New York, US, May 11, 2022 (GLOBE NEWSWIRE) -- Aquaculture Market Overview:
Market Research Future (MRFR)’s report highlights Aquaculture Market Information by Environment, Type, and Region - Forecast till 2027”, the market will touch USD 223.64 Billion by 2027 while attaining a growth rate of more than 5.17% from 2020 to 2027 (review period).
Market Scope
Aquaculture can be described as the activity or procedure of fish farming. The fish farming procedure includes modifying the rearing process to elevate production, including regular feeding, stocking, and protection from various predators.
It involves around 580 species being presently farmed across the globe, representing a wide space of genetic diversity both among and within species. Aquaculture is an activity that is practiced by a few farmers in emerging countries and even by multinational firms holding ownership of the stock that is to be cultivated. Consuming fish is a huge part of various cultural traditions and with respect to health benefits, it has an impressive nutritional profile, given the rich content of protein, vitamins, fatty acids, essential micronutrients, and minerals.
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Market Competitive Landscape:
The affluent firms in the aquaculture market are
- American Abalone Farms (US)
- Blue Ridge Aquaculture Inc. (US)
- Cargill, Incorporated (US)
- Sea Watch International Ltd. (US)
- Mowi ASA (Norway)
- Cooke Aquaculture (Canada)
- Austevoll Seafood ASA (Norway)
- Cermaq ASA (Norway)
- Grieg Seafood ASA (Norway)
- Charoen Pokphand Foods PCL (Thailand)
- Maruha Nichiro Corporation (Japan)
- Dainichi Corporation (Japan)
- Thai Union Group PLC (Thailand)
- Nippon Suisan Kaisha Ltd. (Japan)
- Tassal Group Ltd. (Australia)
Market USP Covered:
Market Drivers:
The mounting requirement for advanced solutions and systems in food production has resulted in a higher penetration of the precision farming concepts, which depend on technologies like IoT connectivity, autonomous tractors, and drones. A sister sector equally preemptory for worldwide food security and yet less permeated by technical innovations is ‘aquaculture’. But the recent growth in the acceptance and popularity of data-driven management platforms that integrate data from numerous sources into a single cloud platform, encapsulating the entire dynamics of aquaculture in real-time, will augment the market demand.
Surging aquaculture production’s influence is not restricted to just fish, but also to mollusks, seaweed, and crustaceans. The emergence of intensive and semi-intensive farms, combined with the rise in modernization practices make crustaceans a lucrative segment in the aquaculture industry.
Crustacean production via aquaculture will see unabated growth in the coming years, as the worldwide industry continues to move towards digital transformation, in line with strategic advancements in purchases and sales, and supply planning. Meanwhile, this digital transformation is also enhancing real-time business and maximizing profits.
Market Restraints:
The changes in the climatic conditions worldwide as well as pollution of the water bodies due to toxic chemicals can slow down the expansion rate of the aquaculture market in the ensuing years.
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COVID 19 Analysis
Several businesses following the COVID-19 outbreak had to be shut down or had to witness slow production in the wake of the lockdown as well as quarantine. This had a huge impact on their ability to be profitable.
However, the aquaculture market will continue advancing at a rapid pace despite the COVID-19 outbreak, given the significant focus on innovations as well as research and development/R&D activities. Following the SARS-CoV-2 onset, there has been a substantial increase in the number of tie-ups between companies, with the common aim to mitigate the financial loss brought on by the pandemic. Although the lockdown has weakened supply chains to a large extent, the market demand will remain high in the forthcoming period.
Market Segmentation
By Environment
With respect to environment, the market caters to marine water, brackish water and freshwater. The highest share in the worldwide market is owned by the freshwater segment, on account of the rapid growth of aquaculture as an ideal alternative to wild fishing.
By Type
Depending on type, the global industry has been considered for Mollusca, crustaceans, fishes, and others.
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Regional Insights
Asia Pacific, given the highest revenue generation, is the market leader, thanks to the heightened demand for the latest aquaculture products that facilitate the production of high-quality output with the available land for aquafarming while enhancing the efficiency of all the aquaculture operations.
Additionally, the aquaculture markets in countries like China, Vietnam, India, Thailand, and Indonesia are all export-oriented; with the aquafarming sector given high importance in these economies. Players in these countries are focused on the adoption of the latest technologies as well as automation, which eventually leaves a remarkable impact on the regional market. In India, the shifting preferences among consumers from high-calorie meats to a protein-rich diet, such as shrimps, mollusks, fish, etc., propel business growth. Other than this, the soaring number of feed mills, processing plants, and hatcheries further augments the growth rate of the aquaculture industry in the country. On top of this, the Indian government keeps launching several initiatives, including Pradhan Mantri Matsya Sampada Yojana, to set up an extensive framework and bring down infrastructural gaps within the fisheries sector. In conjunction with this, the emergence of numerous awareness programs that help educate fish farmers about enhancing their production rate as well as the yield quality could further bolster the Indian aquaculture market.
In North America, the aquaculture sector has reached maturation, while the growth rate in South America seems to be promising, especially in Peru and Brazil. Technological advances in South America and various countries in South Africa can mean significant growth of the aquaculture market. Other than this, rapid advancements in the Middle East, in terms of technology and infrastructure can also enhance the expansion rate of the MEA market.
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