New York, USA, June 28, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global aquaculture market is envisioned to generate a revenue of $310,291.7 million and grow at a CAGR of 3.9% over the estimated period from 2020 to 2027.
As per our analysts, with the growing awareness of numerous health benefits of fish consumption, such as preventing asthma in children, minimizing heart strokes, improving brain health, and many more, the aquaculture market is predicted to see prominent growth during the analysis period. Besides, the rising inland aqua farms as the aquatic animals contain a low amount of fats are further expected to bolster the growth of the market over the estimated timeframe. Moreover, the growing technological advancements in aquatic animal farming to increase the productivity of several commercial species, such as salmon, trout, and carp are expected to create expansive growth opportunities for the market over the forecast period. However, strict government regulations on fish catching may hamper the growth of the market throughout the analysis period.
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Segments of the Aquaculture Market
The report has divided the market into segments based on environment, fish type, and region.
Environment: Fresh Water Sub-Segment to be Most Lucrative
The size of the freshwater sub-segment was 64.7% in 2019 and the sub-segment is predicted to continue its dominance by increasing at a CAGR of 4.1% over the estimated period. The increasing adoption of modern technologies in the freshwater environment aquaculture for balancing the nutritional content of aquatic products is predicted to fortify the growth of the market sub-segment over the analysis timeframe.
Fish-Type: Carps Sub-Segment to be Most Productive
The carps sub-segment is predicted to generate a revenue of $78,681.4 million over the forecast timeframe. The increasing consumption of carp fishes all across the world is the major factor expected to augment the growth of the sub-segment during the analysis period.
Region: Asia-Pacific to Have the Maximum Share of the Market
The Asia-Pacific region of the aquaculture market held the largest share of the market in 2019 and is expected to continue steady growth throughout the estimated period. This is mainly because of the presence of the highest consumption countries in this region. The use of the most advanced farming techniques by aquatic farmers of this region is expected to drive the regional growth of the market during the forecast period.
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Covid-19 Impact on the Aquaculture Market
In the wake of the Covid-19 pandemic, the aquaculture market has had a negative impact, likewise several other industries. To control the spread of the novel coronavirus the governments of many nations all around the world imposed strict restrictions on the trade and supply chains. As aqua product sales and consumption majorly depend upon the international trade and supply chains, the sales of the industry are badly affected during the period of crisis. However, the innovative strategies made by leading companies are expected to propel the growth of the market over the forecast period.
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Key Players of the Aquaculture Market
The major players of the aquaculture market include
- Cargill, Incorporated
- SELONDA SA
- Maruha Nichiro Corporation
- TASSAL GROUP
- Thai Union Group PCL
- Leroy
- NISSUI
- Stolt-Nielsen
- P/F Bakkafrost
- Mowi, and many more.
These players are majorly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry. – Inquire here for the key companies’ development strategic report
For instance, in September 2021, JBS SA, the largest Brazilian meat processing company, announced 100% acquisition of Huon Aquaculture, leading aquaculture, and food processing enterprise located in Tasmania. With this acquisition, JBS is aiming to expand its product portfolio by entering into the aquaculture business.
Furthermore, the report also presents other vital aspects including product portfolio, the financial performance of the key players, SWOT analysis, and the latest strategic developments.
More about Aquaculture Market:
- Global Aquaculture Market to Grow Exponentially by 2027 Owing to Advanced Product Launches
- Various Types of Aquaculture and its Amazing Benefits
