However, discussing the global food supply would be incomplete without discussing the market for fisheries and aquaculture. Fisheries is the process of extracting aquatic domestic animals from water bodies, while aquaculture is the growth of fish, and sometimes shellfish, and their plants in growing units.
In 2023, the Fisheries & Aquaculture Markets value stood at around $405 billion globally, and the sector is predicted to grow at a CAG rate of 6.2% for the period between 2024 and 2030. Demographic trends, increasing demand for fish and shrimp, and development in equipment and processes are the main drivers of growth in this market. Marine production in the Asia Pacific region has remained stable, with the region contributing over 70% of marine production due to its coastlines, conducive policies for aquaculture, and economic backing.
However, discussing the global food supply would be incomplete without discussing the market for fisheries and aquaculture. Fisheries is the process of extracting aquatic domestic animals from water bodies, while aquaculture is the growth of fish, and sometimes shellfish, and their plants in growing units.
In 2023, the Fisheries & Aquaculture Markets value stood at around $405 billion globally, and the sector is predicted to grow at a CAG rate of 6.2% for the period between 2024 and 2030. Demographic trends, increasing demand for fish and shrimp, and development in equipment and processes are the main drivers of growth in this market. Marine production in the Asia Pacific region has remained stable, with the region contributing over 70% of marine production due to its coastlines, conducive policies for aquaculture, and economic backing.
1. Marine Fisheries: Also known as sea fishing, it is the exploitation of resources in salt waters such as the sea and oceans.
2. Inland Fisheries: the activity of catching fish in non-saline, natural or manmade water bodies such as rivers, lakes, and dams.
3. Freshwater Aquaculture: is the rearing of particular species, including carps, catfish, and tilapia, in fresh water.
4. Marine Aquaculture: deals with the breeding of certain fish species and plants, such as salmon, prawns, and seaweed, in salted water.
5. Integrated Multi-Trophic Aquaculture (IMTA): is another way to grow plants in aquaculture. It uses different levels of trophic production to make the best use of resources and the least amount of waste.
The activities of growing, harvesting, processing, and distributing aquatic animals and plants make up the fisheries and aquaculture industry. This industry addresses various markets in food, pharmaceuticals, and cosmetics, as well as biofuels, while addressing food and other resource scarcity on a global scale.
The following factors will influence the global market:
1. Focus on Promoting Sustainable Development: Efforts aimed at abolishing overfishing and promoting safe aquaculture practices.
2. Development of Technology: The creation of more efficient feeds and the management of diseases, including aquaculture techniques.
3. Growth in Exports: Developing countries feed the world in the form of aquaculture exports.
4. Organics and Green Products: Not only is the preference for chemical-free foods and aquaculture products increasing, but it is also receiving support.
5. Ecological and Public Health Policy: New environmental protection and food hygiene rules resulting in strict standards for production pipelines.
There is evidence of rapid advancement in the fisheries and aquaculture sector due to new technologies and the increasing demand for sustainable development. The following are the main changes in the agriculture sector:
- Avoiding sustainability walls—adopting less damaging forms of aquaculture, such as the IMTA and recirculation aquaculture systems (RAS).
- Adopted Technology: includes the ‘supervisory system’ that is real-time, water quality is checked and controlled, the feeding system is totally computerized, and advanced algorithmic techniques are used to combat diseases.
- Growth of Seafood: Increase in demand, especially in the North American and European marketplaces, where consumers are concerned about their health.
- Advocacy for Government Policy Change: Program in government subsidies and policies to encourage the practice of sustainable aquaculture across all countries
- Helping Areas That Need It: There are some expansions in such areas, building upon aquaculture.
There are three ways to divide the market:
- Types: Fish, Crustaceans, Mollusks, and Aquatic Vegetation.
- Location: Freshwater, coastal salt, and deep-sea aquaculture.
- Purpose: Human food, drugs, beauty products, and other industrial uses.
- Sales channels: Direct selling, wholesale, and web-based outlets.
- Aquaculture Technologies: conventional and Internet-of-Things-enhanced aquaculture.
Amongst the top organisations in the fisheries and aquaculture business, some of them are the following:
1. Marine Harvest (Mowi) – positioning as leading authority in the farming of salmon worldwide
2. Thai Union Group – highly regarded for its products of canned and frozen seafood
3.Cermaq – Focused on attention eco-friendly aquaculture is the company called Cermaq.
4. AquaBounty Ttechnologies – Introduction of modified breeding of fish towards commercialization.
5. Skketing – Leveraging the fishing industry with the help of enhanced growing by the use of research and technology.
6. Cooke Aquaculture: has its core activities oriented towards seafood production and processing.