Aquaculture is the process of raising fish, molluscs, crustaceans, and aquatic plants for food. The industry has seen significant growth in recent years due to rising demand for seafood as a source of protein and its recognition as a sustainable alternative to fishing wild fish.
The global aquaculture market is expected to grow at a CAGR of 4.5% between 2022 and 2030, reaching a value of $416.89 billion by 2030.
The market is dominated by fish, with the fastest growing segment being seafood due to its high nutritional value. The salted water segment is expected to dominate due to its lower cost and wider availability compared to freshwater seafood. Asia-Pacific is the largest and fastest-growing regional market, driven by the growing population, rising disposable income, and government support for aquaculture activities.
The World Bank and the UN launched a $600 million Global Program for Sustainable Aquaculture in 2022 to encourage environmentally friendly practices and address global food insecurity. The Sustainable Aquaculture Expansion Program was also introduced in 2022 to provide incentives for sustainable aquaculture methods and increase production levels.