The word "fish farming" refers to the practice of raising fish. This farming method includes feeding, frequent stocking, and predator protection, among other interventions in the rearing phase to improve productivity. Currently, 580 species of fish are farmed worldwide, exhibiting a great deal of genetic variation both within and between species. Some farmers in underdeveloped nations and multinational corporations that possess ownership of the stock being raised engage in fish farming. Many individuals have ingested fish as part of their cultural customs, and it has a very good nutritional profile overall. It is a good source of vital micronutrients, vitamins, minerals, fatty acids, and protein.
According to SPER market research, ‘Global 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 484.68 billion by 2033 with a CAGR of 4.91%.
The global increase in demand for seafood is the main factor driving the fish farming industry. Fish is becoming more and more necessary as a protein and vital dietary item due to the growing global population and shifting dietary preferences. Since traditional fishing methods cannot meet the demand for seafood, fish farming is a vital source of this cuisine. In addition, the number of individuals with Alzheimer's disease has significantly increased. Because eating fish has so many health benefits, it is recommended for those with Alzheimer's disease. The Journal of the American Medical Association reports that moderate consumption of seafood, such as fish, has been linked to a lower risk of Alzheimer's disease. This element is promoting the expansion and development of the market.
One of the main issues facing the fish farming sector is disease outbreaks. Fish kept in small spaces are prone to diseases that might result in large losses. Diseases can be brought on by bacteria, viruses, parasites, and environmental causes. For instance, diseases like Infectious Salmon Amylitis (ISA) and White Spot Syndrome Virus (WSSV) have decimated salmon and prawn farms, causing enormous financial losses. Furthermore, preserving the water quality poses a serious barrier to the market's expansion. For fish farmed for food, the water quality needs to be kept at the optimal level for them to flourish. Controlling waste products, stopping the spread of disease, and preserving the right amount of oxygen are some of the difficulties involved in water quality regulation. These elements are impeding the expansion and development of the market.
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Impact of COVID-19 on Global Fish Farming Market
Worldwide market expansion has been severely impacted by the new coronavirus outbreak. Due to the interruption of the supply chain and decrease in food intake outside the home during the COVID-19 pandemic, there has been a modest decline in sales of fish products. But the amount of fish consumed at home has grown, and in the upcoming years, this sector should become more profitable.
Fish Farming Market Key Players:
Geographically, the popularity of fish farming is expanding quickly throughout North America. The market has expanded as a result of rising fish consumption and growing health concerns among both young and old. The market is also growing since more and more people are being prescribed a high-calcium diet by medical specialists due to heart issues or high triglyceride levels. Significant competitors in the market also include Cooke Fish Farming, Cermaq Group as (Mitsubishi Corporation), Alpha Group Ltd., and other well-known companies.
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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