Pune, India, Aug. 02, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Aquaculture Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Culture Environment, Product Type, and Geography,” the aquaculture market is expected to grow from $267.42 billion in 2021 to $357.9 billion by 2028; it is estimated to grow at a CAGR of 4.3% from 2021 to 2028. The projected growth of the aquaculture market is attributed to the favourable government initiatives.
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Aquaculture Market: Competitive Landscape
The key players operating in the global aquaculture market include Bakkafrost, Blue Ridge Aquaculture, Inc., Cermaq Group AS, Cooke Aquaculture Inc., Danish Salmon A/S, Farallon Aquaculture Group, FIFAX AB, HESY Aquaculture B.V., Lerøy, Mowi ASA, NIRI AS, Selonda Aquaculture SA, Stolt-Nielsen Limited, TASSAL, and Thai Union Group PCL among others. Players operating in the global aquaculture market focus on providing high-quality products to fulfill customer demand. They are also focusing on strategies such as investments in research and development activities, and new product launches.
In 2021, Asia Pacific dominated the global aquaculture market. Countries like China, India, Japan, Australia, South Korea, Indonesia, and Vietnam, among others, have a plethora of aquaculture industries. The Asia Pacific aquaculture market has experienced a huge shift over the years. The production and consumption rate of seafood is expanding rapidly with China and India being the major markets for the aquaculture industry. The Asia Pacific has evolved as the largest consumers and exporter of aquaculture products. Fisheries and aquaculture production are one of the major sectors contributing significantly to the economic growth of Asia Pacific countries. Seafood products are among the most traded commodities in the Asia Pacific region that bring valuable foreign exchange earnings in this region. Over the past few years, developing countries such as India and Thailand have become net exporters of fish, and a similar trend is projected to boost the aquaculture market in Asia Pacific over the coming years.
Favourable Government Initiatives Boosting Adoption of Aquaculture Globally
Government initiatives play a crucial role in fostering the growth of the aquaculture market. By offering various favourable policies, financial incentives, and supportive regulations, governments can stimulate investment and innovation in the industry. These initiatives may include grants and subsidies for aquaculture projects, streamlined permitting processes, and research and development funding for sustainable aquaculture practices. Additionally, promoting international trade agreements and market access can open up new export opportunities for aquaculture products. By creating a conducive environment for aquaculture businesses to thrive, governments can contribute to increased production, job creation, and economic development while ensuring the sustainable management of aquatic resources.
Moreover, government support is instrumental in addressing the challenges faced by the aquaculture sector. Through initiatives focused on improving infrastructure, such as enhancing transportation networks or providing access to clean water sources, governments can significantly boost production efficiency and reduce logistical bottlenecks. Furthermore, the implementation of stringent environmental regulations and sustainable practices can safeguard the industry from potential ecological risks and maintain its long-term viability. By actively collaborating with industry stakeholders, research institutions, and international organizations, governments can foster knowledge exchange and capacity-building, leading to technological advancements and best practices that enhance the overall competitiveness of the aquaculture market on a global scale.
Aquaculture Market: Segmental Overview
Based on product type, the global aquaculture market is bifurcated fish, aquatic plants, crustaceans, mollusca, and others. The fish segment held the substantial share of the global aquaculture market in 2021. The demand for fish is driven by increased awareness about the health benefits associated with seafood. For instance, fish is a high source of vitamins, minerals, and proteins and provides numerous health benefits. Fish provides fatty acids, which help reduce the risk of cardiovascular diseases and contribute to brain and vision development. In addition, growth in population and extensive availability of different fish species are expected to boost the demand for fish during the forecast period. Additionally, other factors such as changing lifestyles, rise in disposable income, and consumer preferences for diet is likely to support the growth of the fish market during the forecast period.
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Impact of COVID-19 Pandemic on Aquaculture Market
The food & beverages industry faced multiple challenges due to the outbreak of the COVID-19 pandemic. Due to lockdowns, business shutdowns, travel bans, and border restrictions, the supply chains were severely disrupted, which hampered the growth of the food & beverages industry. The aquaculture market also got affected because of the pandemic due to the restrictions imposed by the governments of different countries. Due to the closure of restaurants and hotels, the demand for high-value fresh fish and aquatic food also declined, which hampered the growth of the aquaculture market. However, the demand for packaged and frozen seafood products soared in the second quarter of 2020 as households looked to stock up on nonperishable food items. Furthermore, with the rising vaccination rates and relaxation of government restrictions, the demand for seafood is projected to grow considerably, propelling the growth of the aquaculture market in the coming years. Furthermore, the governments announced the relaxation of restrictions, and manufacturers have started their operations with full capacity. Moreover, the demand for packaged seafood products increased significantly across the globe, which is expected to provide lucrative opportunities for the global aquaculture market in the years to come.
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