III. Industry Analysis
The worldwide fish farming market is valued at $286 million and is forecasted to rise to $378 million over the next 10 years. Market growth is driven by changes in food consumption worldwide. The expansion of retail food channels allows more customers to be able to buy packaged fish. Additionally, consumers expect to be able to purchase fresh fish on demand, which contributes to the growing need for more fish farming operations in order to meet this demand.
The fish farming industry can be segmented by environment and fish type. Fish farming environments are fresh water, marine water, and brackish water. Fresh water is the highest revenue generating environment, followed by marine water. There is a wide range of fish types that can be farmed including grouper, snapper, milkfish, salmon, tilapia, catfish, tuna, tilapia, catfish, and sea bass. The most popular fish type is salmon.
Veganism and stringent animal cruelty regulations are some of the primary challenges for the fish farming industry, while increased popularity of protein rich diets is a major opportunity for industry operators.
