Global Aquaculture Market to Witness Impressive Growth, Revenue to be worth around USD 278.6 Billion By 2028 - Zion Market Research
NEW YORK, Oct. 14, 2021 /PRNewswire/ -- Zion Market Research has published a new research report titled "Aquaculture Market (Carp, Molluscs, Crustaceans, Salmon, Trout, And Other Fish) By Culture (Marine Water, Fresh Water And Brackish Water): Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends, And Forecast, 2020 – 2028" According to the report, The global Aquaculture market accounted for USD 199.5 Billion in 2020 and is expected to reach USD 278.6 Billion by 2028, growing at a CAGR of around 4.2% between 2021 and 2028.
Growth Factors
The aquaculture market has been witnessing growth in terms of rushing urbanization and growing the income of people which has led to a rise in the consumption of protein-rich meats. Being a reasonably new and unconventional method of fish breeding for consumption, its market acceptance is low. The demand for premium quality products has been increasing not only thanks to freshness, diversity of products and concern, and convenience for food safety but also thanks to social, ethical, and environmental credentials. Rice-fish culture has been considered because of the key growth opportunity of this market. This system is legally taken into account for rice and fish cultivations cumulatively since fish get a secure living environment in dense rice plants. In exchange, fish protect rice from insects and circulate oxygen around the farm.
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Aquaculture is an activity during which fish farming is completed in several cultures like freshwater, marine water, and brackish water. Sort of fish species is grown during a standard condition in aquaculture. These harvested fishes are further utilized for various purposes like dietary supplements, the food industry, and lots of Brackish Water. The application of fish oils in numerous fields like healthcare, the food industry, dietary supplements, and pharmaceuticals is perhaps expected to heighten the need for the product within the aquaculture market in the upcoming years. The emerging inclinations in the aquaculture market like acceptance of rice-fish culture will probably open new opportunities for the key manufacturers of the worldwide aquaculture market within the future years.
There are three sorts of culture within aquaculture, namely, freshwater, marine culture, and brackish water. In 2015, the principal culture for the global aquaculture market was freshwater farming. It's said to be the preferably chosen option of fish farming. During this technique, concrete ponds are employed to cultivate a spread of fish species. The worldwide aquaculture market is predicted to extend at a robust CAGR in upcoming years.
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Different players within the global aquaculture market are implementing various strategic moves like the introduction of varied novel projects that propel the aquaculture market. as an example, in April 2018, Chinese Jin Yu Tang Aquaculture (Cambodia) Co proclaimed that the firm is getting to invest about $100 Million in freshwater and seawater aquaculture projects. This investment is going to be wiped out Preah Sihanouk and Koh Kong provinces.
COVID-19 Impact Analysis
The impacts of COVID-19 on the fisheries and aquaculture food systems vary, and therefore the situation is rapidly evolving. Fish and fish products that are highly hooked into international trade suffered quite early within the development of the pandemic from the restrictions and closures of worldwide markets, whereas cannon fodder and shellfish supply chains were severely impacted by the closure of the foodservice sectors (e.g. hotels, restaurants and catering facilities, including school and work canteens). The processing sector also faced closures thanks to reduced/lost consumer demand. This has had a big impact, especially on women, who form the bulk of the workforce within the post-harvest sector.
The aquaculture market has been witnessing growth in terms of rushing urbanization and growing the income of people which has led to a rise in the consumption of protein-rich meats. Being a reasonably new and unconventional method of fish breeding for consumption, its market acceptance is low. The demand for premium quality products has been increasing not only thanks to freshness, diversity of products and concern, and convenience for food safety but also thanks to social, ethical, and environmental credentials. Rice-fish culture has been considered because of the key growth opportunity of this market. This system is legally taken into account for rice and fish cultivations cumulatively since fish get a secure living environment in dense rice plants. In exchange, fish protect rice from insects and circulate oxygen around the farm.
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Culture Segment Analysis
The marine culture allows performing fish farming in salty water (such as seas and oceans). This segment is predicted to expand in upcoming years due to the increasing requirement for saltwater species amongst customers. Furthermore, brackish water farming may be a combination of fresh and saltwater. This segment of the worldwide aquaculture market is predicted to extend at a decent rate within the forecast period.
Product Segment Analysis
Carp is one of the leading product segments during this market. Carps are cultivated within the freshwater environment and are one among the majorly cultivated aquatic species during this market due to their compatibility with lesser ideal environmental conditions. Crustacean may be a high-value product thanks to high protein content. This has increased the demand for crustaceans to satisfy the need for nutritional seafood.
Regional Segment Analysis
In 2016, Asia Pacific ruled the aquaculture market. China was the principal country within the Asia Pacific that accounted for above 58% shares of the entire aquaculture market in 2016. The weather like plentiful natural resources, inexpensive labor rates, and favorable weather is alleged to generate the high demand for aquaculture in China within the forecast period.
Key Market Players & Competitive Landscape
The report present comprehensive competitive outlook with company profiles of the key players operating in the global market. Key participants profiled in the report include Blue Ridge Aquaculture, Nireus Aquaculture S.A., Cooke Aquaculture Inc., Cermaq ASA, the Waterbase Limited, Tassal Group Ltd., Selonda Aquaculture S.A., Zeal Aqua, NSF Certification UK Ltd, and Carter & Sons Ltd.
The global Aquaculture Market is segmented as follows:
By Culture
- Marine Water
- Freshwater
- Brackish Water
By Product
- Carp
- Molluscs
- Crustaceans
- Salmon
- Trout
- Other Fish
By Region
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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