19 on Global Fish Farming Market
Border closures have further hampered trade, as have sharp drops in the availability and rising costs of international air freight due to the cancellation of passenger flights and the closure of numerous fish markets throughout the world as a result of social isolation and confinement measures happened due to Covid-19. Fish supply chain participants have faced several difficulties as a result of COVID-19, such as a lack of inputs, a lack of technical support, a lack of transportation for fish supplies, a poor price for fish, and limitations on exporting fish and fisheries products. These difficulties result in a loss of returns, unexpected stock retention, and insufficient production. Many small-scale fish farms are experiencing food insecurity as a result of COVID-19.
Fish Farming Market Key Players:
The extensive coastline and plentiful freshwater resources of Asia Pacific make it the perfect place for aquaculture operations. Utilizing these resources, nations like China, India, and Vietnam have increased their share of the world’s fish production to a considerable degree. Second, the robust demand for seafood created by Asia Pacific’s diverse culinary traditions has prompted fish farming to grow in order to satisfy customer demands. Finally, the global distribution of aquaculture goods has been made easier by the export-oriented orientation of many Asian nations. Additionally, some of the market key players are Alpha Group Ltd., Cermaq Group As (Mitsubishi corporation), Cooke Fish Farming, Fish Farming Technologies Asia Limited , Marine Harvest Asa (marine), Nippon Suisan Kaisha ltd., P/f Bakkafrost (Bakkafrost), Thai union group Plc (Thai union) and various others.
Global Fish Farming Market Segmentation:
By Environment: Based on the Environment, Global Fish Farming Market is segmented as; Brackish Water, Marine Water, Fresh Water.
By Fish Type: Based on the Fish type, Global Fish Farming Market is segmented as; Catfish, Groupers, Milkfish, Pompano, Salmon, Sea bass, Snappers, Tilapia, Tuna, Others.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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