New Delhi, April 22, 2022 (GLOBE NEWSWIRE) — The global aquaculture market is growing at a high CAGR owing to growing consumption of seafood owing to rising consumer incomes and expanding seafood import and export business. sea…

A recent study conducted by the strategic consultancy and market research firm, BlueWeave Consultingrevealed that the global aquaculture market was worth USD 185.1 billion in 2021. It is expected to grow at a CAGR of 4.70%, generating revenue of approximately USD 253.9 billion by the end of 2028. The growth of global aquaculture market is attributed to the increasing consumption of seafood due to rising consumer incomes and expanding seafood import and export business. marine organisms in various industries including pharmaceuticals, cosmetics, fertilizers, etc. further propels the growth of the global aquaculture market. However, the negative impact of the aquaculture industry on the environment can act as a major drag on the growth of the market.

Growing use of advanced technologies in the aquaculture industry is driving the global aquaculture market

Advanced technologies such as sensors, cameras and recirculation systems are gaining popularity in the global aquaculture market. Technologies such as augmented reality (AR), virtual reality (VR), and blockchain have already seeped into the industry. Companies like Norway’s AKVA Group ASA are developing cages equipped with cameras, sensors, feeding and recirculation systems for use on the high seas or inland. These technologies are expected to provide lucrative growth opportunities to the global aquaculture market over the forecast period.

Rising Demand for Aquatic Animals Propels Global Aquaculture Market

On the basis of species, the global aquaculture market is segmented into aquatic animals and aquatic plants. The aquatic animal segment holds the largest market share. The segment is further categorized into fish, molluscs, crustaceans, etc. The growing demand for seafood products among end consumers as well as distribution channels is acting as a major driver for the growth of this segment. Rising consumer incomes and dramatic expansion in fish production are other factors influencing the growth of the market.

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Global Aquaculture Market – By Type of Production

On the basis of product type, the global aquaculture market is segmented into small, medium and large scale. The small-scale segment accounts for the largest market share as it is mainly present in Asia-Pacific countries such as China, India, Thailand, etc. Most farmers practice small-scale aquaculture which they are supposed to sell only on the domestic market. , due to which their production is also limited. Government support to these small farmers in developing countries acts as a major driver for the growth of this segment.

Global Aquaculture Market – Regional Overviews

Geographically, the global aquaculture market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. The Asia-Pacific region dominates the global aquaculture market. However, North America also covers a large share of the market and is expected to grow at a substantial rate over the forecast period. High private investment in research and development activities aimed at improving aquaculture technology and techniques by research institutes and high adoption of advanced technologies in this industry are major driving factors for the growth of the aquaculture market in this region.

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Impact of COVID-19 on the Global Aquaculture Market

The COVID-19 pandemic outbreak has significantly halted the growth of the global aquaculture market. Supply chains were completely blocked due to the lockdown and restrictions on import and export activities, which affected the operations of aquaculture companies as well as people who relied solely on seafood as their main Income source. In addition, demand for aquaculture products has also witnessed a significant decline from the consumer side as well as limited demand from catering channels such as hotels and restaurants due to impediments to tourism.

Competitive landscape

The major players in the global aquaculture market are Pentair PLC, Aquaculture of Texas, Inc., AKVA Group, Aquafarm Equipment AS, Xylem Inc., Reef Industries, Inc., Aquaculture Equipment Ltd., Tan International Ltd, Aquaculture System Technologies , LLC., Lifegard Aquatics, Luxsol, Frea Aquaculture Solutions, Pioneer Group, Asakua, CPI Equipment Inc., Grupo Farallon Aquaculture, Tassal Group Limited, Thai Union Group PLC, Cooke Aquaculture Inc., Stehr Group Pty Ltd. and other important players.

The market is fragmented with the presence of several global and regional industrial players. However, local companies have deeper penetration in a given region and hence compete fiercely with global players. Companies are focusing on expanding their production and investing heavily in R&D activities for disease prevention. Moreover, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also important in this market.

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The in-depth analysis of the report provides insights into the growth potential, upcoming trends, and statistics of the global aquaculture market. It also highlights the factors driving the forecast of the total market size. The report promises to provide recent global Aquaculture market technology trends and industry insights to help decision makers take sound strategic decisions. In addition, the report also analyzes market growth drivers, challenges, and competitive dynamics.

Recent development:

  • In February 2022, Atlantic Sapphire ASA, a Norwegian land-based aquaculture company, announced its partnership with Skretting to include Veramaris ASC-MSC certified sustainable oil from Q4 2021, reducing fish oil content in its salmon feed.
  • In January 2022, the Syria Recovery Trust Fund (SRTF) announced the completion of its intervention, “Support to the restoration of aquaculture in the governorate of Ar-Raqqa – Phase I” for a total budget of 784,740 euros.

Report Scope:

Attributes Details
Years considered Historical data – 2018-2021
Base year – 2021
Forecast – 2022 – 2028
Facts Covered Revenue in billions of dollars
Market coverage United States, Canada, Germany, United Kingdom, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, United Arab Emirates, South Africa, Saudi Arabia
Product Service/Segmentation By type of livestock product, by crop, by species, by type of production, by region
Key players Pentair PLC, Aquaculture of Texas, Inc., AKVA Group, Aquafarm Equipment as, Xylem Inc., Reef Industries, Inc., Aquaculture Equipment Ltd., Tan International Ltd, Aquaculture System Technologies, LLC., Lifegard Aquatics, Luxsol, Frea Aquaculture Solutions, Pioneer Group, Asakua, CPI Equipment Inc., Grupo Farallon Aquaculture, Tassal Group Limited, Thai Union Group Plc, Cooke Aquaculture Inc., Stehr Group Pty Ltd. and other leading players.

By type of livestock product

  • Equipment
  • Chemical products
  • Fertilizers
  • Medications

By crop

  • Fresh water
  • Marine
  • Brackish water

By species

  • Aquatic animals
  • Aquatic plants

By type of production

  • Small scale
  • Medium and large scale

By region

  • North America
  • Europe
  • Asia-Pacific (APAC)
  • Latin America (LATAM)
  • Middle East and Africa (MEA)

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