NEW YORK, May 27, 2024 /PRNewswire/ — The global aquaculture market size is estimated to grow by USD 94.78 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 6.67% during the forecast period.
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Technavio has announced its latest market research report titled Global Aquaculture Market 2024-2028
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Aquaculture Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018 – 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.67% |
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Market growth 2024-2028 |
USD 94.78 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
6.05 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 73% |
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Key countries |
China, India, Indonesia, Vietnam, and Thailand |
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Key companies profiled |
Alpha Aqua AS, Austevoll Seafood ASA, BKV Industries Ltd, Blue Ridge Aquaculture Inc, Camanchaca SA, Cooke Aquaculture, Grupo Farallon Aquaculture, JBS SA, Leroy Seafood Group ASA, Maruha Nichiro Corp., Mitsubishi Corp., Mowi ASA, NIREUS AQUACULTURE, Nissui Corp., PF Bakkafrost, SalMar ASA, Shanghai Kai Chuang Marine International Co. Ltd., Stolt Nielsen Ltd., Thai Union Group PCL, and The Waterbase Ltd. |
Market Driver
The global aquaculture market is witnessing a shift towards the cultivation of novel species, driven by escalating demand for protein-rich fish and seafood and the necessity to broaden the species spectrum. Traditionally, aquaculture has concentrated on a select few species, such as salmon, shrimp, and tilapia. However, the surge in demand necessitates the expansion of farmed species to include barramundi, cobia, and yellowtail kingfish, among others. These newcomers are favored for their high nutritional value, flavor, and market appeal.
Aquaculture encompasses various water systems, including freshwater, brackish water, and marine environments, as well as plant-based items like Sea-chi, sea-beet kraut, and seaweed kimchi. Genetic variation, food supply security, population growth, and technological advances are key factors fueling this trend. Inland fish production, high-protein diets, and various restaurant sectors, from full-service to quick-service, are major consumers.
However, environmental concerns, such as water pollution and the impact on biodiversity, necessitate careful consideration. Aquaculture species range from freshwater fish like tench and carps, to marine species such as sea bream, pompano, snappers, groupers, milkfish, tuna, and various exotic species like eels, lionfish, rays, and sharks.
Market Challenges
The global aquaculture market faces a substantial challenge due to the increasing prevalence of pathogenic diseases among farmed mollusks, crabs, and finfish. These diseases can lead to significant financial losses, decreasing industry profitability and the economic value of seafood. Infectious marine diseases impact the quality, growth, and survival of aquatic life, particularly in the stressful and crowded conditions of aquaculture.
For instance, diseases in oysters, shrimp, abalone, and other fish result in billions of dollars in annual losses. Modern aquaculture practices involve rearing processes, stocking, feeding, protection from predators, productivity, changing lifestyles, and working population. Equipment, production methods, time, and production efficiency are also essential factors. Disease-free fish, hygiene standards, and industry standards are crucial for maintaining fish farm quality and mitigating environmental risks.
Technologies like indoor fishing farms, aquaponics, reducing organic waste, increasing fish output, and modernization practices contribute to professionalization in the sector. Chemicals, pharmaceuticals, fertilizers, and other interventions are employed to enhance fish reproduction and improve chromosome health.
Offshore, open, and semi-intensive or intensive farms employ various methods to optimize fish production. Consumption patterns, vegetarian diets, and the vegan population influence market trends.
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Segment Overview
Type
1.1 Fresh water aquaculture
1.2 Marine water aquaculture
1.3 Brackish water aquaculture
Culture
2.1 Net pen culture
2.2 Floating cage culture
2.3 Pond culture
2.4 Rice field culture
Geography
3.1 APAC
3.2 North America
3.3 Europe
3.4 South America
3.5 Middle East and Africa
1.1 Fresh water aquaculture- The aquaculture market encompasses a diverse range of species and products, including Sea bass, Octopus, Prawns, and various Marine fish species. This sector extends beyond fin fishes to incorporate Seals, Dolphins, and Turtles, which are primarily used for their luxurious by-products, such as fur and leather. Omega-3 fatty acids, a key health benefit derived from aquatic animals, further bolsters the market’s growth.
Aquaculture is practiced through various farming techniques, such as rearing processes for fin fishes like carp and mollusks, such as crabs. Cultivable land, including ponds, tanks, and cages in freshwater, as well as seaweed cultivation, is utilized for crop production. Industrialization has led to the development of bioagricultural inputs, bio-pesticides, and advanced equipment for enhancing productivity and protection from predators. The changing lifestyles and working population’s increasing demand for seafood have fueled the market’s growth.
Aquatic animals, including fin fishes and mollusks, are essential sources of livelihood for numerous growers. Production methods, time, and production efficiency are crucial factors in ensuring the sustainability and profitability of aquaculture. Fishing techniques have evolved to include stocking, feeding, and selective breeding to optimize productivity. The market caters to various segments, including finfish generics and fish reproduction, to meet the diverse demands of consumers. Overall, the aquaculture industry continues to expand, driven by the potential for innovation and the growing importance of sustainable, efficient, and high-quality aquatic food production.
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Research Analysis
The global Aquaculture Market is experiencing significant growth due to the increasing demand for seafood, particularly fin fishes such as carp and salmon, mollusks like oysters and clams, and crustaceans including crabs. This demand is driven by the nutritional benefits of fish, which are rich sources of protein, essential fatty acids, vitamins, minerals, and micronutrients.
With population growth and technological advances, there is a greater focus on sustainable aquaculture practices, including the use of cultivable land and aquatic animals like seaweed for production. Inland fish farming and aqua farming are also gaining popularity as a means of increasing production and reducing reliance on wild-caught fish. The market is expected to continue its growth trajectory as the world’s population continues to increase and consumers seek out healthy and sustainable sources of protein.
Market Research Overview
The Aquaculture Market encompasses the production of various aquatic species in controlled environments. This sector is driven by the increasing global demand for seafood, which is projected to continue due to population growth and changing dietary preferences. Aquaculture provides a sustainable solution to meet this demand, as it reduces the pressure on wild fish stocks. The market is segmented by species, such as finfish and shellfish, and by geography.
Technological advancements, including the use of recirculating aquaculture systems and genetically modified organisms, are transforming the industry. Environmental concerns, such as the impact of aquaculture on water quality and biodiversity, remain a challenge. Overall, the Aquaculture Market is a significant contributor to the global food supply and is expected to continue growing in the coming years.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Type
Fresh Water Aquaculture
Marine Water Aquaculture
Brackish Water Aquaculture
Culture
Net Pen Culture
Floating Cage Culture
Pond Culture
Rice Field Culture
Geography
APAC
North America
Europe
South America
Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
