Global Aquaculture Market to Reach $357.90 Billion by 2028
DUBLIN, Sept. 9, 2022 /PRNewswire/ -- The "Aquaculture Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Culture Environment and Product Type" report has been added to ResearchAndMarkets.com's offering.
The aquaculture market was valued at US$ 267,423.64 million in 2021 and is projected to reach US$ 357,903.27 million by 2028, and it is expected to grow at a CAGR of 4.3% from 2021 to 2028.
Aquaculture includes farming of fish, aquatic plants, algae, crustaceans, molluscs, and other organisms. Small-scale aquaculture markets in developed and developing countries make critical contributions to employment. According to the FAO, aquaculture employs more than 41 million people globally.
Most aquaculture activities are carried out in developing countries working in fish production. Fish and other seafood species constitute an important source of nutrients for the poor and are among the cheapest animal protein forms. As most capture fisheries worldwide are considered fully exploited or overexploited, aquaculture is considered an important sector to meet rising fish demand, which will continue to increase with population growth, rising incomes, and increasing urbanization.
Based on product type, the aquaculture market is categorized into fish, aquatic plants, crustaceans, mollusca, and others. The fish segment accounted for the largest market share in 2020 and is expected to register the highest CAGR during the forecast period. The growth of the fish segment is mainly attributed to the increasing demand for fish and fish products in regional cuisines in regions such as Asia Pacific and Europe.
Moreover, growing health concern among the people in the developed region such as North America has attracted consumers toward fish products. The growing population is putting stress on naturally available protein sources, and fish products can play a major role in satisfying the protein need of the growing middle-income group while also meeting the food security needs of the poorest. This factor is projected to drive the fish market during the forecast period.
Based on region, the aquaculture market is segmented into 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 of the global aquaculture market and was estimated to register the fastest CAGR over the forecast period. The growth of the aquaculture market in this region is primarily attributed to the growing production of fish and other aquatic species in countries such as China and India. China is the largest producer of aquaculture products globally. The aquaculture species breaded in China include fish, molluscs, crustaceans, seaweeds, and invertebrates. The most popular species are tilapia, shrimp, bream, catfish, scallops, carp, oysters, and mussels.
Market Dynamics
Drivers
- Surge in Demand And Consumption Of Sea Food
- Favourable Government Initiatives Boosting the Adoption of Aquaculture Globally
Restraints
- Harmful Impact on the Environment
Opportunity
- Implementation of RAS technology
Future trends
- Application of Fish Oil in Several Industries is Expected to Boost the Demand for Aquaculture
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Research Methodology
4. Aquaculture Market Landscape
5. Aquaculture Market - Key Industry Dynamics
6. Aquaculture- Global Market Analysis
7. Global Aquaculture Market Analysis - by Product Type
8. Global Aquaculture Market Analysis - By Culture Environment
9. Aquaculture Market - Geographical Analysis
10. Industry Landscape
11. Company Profiles
12. Appendix
Companies Mentioned
- 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
- Thai Union Group PCL
For more information about this report visit https://www.researchandmarkets.com/r/iqm8e3
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SOURCE Research and Markets
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