New York, USA, Sept. 06, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global aquaculture market is anticipated to garner a revenue of $310,291.7 million and grow at a CAGR of 3.9% during the forecast period from 2020 to 2027.
As per our analysts, with the increasing fish consumption among people all across the globe due to the rising awareness of about benefits of fish consumption, the aquaculture market is predicted to observe striking growth during the forecast timeframe. Besides, the increasing demand for inland aqua firms as aquatic animals contain a low amount of fats is expected to fortify the growth of the market over the analysis period. Moreover, the rising technical advancements in aquatic animal farming due to the increasing productivity of several commercial species such as salmon, trout, carps, and many more are predicted to create huge growth opportunities during the forecast timeframe. However, the strict government regulations on fish catching may hinder the growth of the market throughout the estimated period.
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Segments of the Market
The report has divided the aquaculture market into segments based on environment, fish type, and region.
Environment: Fresh Water Sub-Segment to be Most Profitable
The freshwater sub-segment is predicted to grow at a CAGR of 4.1% over the forecast period. The continuous technological advancements in the freshwater environment aquaculture through automation processes to maintain a nutritional balance of aquatic products are expected to amplify the growth of the market sub-segment during the analysis timeframe.
Fish Type: Carps Sub-Segment to be Most Productive
The carps sub-segment is projected to generate a revenue of $78,681.4 million throughout the forecast period. The increasing consumption of carp fish among individuals all across the globe is expected to foster the growth of the market sub-segment over the estimated period.
Region: Asia-Pacific Region to Hold the Maximum Share of the Market
The Asia-Pacific region of the aquaculture market accounted for the highest share in 2019 which was over 64.6% and is expected to continue its dominance over the analysis period during the analysis timeframe. The presence of the highest aquatic products consuming nations in this region and the incorporation of the most advanced farming techniques by aquatic farmers are the factors expected to drive the regional growth of the market over the forecast period.
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Covid-19 Impact on the Aquaculture Market
The outbreak of the Covid-19 pandemic has had a negative impact on the aquaculture market, likewise several other industries. The disruption in the international sales and supply chains of aqua products due to the closures and restrictions of global industries such as the closure of several food services and sectors has declined the growth of the market during the pandemic period. However, the several innovative strategies made by the leading market players to increase their market share are predicted to create wide growth opportunities during the forecast period.
Key Players of the Market
The major players of the aquaculture market include
- TASSAL GROUP
- Cargill
- Incorporated
- SELONDA SA
- Thai Union Group PCL
- Leroy
- Maruha Nichiro Corporation
- Stolt-Nielsen
- NISSUI
- Mowi
- P/F Bakkafrost
These players are widely working on the development of new business strategies and tactics such as mergers and acquisitions, product development, and the latest strategic development to obtain a leading position in the global industry.
For instance, in January 2022, WorldFish, an international nonprofit research institution that creates, advances, and translates scientific research on aquatic food systems into scalable solutions, announced its collaboration with KYTOS, a Belgium-based microbiome technology start-up. With this collaboration, the companies aimed to focus on the R&D development activities in the field of aquaculture microbiomes, especially for carp polyculture and tilapia farming systems.
In addition, the report also presents other crucial aspects including SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic development.
Positive Impact on Aquaculture Market after COVID-19. Ask an Expert Analyst or schedule a call
More about Aquaculture Market:
- Various Types of Aquaculture and its Amazing Benefits
- Global Aquaculture Market to Grow Exponentially by 2027 Owing to Advanced Product Launches
