The activity of fish farming is referred to as aquaculture. This farming method entails interventions in the rearing phase to boost output, such as frequent stocking, feeding, and predator protection. 580 species are being grown in aquaculture around the world, demonstrating a wealth of genetic variation both within and among species.
Some farmers in impoverished nations practise aquaculture, as do multinational corporations with ownership of the stock being grown. Eating fish is a part of many people's cultural customs, and it has a high nutritional profile in terms of health advantages. Protein, fatty acids, vitamins, minerals, and critical micronutrients are all abundant in it.
Covid-19 Impact & Market Status
One of the primary drivers driving the market's growth is the rising demand for seafood, as well as the increased cultivation of aquatic animals. Furthermore, rising demand for fish oil across a variety of industries, including food and beverage, pharmaceuticals, and nutraceuticals, is propelling the market forward. Fish breeders are increasingly aware of the advantages of using efficient aquaculture procedures to sustain overall biological productivity and control water quality. They'll also use cutting-edge technology to monitor the water, evaluate fish behaviour, and manage facility logistics.
This report has a detailed outlook of the many changes that have emerged in the Aquaculture industry chain depending on upstream and downstream market conditions. A deep analysis of the Covid-19 pandemic inflicted changes in the businesses and the best industrial practices to restore growth trends across regions and countries have been documented in thorough detail to encourage progressive investment decisions by players and aspirants in the global Aquaculture market.
Environment Type Segment
Fresh water was the greatest revenue-generating segment, accounting for a large share of the aquaculture industry in 2019, according to the environment's aquaculture market projection. During the projected period, the fresh water segment is expected to increase at the fastest rate of 5.9%, followed by the marine water segment at 5.8%. The rapid rise of aquaculture as a viable alternative to wild fishing is to blame for the increase.
Fish Type Segment
According to a research of the aquaculture market by fish type, the others segment earned the most income in 2019. This segment's dominance can be linked to the toughness and adaptability of these fish, which has led to widespread domestication around the world. Furthermore, the growing demand for fish in the dietary nutrition sector for the production of omega-3 supplements fuels the aquaculture market's expansion.
In terms of revenue creation, LAMEA was the second largest market by region in 2019, accounting for about a quarter of all revenue. During the projection period, this area is expected to grow at a CAGR of 5.6 percent. Aquaculture has slowed in recent years in North America, but it has continued to grow strongly in South America, particularly in Brazil and Peru. The aquaculture industry in LAMEA is predicted to rise as a result of technological advancements in South America and several nations in South Africa. Furthermore, the LAMEA market is growing due to rapid expansion in the Middle East in terms of infrastructure and technology. However, the aquaculture market in Africa is hampered by the region's underdeveloped economies.
Acquisition, partnership & agreement, merger, and geographical expansion are some of the primary development strategies used by firms in the aquaculture industry to raise profitability and improve their market share. WH Group, JBS S.A., Smithfield Foods, Triumph Foods, Danish Crown, Tyson Foods Inc., Tönnies, Yurun Group, Vion Food Group Ltd., and Shuanghui Development are among the important players featured in the research.
Fish falls within the group of things that are regularly purchased by consumers. As a result, customer demand for such products remains stable. The global market has been considerably impacted by the outbreak of the new coronavirus.
Changes in people's food consumption patterns all around the world have contributed to the rise of the aquaculture business. Consumers find it convenient to purchase packaged aquaculture due to the expansion of the retail market and easy availability of the product through multiple sales channels, which drives sales figures. Aquaculture is currently a requirement to meet food demand and supply. The global aquaculture market is expected to reach a market value of USD 57.82 billion by the end of 2028.
This sector raises fish in a clean environment to ensure that they are of excellent quality and disease-free. Aquaculture is also used by businesses to help save species that are on the edge of extinction. The worldwide aquaculture market, on the other hand, is being held back by rising vegetarianism and strict legislation against animal cruelty. On the contrary, the global aquaculture business is expected to benefit from the surge in popularity of protein-rich diets.
