New York,USA, Sept. 01, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global aquaculture market is anticipated to generate a revenue of $310,291.7 million at a CAGR of 3.9% during the forecast period, increasing from $274,671.2 million in 2019. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: Fish consumption is beneficial for health as fish is a rich source of nutrients, vitamins, and omega-3 fatty acids. Eating fish also diminishes heart diseases, prevents depression, asthma in children, and improves brain health. These factors are enhancing the growth of the global aquaculture market during the forecast period.
Restraint: Trapping fishes for organic cultivation may disrupt the marine ecosystem. This is expected to be one of the main restraining factor behind the market growth during the forecast period.
Opportunity: Inclusion of disruptive technologies in aquaculture is expected to create many opportunities for the global market of aquaculture.
Key Segments of the Market
The report has divided the market into different segments based on environment, fish type, and regional analysis.
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Environment: Fresh Water Sub-Segment Expected to be the Most Lucrative
Fresh water sub-segment garnered the highest share of revenue at a CAGR of almost 64.7% in 2019 and is further expected to continue the dominance, increasing at a rate of 4.1% during the analysis period. Fresh water environment is considered ideal to retain nutritional balance of the aquatic animals and fishes. This factor is enhancing the growth of the market segment during the analysis period.
Fish Type: Carps Sub-Segment Predicted to be the Most Profitable
The carps sub-segment valued around $67,683.8 million in 2019 and is further anticipated to register a revenue about $78,681.4 million by the end of 2027. Popularity and demand of carp fishes around the world is expected to be one of the main factors fueling the market growth.
Region: Asia-Pacific Region Expected to Dominate the Market
Asia-Pacific regional market recorded a CAGR of 64.6% in 2019 and is further predicted to dominate the market with a significant revenue. Asia-Pacific countries such as China and India have recorded the highest fish consumption rate in recent years. Moreover, the aquatic farmers in the region are using the newest and the most advanced farming techniques. These are the main factors enhancing the growth of the global aquaculture market during the upcoming years.
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Key Players & Strategies
The most significant players of the global aquaculture market include
- Stolt-Nielsen
- Mowi
- Leroy
- SELONDA SA
- Cargill Incorporated
- TASSAL GROUP
- Thai Union Group PCL
- NISSUI
- Maruha Nichiro Corporation
- P/F Bakkafrost
among others. These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
In May 2021, Thai Union Group (Thai Union), the global leader in sea food, completed its acquisition of Rügen Fisch AG (), leading shelf-stable seafood leader supplier of Germany. Rügen Fisch supplies ambient and chilled fish products such as salmon, herring, mackerel, and tuna across Germany. This acquisition is expected to strengthen Thai Union Group’s commitment to the German market.
Impact of COVID-19 on the Market
The coronavirus pandemic has impacted the global aquaculture market in a negative way. The revenue of the market was also dropped drastically during the first few months of the pandemic. The main reason behind this growth is the restrictions imposed upon the supply chain and import and export of goods across borders. Apart from this, the food outlets, hotels, and restaurants were closed worldwide reducing the demand of the aquatic food products during the pandemic period.
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