Fort Collins, Colorado, Nov. 20, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, The Recirculating Aquaculture Market was valued at USD 5.7 Billion in 2022 and is expected to reach at to reach USD 15.5 Billion by 2032 at a CAGR of 10.6%.
Recirculating Aquaculture System or RAS, according to the European Market Observatory for Fisheries and Aquaculture Products, refers to a type of aquaculture where the aquaculture facilities are land-based and minimize the dependence on water by re-using the existing water for fish culturing. This system uses mechanical and biological filters that help clean water and recirculate it back into the fish tank for the healthy growth of the fish, thus ensuring access to clean water for the growth of the fish.
Under this system, the water in the tank is usually replenished daily or at regular intervals, replacing up to 10% to up to 99% of the water impurities daily. Water is passed through various processes, which include biofiltration, solid removal, oxygenation, temperature and pH control, and other such necessary steps that help in the removal of solid waste, excess nutrients, and other metabolic waste in the water to ensure good and clean water for the fishes to grow. This also eliminates the chance of fish and other species in the tanks getting infected with any disease or spreading it due to impurities in the water. The cleaning process and daily water replacement depend on the fish species in the tank, and the procedure can be altered as per the needs of marine life.
Growing seafood and fish consumption is the primary factor contributing to its popularity, as it is a simpler and more efficient method to grow aquatic animals. Although fish prices are rising globally, the demand for fish and other sea products for consumption is also growing with an upward trend. According to the OECD Library, the fish consumption rate is expected to increase by 14.8%, with 57% of the food fish production done from different aquaculture types.
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Segmentation Overview:
The global recirculating aquaculture market has been segmented into type, species, and region. Trout is significant in the species segment, with rainbow trout dominating. This species is highly cultured in Australia, Japan, North America, and Europe as they are an economical and convenient option to grow, as they can be grown in large numbers. By region, Asia Pacific holds a significant share and is also expected to observe massive growth in the recirculating aquaculture market, majorly due to the rising seafood consumption in this region. Also, the high population in this region is a significant factor that leads to its high demand and consumption.
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Recirculating Aquaculture Market Report Highlights:
- The global recirculating aquaculture market growth is anticipated at a CAGR of 10.6% by 2032.
- The demand for recirculating aquaculture systems is rising due to increasing fish and seafood consumption and the benefit it provides farmers to grow fish at a higher rate on land, thus helping grow their business.
- The recirculating aquaculture market is segmented based on type as generic RAS, aquaponics RAS, and others.
- Based on species, the recirculating aquaculture market is segmented into trout, shrimp, catfish, tilapia, and others.
- Some prominent players in the recirculating aquaculture market report include Nutreco, Blue Ridge Aquaculture, Diamond Water Systems, Pioneer Group, AKVA Group, NIWA, Octaform, Snar Systems, ECOshrimp, Aquatech Fisheries, and others.
Industry Trends and Insights:
- In October 2023, NIWA, an aquaculture company based in New Zealand, established a perfect environment for culturing premium fish species: yellowtail kingfish and hapuku.
- In June 2023, AKVA Group, an aquaculture company, entered into a contract with Cermaq, a salmon farming company, where the companies will build a post-smolt facility in Norway, and thus help AKWA Group to expand its land-based activities.
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Recirculating Aquaculture Market Segmentation:
By Type: Generic RAS, Aquaponic RAS, and others.
By Species: Trout, shrimp, catfish, tilapia, and others.
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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