New York, USA, March 07, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global aquaculture market is expected to garner a revenue of $310,291.7 million by 2027, growing considerably at a CAGR of 3.9% during the forecast period 2020-2027. 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.
Segments of the Market
The report has divided the market into various segments based on environment, fish type, and region.
Environment: Fresh Water Sub-segment to be Most Profitable
The fresh water sub-segment occupied a dominating revenue share, and contributed a size of about 64.7% in the year 2019. This sub-segment is anticipated to continue its supremacy in the overall industry, growing exponentially at an impressive CAGR of 4.1% during the forecast period. Rapidly transforming technical enhancements in the fresh water environment aquaculture with the help of appropriate automation processes, in order to maximize the nutritional equilibrium of aquatic products is expected to accelerate the growth of the aquaculture market sub-segment during the forecast period.
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Other sub-segments include marine water environment and brackish water environment. The marine water sub-segments occupied the second highest market size in the preceding years, and is further expected to generate a revenue of $53,254.0 million during the forecast period.
Fish Type: Carps Sub-segment to be Most Lucrative
The carps sub-segment occupied a dominating market size, and hence generated a revenue of $67,683.8 million in the year 2019. This sub-segment is further expected to register a revenue of $78,681.4 million during the forecast period from 2020-2027. This is majorly due to the increasing awareness among people about the immaculate benefits of eating carp fish which are significantly rich in vitamins and minerals, especially phosphorus and vitamin B12, along with good levels of advantageous fatty acids, antioxidants, and proteins. These factors are expected to bolster the growth of the aquaculture market sub-segment during the forecast period.
Other sub-segments include crustaceans, mackerel, salmon, mollusks, milkfish, sea bream, sea bass, trout, and others. The mackerel sub-segment is also expected to occupy a sizeable market share, generating a revenue of $7,172.3 during the forecast period due to their numerous health benefits.
COVID-19 Impact on the Market
The outbreak of COVID-19 has had an adverse impact on the growth of the global aquaculture market, owing to the prevalence of lockdowns in various countries across the globe. A substantial portion of aqua products sales and consumption primarily depends on the international trade and supply chains. Stringent import and export restrictions were imposed by the governments of various countries around the world, in order to curb the spread of the virus during the pandemic. Thus, travel restrictions and supply chain closures and limitations further aggravated the impact on the market. Before the COVID-19 pandemic, the global aquaculture market was predicted to register a revenue of $373,560.7 million, growing at a healthy CAGR of 4.0% during the forecast period. But after the prevalence of COVID-19, the projected revenue of the global aquaculture market came down to $310,291.7 million at a CAGR rate of 3.9% during the forecast period. Thus, the novel coronavirus has had a negative impact on the growth of the market.
Region: Europe Region to Witness a Promising Growth
The Europe region is expected to grow expeditiously at a CAGR of 4.3% during the forecast period. Increasing production of aqua animals so as to meet the rising consumer demand in this region is expected to stimulate the growth of the market during the forecast period. In addition, increasing awareness about numerous health benefits of fish among people in this region is further expected to drive the growth of the regional aquaculture market during the forecast period.
Dynamics of the Market
Drivers: Growing demand for the consumption of fish in various countries across the globe, owing to its various health benefits, such as improving body and brain function, boosting immunity, relieving respiratory distress, strengthening bones and teeth, and many others are expected to drive the growth of the market. In addition, adverse decline in the demand for livestock and the growing demand for aquatic animals due to its low-fat content is further expected to bolster the growth of aquaculture market during the forecast period.
Restraints: Stringent government regulations on fish catching is expected to hinder the growth of the market during the forecast period.
Opportunities: Implementation of rigorous intensification techniques by the famers so as to increase the productivity of numerous commercial species such as carps, salmon, trout, etc. is expected to create ample opportunities for the growth of the aquaculture market during the forecast period.
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Key Players of the Market
The major players of the market include
- Maruha Nichiro Corporation
- NISSUI
- Mowi
- Stolt-Nielsen
- Leroy
- P/F Bakkafrost
- SELONDA SA
- TASSAL GROUP
- Cargill, Incorporated
- Thai Union Group PCL, and many more.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth. - Inquire to get Product launches and acquisitions are the frequent strategies followed by the market players
For instance, in August 2021, JBS S.A., a Brazilian multinational company which is the largest meat processing company in the world, acquired 100% of Huon Aquaculture, a Tasmania-based massive aquaculture and food processing enterprise, which is also the second largest producer of salmon in Australia, in order to move deeper into the animal protein market.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
Related Article Links:
- Global Aquaculture Market to Grow Exponentially by 2027 Owing to Advanced Product Launches
- Various Types of Aquaculture and its Amazing Benefits
- Benefits Of Fish Consumption Expected To Enhance The Growth Of The Global Aquaculture Market
