The global Aquaculture market size was reached at USD 40.06 billion in 2022 and it is expected to hit around USD 62.18 billion by 2030, growing at a CAGR of 6.48% between 2022 to 2030.
Aquaculture is a phrase used to describe the activity of fish farming. This agricultural practice entails interventions in the rearing phase to increase productivity, such as regular stocking, feeding, and predator protection. Aquaculture production today encompasses 580 species cultivated all over the world, reflecting a wealth of genetic variety both within and across species. Eating fish is part of many people's cultural customs, and it has a good nutritional profile in terms of health advantages. It contains protein, fatty acids, vitamins, minerals, and important micronutrients.
The pressing need for creative solutions in food production has resulted in the increasing adoption of precision farming concepts, which rely on technologies such as drones, IoT connectivity, and self-driving tractors. Aquaculture is a sister industry that is similarly important for global food security but has been less influenced by technological improvements. However, the current spike in popularity and adoption of data-driven management platforms, which integrate data from disparate sources into a uniform cloud platform and capture the entire dynamics of the aquaculture farm environment in real time, will benefit the expansion of the aquaculture business.
Aquaculture Market Dynamics
Drivers:
The increasing global population is driving demand for seafood, which is expected to drive the growth of the aquaculture market. As the global population continues to grow, so does the demand for seafood. Aquaculture provides a sustainable way to meet this demand. Consumers are becoming more health-conscious and are turning to seafood as a healthier protein source. Furthermore, the disposable income increases in developing countries, demand for seafood is also increasing.
Restraints:
High investment costs: Setting up and operating an aquaculture farm can be costly, which can be a barrier to entry for new businesses.
Environmental concerns: Aquaculture operations can have negative environmental impacts, including pollution and habitat destruction.
Disease outbreaks: Aquaculture operations are susceptible to disease outbreaks, which can result in significant losses.
Opportunities:
As consumers become more aware of the environmental impact of seafood production, there is an opportunity for businesses to meet this demand by implementing sustainable practices. new technologies and innovations are creating openings to improve the efficiency and profitability of aquaculture operations.
Also, there is an opportunity for aquaculture operations to expand into emerging markets, particularly in developing countries where demand for seafood is growing. Collaboration between governments, businesses, and other stakeholders can help address some of the challenges facing the aquaculture industry and create new opportunities for growth.
Impact of COVID - 19
Due to the ongoing COVID-19 pandemic, many industries, especially the food and beverage industry have faced unforeseen hurdles. Lockdowns, the suspension of production facilities, travel bans, and border restrictions all impacted global supply lines. This also resulted in a scarcity of raw supplies and manpower. The closure of restaurants and hotels reduced demand for high-value fresh fish and aquatic food, stifling the expansion of the aquaculture business. However, the worldwide aquaculture industry is expected to grow in the next years due to rising vaccination rates and the removal of restrictions imposed by various governments. Furthermore, when manufacturers are allowed to work at full capacity, the industry is experiencing good recovery rates, pushing market growth.
Report Scope of the Aquaculture Market
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Attribute
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Details
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Market Size in 2021
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USD 38.19 billion
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Estimated Market Size in 2030
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USD 62. 18 billion
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CAGR Growth Rate
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6.48% CAGR
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Base Year
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2021
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Forecast Years
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2022-2030
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Segmentation
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By Type, By Culture Environment
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Major Regions Covered
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- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East & Africa
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Key Market Players
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Aquaculture System Technologies, LLC, Aquaculture Equipment Ltd., Cooke Aquaculture, Nippon Suisan Kaisha Ltd., Leroy Seafood Group Asa (Leroy), Asakua, Pioneer Group, CPI Equipment Inc., FREA Aquaculture Solution, Aquaculture of Texas, Inc., Aquafarm Equipment AS, Nireus S.A., Norway Royal Salmon ASA, Tassal Group Ltd.