The US, Canada, Japan, China, and Europe are expected to fuel the global Brackish Water segment's 3.5 percent CAGR. By the end of the analysis period, these regional markets, which had a combined market size of US$21.9 billion in 2020, will have grown to US$27.9 billion. In this group of regional markets, China will continue to be one of the fastest expanding. The Asia-Pacific market is expected to reach $24.4 billion by 2028, led by countries like Australia, India, and South Korea.
Due to rising demand for seafood products and decreased capture in fisheries landings from the oceans, the marine culture segment is expected to be the fastest-growing segment in the market over the forecast period. The development of novel and creative cages for growing marine fish in near-shore and offshore habitats has been spurred by ocean cage culturing. Furthermore, technological improvements such as water recirculation systems, combined with an increase in global food demand, are creating potential growth opportunities for the marine aquaculture system.
The major players of the global Aquaculture market are American Abalone Farms, Austevoll Seafood ASA, Lerøy Seafood Group ASA, Bakkafrost, Blue Ridge Aquaculture, Inc., Camanchaca, Cermaq ASA, Cooke Aquaculture, Dainichi Corporation, Empresas AquaChile S.A., Grieg Seafood ASA,Huon Aquaculture Group Limited, Mowi ASA, Mowi Canada, Maruha Nichiro Corporation, Multiexport Foods, Nireus S.A., Nippon Suisan Kaisha Ltd., Norway Royal Salmon ASA, SalMar ASA, Sea Watch International Ltd., Selonda Aquaculture S.A., Stolt Sea Farm Stehr Group, Tassal Group Ltd., Taylor Shellfish, Inc., The Nueva Pescanova Group, Unima Group, Zhanjiang, Guolian Aquatic Products Co., Ltd. Further, renowned industry players are unraveling new product portfolios and technological advancements for market fortification amidst Covid-19 impact.
Latest Innovations in the Global Aquaculture Market: a Snapshot
- In August 2018, the AKVA Group launched a flexible feeding feed conveyor concept, which allows farmers to send and feed silos to any cage, making it easier to employ varied feed types and sizes.
- In June 2018, AKVA Group agreed to buy Egersund Net AS (Norway) in order to extend its product line.
- Pentair plc opened an 87,000-square-foot aquafarming plant inside its Schmidt's brewery building in St. Paul, Minnesota, in June 2017.
- Pentair Aquatic Ecosystems bought Vaki Aquaculture Systems Limited (Iceland) in November 2016 to expand its aquaculture systems, products, and services portfolio.
- In May 2016, Aquaculture System Technologies, LLC introduced the Endurance filter for home and koi ponds.
Aquaculture Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 57.82 billion|
|Growth Rate||CAGR of 3.5% during 2021-2028|
|Segment Covered||Environment Type, Fish Type, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||American Abalone Farms, Austevoll Seafood ASA, Lerøy Seafood Group ASA, Bakkafrost, Blue Ridge Aquaculture, Inc., Camanchaca, Cermaq ASA, Cooke Aquaculture, Dainichi Corporation, Empresas AquaChile S.A., Grieg Seafood ASA,Huon Aquaculture Group Limited, Mowi ASA, Mowi Canada, Maruha Nichiro Corporation, Multiexport Foods, Nireus S.A., Nippon Suisan Kaisha Ltd., Norway Royal Salmon ASA, SalMar ASA, Sea Watch International Ltd., Selonda Aquaculture S.A., Stolt Sea Farm Stehr Group, Tassal Group Ltd., Taylor Shellfish, Inc., The Nueva Pescanova Group, Unima Group, Zhanjiang, Guolian Aquatic Products Co., Ltd.|
Key Segments of the Global Aquaculture Market
Environment Type Overview, 2018-2028 (USD Billion)
- Marine Water
- Fresh Water
- Brackish Water
Fish Type Overview, 2018-2028 (USD Billion)
- Sea Bream
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa