The scope of “The Insight Partners” recent study on the “The global Aquaculture Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Culture Environment (Freshwater, Marine Water, and Brackish Water) and Product Type (Fish, Aquatic Plants, Crustaceans, Mollusca, and Others)” includes the description of factors fueling the market growth, estimation and forecast of revenue, and identification of significant market players and their key developments, along with providing market share analysis. The aquaculture market was valued at US$ 267,423.64 million in 2021 and is projected to reach US$ 357,903.27 million by 2028 and is expected to grow at a CAGR of 4.3% from 2021 to 2028.
Aquaculture is the process of breeding and harvesting of aquatic animals such as finfish, crustaceans, and mollusks, as well as aquatic plants such as algae, in freshwater, seawater, brackish water, and inland saline water. According to Food and Agriculture Organization (FAO), the global aquaculture production in 2018 accounted for 114.5 million tons out of which 82.1 million tons accounted for aquatic animal production. The surging demand for seafood and rapidly rising global population are the key factors driving the growth of aquaculture market.
The key players operating in the aquaculture market are WH Group; JBS S.A.; P/F Bakkafrost; Blue Ridge Aquaculture, Inc.; Danish Crown; Cooke Aquaculture, Inc.; Leroy Seafood Group ASA; Stolt-Nielsen Limited; Mowi ASA; and Thai Union Group PCL; among others.
The global demand for fish and fish products shows no of sign of slowing down. The fisheries and aquaculture industries have grown tremendously in the past few decades. The high growth in population and growing awareness amongst consumers about seafood as a healthy source of protein has fueled the growth of the aquaculture market. Additionally, the increase in purchasing power of people in developing nations has also supported market growth. Wild fisheries are not sufficient to meet the global demand for seafood. Sustainable aquaculture development and effective fisheries management are expected to be critical factors in meeting increased seafood demand. Aquaculture is the controlled process of farming of aquatic organisms including plants in inland and coastal areas. The increase in global fish consumption is driving the growth of the aquaculture market.
Based on culture environment, the aquaculture market is segmented into freshwater, marine water, and brackish water. The marine water segment held the largest share of the global aquaculture market in 2020, while the brackish water segment is projected to grow at the fastest CAGR over the forecast period. Marine aquaculture is a process of cultivating marine organisms in the open ocean or tanks and ponds filled with seawater.
The different types of fish raised in marine aquaculture include finfish and shellfish such as prawns, oysters, squid, crabs, and lobsters. Non-food products produced in marine aquaculture include fish meal, nutrient agar, and oil. Marine aquaculture has rapidly expanded over the past few years due to improvements in formulated feeds, new technology, growing biological understanding of farmed species, increased water quality within closed farm systems, and greater demand for seafood products. Fish grown by marine aquaculture are also perceived as higher quality than fish raised in ponds or tanks.
The aquaculture market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America (SAM). In 2020, Asia Pacific held the largest share in the global aquaculture market. The rising production and consumption of seafood in Asia Pacific countries such as China and India are crucial factors driving the regional market growth.
The rising per capita income and growing importance of seafood as a rich and affordable source of protein among people in developed and developing countries across Asia Pacific is propelling the growth of the aquaculture market. The vast availability of coastline and inland waters have been the key factors boosting the growth of the aquaculture market.
Many sectors, including the food & beverages industry, faced unprecedented challenges due to the outbreak of the COVID-19 pandemic. Supply chain disruption caused by lockdowns, travel bans, and border restrictions severely affected the demand for seafood. Moreover, there was a shortfall in product supply due to business shutdowns.
Additionally, due to the closure of food service outlets such as restaurants and hotels, the demand for seafood declined in the initial months of the pandemic. All these factors negatively impacted the growth of the aquaculture market. However, the global marketplace is recovering from the losses, and manufacturers can operate in full capacity. Moreover, the rising vaccination rates are positively boosting the growth of the aquaculture market.
Read More: https://www.theinsightpartners.com/reports/aquaculture-market
