Aquaculture market is expected to grow by 2027 due to rising fish consumption by people and the related health benefits. Carps sub-segment is predicted to be highly beneficial. Market in Asia-Pacific region is projected to be the most progressive
NEW YORK, March 29, 2023 /PRNewswire/ — Research Dive has added a new report to its offering titled, “Aquaculture Market, by Environment (Brackish Water, Marine Water, Fresh Water), Fish type (Crustaceans, Carps, Mackerel, Mollusks, Milkfish, Salmon, Sea Bream, Sea Bass, Trout, Others), Regional Analysis (North America, Europe, Asia-Pacific, LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2027″.
According to the report, the global aquaculture market is expected to gather a revenue of $310,291.7 million and grow at 3.9% CAGR during the 2020-2027 forecast timeframe.
Dynamics of the Market
Drivers: Increasing fish consumption by people across the globe and rising awareness about the benefits of fish consumption are the major driving factors for the global aquaculture market during the analysis years. Fish consists of vital nutrients, omega-3 fatty acids, vitamins, etc., that greatly help in minimizing heart strokes, preventing depression, asthma in children, and also enhances brain health, which is predicted to further boost the market growth by 2027.
Opportunities: Growing adoption of intensified farming techniques like aquatic animals monitoring, maintenance of nutritional balance in those animals, and feed management to increase the productivity of several commercial species like salmon, trout, and carps is the major factor to create ample growth opportunities for the global aquaculture market during the 2020-2027 analysis period.
Restraints: Stringent government regulations on trapping of aquatic animals is the prime hampering factor for the market growth.
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Covid-19 Impact on the Market
The global aquaculture market has been adversely impacted by the covid-19 outbreak mainly due to restrictions imposed by governments on import-export that resulted in disruptions in the supply chains. Moreover, people across the globe were scared of getting infected by corona virus and therefore, chose to consume safe homemade meals over meat. All these factors led to decreased demand for fish-based food products and hindered the market growth exponentially amid the catastrophic stress. However, post the pandemic times, many significant market players are initiating strategic alliances like collaborations and product launches to help the market revive its growth in the upcoming years.
Segments of the Market
The report has divided the global aquaculture market into different segments based on environment, fish type, and regional analysis.
- By environment, the fresh water sub-segment is anticipated to hold a dominant market share and grow at 4.1% CAGR during the analysis years mainly due to the constantly evolving technical advancements in the fresh water environment like automation processes for maintaining nutritional balance of aquatic animals.
- By fish type, the carps sub-segment of the global aquaculture market is projected to have the highest growth rate and generate a revenue of $78,681.4 million by 2027 due to high consumption of carp fishes across the world and the health benefits of consuming carps like improving cardiac functions, preventing heart attacks, and others.
- By regional analysis, the aquaculture market in the Asia-Pacific region is expected to witness abundant growth opportunities mainly due to high adoption of advanced farming techniques by aquatic farmers and the presence of highest consumption countries like India and China.
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Significant Market Players
Some significant aquaculture market players include
- Stolt-Nielsen
- SELONDA SA
- Mowi
- TASSAL GROUP
- Thai Union Group PCL
- Leroy
- Maruha Nichiro Corporation
- P/F Bakkafrost
- NISSUI
- Cargill Incorporated
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market enhancement.
For instance, in March 2020, Mowi, a Norwegian seafood company, announced its collaboration with Alphabet’s Tidal to develop innovative underwater technologies for monitoring real-time growth of salmon in their aqua farms. The modern software analysis platform developed by Tidal focuses on maintaining sustainability and ocean health.
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The report also summarizes many crucial aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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