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Report coverage
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Revenue Forecast, Company Share, Competitive Landscape, Growth Factors, Restraints, Opportunities, Value Chain Analysis, Porter’s Five Forces Analysis, Patent Analysis, Market Attractiveness Analysis by Segments
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Aquaculture Market: Segmentation
By Culture Environment, Aquaculture market can also be segmented by the type of culture environment, such as freshwater, marine, and brackish water. Freshwater aquaculture is the largest segment in terms of volume, as it includes species such as carp, tilapia, and catfish.
Aquaculture market can be segmented by type, such as finfish, crustaceans, mollusks, and others (such as aquatic plants, sea cucumber, etc.). Finfish is the largest segment in the aquaculture market, which includes species such as salmon, trout, carp, tilapia, catfish, and others. Salmon is considered to be healthy because of its high content of vitamin D, protein, and omega-3 fatty acids. Crustacean is a high-value product owing to high protein content. This has improved the demand for crustaceans to satisfy the necessity of nutritional seafood.
Regional Analysis
Aquaculture is the farming of aquatic organisms such as fish, shellfish, and aquatic plants. The industry is rapidly growing worldwide due to the increasing demand for seafood, and it has become an important source of food, employment, and income for many countries.
The Asia-Pacific region dominates the global aquaculture market, accounting for more than XX% of the world's aquaculture production. China is the largest producer of aquaculture products in the world, followed by India, Indonesia, Vietnam, Indonesia. The region's growth is primarily driven by the increasing demand for seafood, favorable climatic conditions, and government support.
North America is a significant producer of aquaculture products, with the United States being the largest producer. The region's growth is driven by the increasing demand for seafood, government support, and technological advancements. The industry is primarily focused on salmon and shellfish farming.
Europe is another leading segment in this market. Latin America is a rapidly growing market for aquaculture, with Brazil, Chile, and Peru being the major contributors. The industry is primarily focused on shrimp, tilapia, and salmon farming.
Key Outcomes of the Report
Positive effects of aquaculture production are not restricted to fish, but also include crustaceans, mollusks, and seaweed - in that order. In recent years, the emergence of semi-intensive and intensive farms, as well as professionalization and modernization procedures have made crustaceans an appealing component of the aquaculture industry.
List of Key Players in Global Aquaculture Market:
- Aquaculture System Technologies, LLC,
- Aquaculture Equipment Ltd.
- Cooke Aquaculture
- Nippon Suisan Kaisha Ltd.
- Leroy Seafood Group Asa (Leroy)
- Asakua
- Pioneer Group
- CPI Equipment Inc.
- FREA Aquaculture Solution
- Aquaculture of Texas, Inc.
- Aquafarm Equipment AS
- Nireus S.A.
- Norway Royal Salmon ASA
- Tassal Group Ltd.
Aquaculture Market Segment as Follows:
By Type
- Finfish
- Crustaceans
- Mollusks,
- Others (Such as Aquatic Plants, Sea Cucumber, Etc.)
By Culture Environment
- Fresh Water
- Marine Water
- Brackish Water
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Frequently Asked Questions (FAQs):
What is the size of Aquaculture market?
The global Aquaculture market size was worth USD 38.19 billion in 2021 and is expected to grow to USD 62.18 billion by 2030.
What will be the CAGR of global Aquaculture market?
The Aquaculture market is expected to drive growth at a CAGR of 6.48% from 2022 to 2030.
Who are the major players operating in the Aquaculture market?
Aquaculture System Technologies, LLC, Aquaculture Equipment Ltd., Cooke Aquaculture, Nippon Suisan Kaisha Ltd., Leroy Seafood Group Asa (Leroy), Asakua, Pioneer Group, CPI Equipment Inc., FREA Aquaculture Solution, Aquaculture of Texas, Inc., Aquafarm Equipment AS, Nireus S.A., Norway Royal Salmon ASA, Tassal Group Ltd. are the major players operating in the Aquaculture market.
Which region will lead the global Aquaculture market?
Asia Pacific dominated the global Aquaculture market in 2021.