The Asia Pacific accounts for a significant portion of the market for fish farming, as the diets of Asian people, especially Japanese, Korean, and Chinese, include fish in their everyday meals. The geography of Asia, bounded by oceans and saturated with water bodies, further supports the fish farming market growth.
Fish farming is an important source of income for many Asians. The nutritional benefits of fish and vitamin supplements prepared from fish oil (omega-3 fatty acid) further contribute to the market growth. Additionally, a variety of canned tuna, salmon, and other fish available in supermarkets like Walmart (NYSE: WMT) and on e-commerce platforms further expand the market growth.
Partnerships among various companies also support the market growth. In February 2023, Cermaq Group AS (NOK: CEQ) partnered with Folla Alger AS to increase the production of Salmon and kelp and dedicated a particular area (middle cage for kelp and outermost cages for salmon) in the ocean, contributing to increasing value creation.
By creating kelp, which can then be used as a raw material in new feed, this setup enables to use of nutrients, practically supplied by the salmon and helps to achieve a circular economy concept. By producing multiple species in one location, the combined operation also maximises the use of space. In its new combined marine site for salmon and kelp in Steigen, Nordland, Norway, Folla Alger AS stocked the first kelp in the second week of February.
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The major players in the global fish farming market are Alpha Group Ltd., Cermaq Group AS, Cooke Aquaculture Inc., and Leroy Seafood Group ASA, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
|Scope of the Report
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|Breakup by Environment
|Breakup by Fish Type
|Breakup by Region
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