In terms of revenue, the Global Aquaculture Market is expected to reach by 2030, growing at a CAGR (Compound Annual Growth Rate) of 5.5% from 2023 to 2030.
The expansion of the Aquaculture industry can be ascribed to shifts in global population food consumption habits. It is convenient for customers to purchase packaged Aquaculture, which drives sales numbers, thanks to the rise of the retail market and the product's easy accessibility through multiple sales channels. Aquaculture is necessary to meet both the supply and demand for food. This sector offers high-quality, disease-free fish by raising fish in a setting that complies with sanitary standards. Industries also use Aquaculture to protect species that are in danger of going extinct. Yet, worldwide Aquaculture is significantly constrained by the rise in veganism and strict legislation against animal cruelty. On the other hand, the worldwide Aquaculture market is anticipated to benefit from the increase in the popularity of protein-rich diets.
Key Highlights from the Report
· Based on Rearing Products, the Equipment segment dominates the Aquaculture market with the maximum market share and will continue its dominance in the forecast period. Segmental expansion is anticipated to be influenced by rising demand within the marine culture and expanding technological advances in feeding systems.
· Based on the Species, the Aquatic Animals segment accounted for the highest growth rate in the forecast period owing to the augmented consumptions.
· In terms of region, Asia Pacific holds the significant market share within the Aquaculture market. This is a result of the region's expanding demand and technological improvements.
People need more time to prepare meals at home as the number of people working has risen. This has led to a sharp rise in food and drink consumed away from home. In addition, more people include meat and seafood in their diets due to the rising popularity of high-protein diets. This has raised the demand for various kinds of meats and seafood in full-service, quick-service, and other food service forms, along with the growth in out-of-home food consumption. Thus, expanding the Aquaculture industry.
Aquaculture manufacturing systems are improved by ongoing research and development, which also increases production effectiveness, enhances the quality of consumer goods, and makes the industry more sustainable. The key reasons propelling the global Aquaculture industry are recent breakthroughs, including the enhancement of fish genetics, the control of parasitic diseases in fish, the management of fish reproduction, the modification of chromosome sets in shellfish, and the improvement of fish genetics. Technological developments in offshore and open ocean Aquaculture are projected to expand the Aquaculture sector further. Moreover, technical sturdiness, economic viability, environmental integrity, and social legitimacy are necessary for long-term success because they ensure that human and natural well-being may coexist. The adoption of integrated fish and animal production techniques and the introduction of novel Aquaculture methods and systems are thus expected to drive the global Aquaculture market.
With the rising demand for seafood and aquatic plants, the Asia Pacific region is emerging with enormous potential. Fish and other Aquaculture significantly influence the food, health, and agricultural security of rural, urban, and coastal communities throughout the region. The regional Aquaculture market is expanding due to the rising demand for seafood products and the westernization of Asian consumers. Comparatively speaking, Asia Pacific is an agricultural region where more than 60 percent of the population relies on agriculture and related industries for subsistence. Because of the region's growing modernization and industrialization and the consequent reduction in arable land, producers and manufacturers are concentrating on yield growth promoters to increase crop production and investment returns. Manufacturers' processing of agricultural biological products uses a significant amount of seaweed, likely to significantly boost global demand for Aquaculture throughout the projection period.
The Global Aquaculture Market is Segmented as follows
- Rearing Product Types
- Fresh Water
- Brackish Water
- Marine Water
- Aquatic Plants
- Aquatic Animals
- Production Types
- Small Scale
- Large & Medium Scale
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Aquaculture Market is
Alpha Group Ltd. (Canada), Aquaculture Technologies Asia Limited (Hong Kong), Cermaq Group AS (Mitsubishi Corporation) (Norway), Cooke Aquaculture (Canada), Leroy Seafood Group ASA (LEROY) (Norway), Marine Harvest ASA (Marine) (Norway), Nippon Suisan Kaisha Ltd. (Japan), P/F Bakkafrost (Faroe Islands), ASSAL Group Limited (Australia), Thai Union Group PLC (UNION Thailand)
The Global Aquaculture Market Scope can be Tabulated as below
|Market Size Provided for Years
|2017 - 2030
|2017 - 2021
|2023 - 2030
|Regions & Counties Covered
|Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis