GLOBAL CARP AQUACULTURE MARKET SIZE (2024 - 2030)

The projected trajectory of the global Carp Aquaculture Market indicates a transition from USD 109.72 Billion in 2022 to an estimated USD 161.73 Billion by 2030, portraying a steady growth with a Compound Annual Growth Rate (CAGR) of 5.7% spanning from 2024 to 2030. This expansion is primarily attributed to the recognized health benefits associated with carp consumption, which serve as a pivotal driver for industry advancement.

Carp, a diverse fish species found predominantly in freshwater habitats, encompasses various types such as silver carp, common carp, grass carp, bighead carp, crucian carp, Catla carp, and black carp. Renowned for its rich reservoir of omega-3 fatty acids, lean proteins, vitamins, and essential minerals, carp offers a spectrum of health advantages including cardiovascular wellness, immune enhancement, respiratory alleviation, and skeletal fortification. The burgeoning aquaculture sector coupled with escalating fish trade endeavors are instrumental in propelling the global carp market. Additionally, shifting consumer preferences towards protein-centric diets over calorie-dense alternatives further fuels the demand for carp-derived food products.

Fish Food Demand Dynamics: Fish food, characterized by its low-fat protein content and rich nutritional profile comprising vitamins, iron, omega-3 fatty acids, and B-12, anticipates significant market growth. According to the Food and Agriculture Organization (FAO), global fish food consumption has surpassed population growth rates, indicating promising prospects for market expansion. Moreover, the rising inclination towards processed and packaged food augments market growth potential during the forecast period from 2024 to 2028.

Impact of COVID-19 on the Carp Aquaculture Market

The onset of the COVID-19 pandemic, stemming from the novel coronavirus outbreak, precipitated widespread disruptions across global healthcare systems. Stringent containment measures, including lockdowns, impeded transportation and momentarily halted the supply chain of fish-derived food products. Consequently, aquaculture and fishery operations faced disruptions, leading to surpluses in live fish stocks and elevated feeding costs, thereby increasing risks of fish mortalities worldwide. However, post-pandemic resurgence in demand for fish products presents opportunities for market players, indicating a promising growth trajectory in the forthcoming years.

Market Drivers and Restraints

Drivers:

The growing awareness about the health benefits of carp and carp products is driving the growth of the market

Heightened awareness regarding the health benefits associated with carp consumption, attributed to its rich nutritional composition, is a key driver fostering market expansion. Government-led initiatives aimed at promoting carp consumption further bolster market growth prospects.

Restraints:

The presence of alternatives such as salmon, tuna, etc. in the market is restraining the growth of the market

The presence of alternative seafood options such as salmon and tuna poses a challenge to market growth. Consumer preferences for processed seafood and concerns regarding carp's bone content and perceived invasive nature inhibit market penetration. Furthermore, a lack of innovation in carp product offerings compared to competitors like tuna and salmon hampers market growth potential.

The Global Carp Aquaculture Market - By Species:

• Grass
• Silver
• Common
• Bighead
• Catla

In terms of Species, the grass segment commanded the largest share, exceeding 20% of the global carp aquaculture market revenue in 2022 and is poised to grow at a CAGR of 5.8% from 2024 to 2028. The increasing adoption of grass-fed fish due to heightened awareness regarding health consciousness among consumers has been identified as a key driver of market expansion during the forecast period. Furthermore, the escalating demand for fish products, attributed to their consumption for potential health benefits, is expected to mitigate the risk of chronic diseases. Moreover, the surge in consumption and production of grass products in emerging economies such as India, China, and Indonesia is fueling the growth of this segment.

The common segment is forecasted to register the swiftest CAGR of 6.0% from 2024 to 2028. The common carp serves as a vital source of sustainable seafood, offering safe and nutritious options for consumers, thereby propelling market growth. The increasing demand for common carp, driven by its role as a valuable protein source for human consumption, is projected to sustain the growth momentum of this segment in the forecast period.

Global Carp Aquaculture Market - By Form:

• Frozen
• Canned

Regarding Form, the frozen segment accounted for the largest share, surpassing 55% of the global carp aquaculture market revenue in 2022 and is anticipated to expand at a CAGR of 5.1% from 2024 to 2028. The burgeoning demand for processed and packaged seafood worldwide has been instrumental in driving market growth in recent years. Moreover, consumer preference for protein-rich seafood has significantly augmented the demand for frozen carp. Additionally, the expanding working population globally is expected to accelerate market growth during the forecast period.

The canned segment is projected to witness the fastest growth rate of 5.8% during the forecast period. The market's expansion is primarily attributed to the increasing consumption of canned carp seafood due to various health benefits, including a reduced risk of chronic diseases. Furthermore, the evolving lifestyles and busy schedules of consumers are driving the demand for processed seafood such as canned carp, thereby enhancing its popularity among consumers and leading to market growth.

Global Carp Aquaculture Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East
• Africa

Geographically, Asia Pacific made the largest contribution to the global carp aquaculture market, accounting for approximately 60% in 2022, driven by high consumption rates in countries like China, India, and Indonesia owing to the rising demand for protein-rich seafood products. Consumers' inclination toward a healthy lifestyle, coupled with the increasing disposable income, is boosting the demand for nutritious food products. Particularly in China and India, which boast a large consumer base for food products, this trend has further spurred the production of carp aquaculture products.

Central & South America represent the fastest-growing carp aquaculture market and are expected to witness a CAGR of 6.0% from 2024 to 2028. The growing awareness of health benefits and increasing popularity due to sustainability are driving market growth in this region. Moreover, rising health concerns related to premature skin aging, bone health, and the high incidence of cardiovascular diseases are accelerating the demand for fish products. The increasing demand for premium-quality food products, characterized by freshness, variety, and convenience for food security, is expected to bolster market growth in this region during the forecast period.

Global Carp Aquaculture Market Share by Company:

1. Baiyang Investment Group Inc.
2. Dahu Aquaculture Co. Ltd.
3. Lana Springs Fish Farm
4. OWEN AND WILLIAMS
5. Quintons Orchard Fish Farm
6. Shandong Homey Aquatic Development Co. Ltd.
7. Shandong Oriental Ocean Group Ltd.
8. VS Fisheries
9. Zhanjiang Guolian Aquatic Products Co. Ltd.
10. Zoneco Group Co. Ltd.

For instance, Baiyang Investment Group Inc. offers a grass carp fillet that is a Non-CO treat with bones.

Carp is among the most consumed foods in countries such as China and India. Numerous companies are augmenting their investments in geographical expansion, distribution channels, and production capacity to uphold their brand image and market position. The market is anticipated to witness growth post the pandemic due to increased demand, with numerous competitors continually innovating their products to enhance revenue in the foreseeable future. These entities are actively engaged in collaborative efforts and promotional activities, expected to propel market growth during the forecast period.

Recent Notable Developments in the Global Carp Aquaculture Market:

• Investment - In November 2021, the Environment Agency allocated just over USD 65,000 toward 12 projects across Hampshire and Sussex. This funding aims to enhance fisheries and bolster fish stocks.