New Delhi, April 22, 2022 (GLOBE NEWSWIRE) -- The global aquaculture market is growing at a high CAGR because of the rising consumption of seafood owing to the increasing income of the consumers and expanding import and export activities for seafood products…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global aquaculture market was worth USD 185.1 billion in the year 2021. It is estimated to grow at a CAGR of 4.70%, earning revenue of around USD 253.9 billion by the end of 2028. The growth of the global aquaculture market is attributed to the rising consumption of seafood owing to the increasing income of the consumers and expanding import and export activities for seafood products. Furthermore, increasing demand for marine plants and organisms in a variety of industries including pharmaceuticals, cosmetics, fertilizers, etc., is further propelling the growth of the global aquaculture market. However, the negative impact of the aquaculture industry on the environment may act as a major restraining factor for market growth.
Increasing Use of Advanced Technologies in the Aquaculture Industry is Driving the Global Aquaculture Market
Advanced technologies such as sensors, cameras, recirculation systems are gaining huge traction in the global aquaculture market. Technologies such as augmented reality (AR), virtual reality (VR), and blockchain have already seeped into the industry. Companies like Norwegian AKVA Group ASA are developing cages equipped with cameras, sensors, feeding, and recirculation systems for use in open ocean or inland farming. These technologies are anticipated to offer lucrative growth opportunities to the global aquaculture market in the forecast period.
Surging Demand for Aquatic Animals is Propelling the Global Aquaculture Market
Based on species, the global aquaculture market is segmented into aquatic animals and aquatic plants. The aquatic animal segment holds the largest market share. The segment is further classified into finfishes, mollusks, crustaceans, etc. The rising demand for seafood among both end-user consumers as well as on-trade channels acts as a major driving factor for this segment's growth. The increasing incomes of consumers and dramatic expansion of fish production are other factors influencing the growth of the market.
Request for Sample Report @ https://www.blueweaveconsulting.com/report/global-aquaculture-market/report-sample
Global Aquaculture Market - By Production-Type
Based on product type, the global aquaculture market is segmented into small-scale, medium- & large-scale. The small-scale segment accounts for the largest market share as it is predominantly present in Asia-Pacific countries such as China, India, Thailand, etc. Most farmers engage in small-scale aquafarming which they are supposed to sell in the domestic market only, due to which their production output is also limited. The government support to these small-scale farmers in developing countries acts as a major driving factor for this segment growth.
Global Aquaculture Market - Regional Insights
Geographically, the global aquaculture market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. The Asia-Pacific region dominates the global aquaculture market. However, North America also covers a significant share of the market and is expected to grow at a substantial rate during the forecast period. The high private investment towards research and development activities to improve the aquaculture technology and techniques by research institutes and the high adoption of advanced technologies into this industry acts as major driving factors for the growing aquaculture market in this region.
Please Visit Press Release of the Heat Exchangers Market: https://www.blueweaveconsulting.com/press-release/global-aquaculture-market-is-forecast-to-grow-at-a-cagr-of-4-70-in-the-forecast-period
Impact of COVID-19 on Global Aquaculture Market
The COVID-19 pandemic outbreak tremendously halted the growth of the global aquaculture market. The supply chains were completely blocked due to lockdown and restrictions on import and export activities, which affected the operations of the aquaculture companies as well as individuals who solely depended on seafood as their primary source of income. Furthermore, the demand for aquaculture products also registered a significant decline from the consumer's end as well as limited demand from on-trade channels such as hotels and restaurants due to hindrance in tourism.
Competitive Landscape
The leading market players of the global aquaculture market are Pentair PLC, Aquaculture of Texas, Inc., AKVA Group, Aquafarm Equipment AS, Xylem Inc., Reef Industries, Inc., Aquaculture Equipment Ltd., Tan International Ltd, Aquaculture System Technologies, LLC., Lifegard Aquatics, Luxsol, Frea Aquaculture Solutions, Pioneer Group, Asakua, CPI Equipment Inc., Grupo Farallon Aquaculture, Tassal Group Limited, Thai Union Group PLC, Cooke Aquaculture Inc., Stehr Group Pty Ltd., and other prominent players.
The market is fragmented with the presence of several global and regional industry players. However, the local companies have deeper penetration in any given region and therefore, gives tough competition to the global players. The companies focus on expanding their production and significantly invest in r&d activities for disease prevention. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global aquaculture market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global aquaculture market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
Recent Development:
- In February 2022, Atlantic Sapphire ASA, a Norway-based land-based aquaculture company, announced its partnership with Skretting to include Veramaris ASC-MSC certified sustainable oil from Q4 2021, reducing the fish oil content in its salmon feed.
- In January 2022, the Syria Recovery Trust Fund (SRTF) announced the completion of its intervention, “Supporting Restoration of Aquaculture in Ar-Raqqa Governorate - Phase I” at a total budget of Euro 784.740.
Scope of the Report:
| Attributes | Details |
| Years Considered | Historical data – 2018-2021 |
| Base Year – 2021 | |
| Forecast – 2022 – 2028 | |
| Facts Covered | Revenue in USD Billion |
| Market Coverage | U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia |
| Product Service/Segmentation | By Rearing Product Type, By Culture, By Species, By Production Type, By Region |
| Key Players | Pentair PLC, Aquaculture of Texas, Inc., AKVA Group, Aquafarm Equipment as, Xylem Inc., Reef Industries, Inc., Aquaculture Equipment Ltd., Tan International Ltd, Aquaculture System Technologies, LLC., Lifegard Aquatics, Luxsol, Frea Aquaculture Solutions, Pioneer Group, Asakua, CPI Equipment Inc., Grupo Farallon Aquaculture, Tassal Group Limited, Thai Union Group Plc, Cooke Aquaculture Inc., Stehr Group Pty Ltd., and other prominent players. |
By Rearing Product Type
- Equipment
- Chemicals
- Fertilizers
- Pharmaceuticals
By Culture
- Freshwater
- Marine
- Brackish Water
By Species
- Aquatic Animals
- Aquatic Plants
By Production Type
- Small-Scale
- Medium- & Large-Scale
By Region
- North America
- Europe
- Asia-Pacific (APAC)
- Latin America (LATAM)
- Middle-East & Africa (MEA)
Please Find Below Some Related Topics:
- Global Biofertilizers Market, Opportunity & Forecast, 2018-2028
- Global Biostimulants Market, Opportunity & Forecast, 2018-2028
- Global Agricultural Commodities Market, Opportunity & Forecast, 2018-2028
- Global Agricultural Equipment Market, Opportunity & Forecast, 2018-2028
- Global Hydroponics Market, Opportunity & Forecast, 2020-2026
- Hydraulic Cylinder Market, Opportunity & Forecast, 2017-2027
About Us:
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
Contact Us:
BlueWeave Consulting & Research Pvt. Ltd
+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662
https://www.blueweaveconsulting.com/
https://www.linkedin.com/company/blueweaveconsulting/
