As per Market Research Future (MRFR) analysis, the global aquaculture market is projected to reach a market value of USD 207 billion with a CAGR of 5.1% from 2019 to 2024 (forecast period). The report provides an overview of the latest scenario, the economic situations, and the impact of COVID-19 on the overall industry.
The increasing human population, the demand for seafood, and the retail sector's growth are the factors behind the growth of the global aquaculture industry. In addition, rising government strategic measures and aquaculture research and development are improving the efficiency and productivity of the aquaculture sector, contributing to the delivery of high-quality, disease-free fish and aquatic products to customers.
Aquaculture is a profession performed in a variety of environments, such as freshwater, marine, and brackish water. It is a method for the harvesting, breeding, and rearing of fish, shellfish, and other aquatic species. Aquaculture facilitates the rapid hygienic growth of animals and plants such as fish, crustaceans, mollusks, seaweed, and algae, which indirectly leads to growing market demand for various types of food products. In addition, harvested fish, shellfish, and seaweed are widely used in the food, cosmetics, and health and pharmaceutical industries. Such factors helps drive the growth of the global market and increase the aquaculture industry's value.
Moreover, the demand for premium quality products has increased not only because of freshness, product diversity and food safety concerns and convenience, but also because of social, ethical, and environmental considerations. Rice-fish culture has been seen as a key growth market opportunity. This technique is considered an excellent way to grow rice and fish cumulatively because fish have a healthy living environment in dense rice plants. In exchange, fish protect rice from insects and circulate oxygen around the farm.
However, the changing climate conditions across the globe due to climate change, trade volatility, aquaculture trade regulations, and water contamination caused by toxic chemicals are significant constraints that could impede the growth of the global aquaculture industry.
The global market for aquaculture has been segmented based on environment and type.
By the environment, the global market has been classified as freshwater, marine water, and brackish water. The marine segment is expected to be the fastest-growing segment on the market during the forecast period due to rising demand for seafood products and decreasing capture in ocean landings. Ocean cage cultivation of marine fish has stimulated the design of new and innovative cages for cultivation in near-shore and offshore ecosystems. In addition, developments in technology, such as water recirculation systems, along with a global rise in food demand, provide exciting growth prospects for the marine aquaculture sector.
Based on type, the global market has been classified as fishes, crustaceans, Mollusca, and others.
Regionally, the global market for aquaculture has been segmented into North America, the Asia Pacific, Europe, and the rest of the world.
The market in the Asia Pacific is expected to dominate the global aquaculture market during the forecast period as a result of increasing government initiatives to promote aquatic animal health and sustainable farming systems. Organizations such as the Network of Aquaculture Centers (NACA) in the Asian Pacific are supporting rural development through sustainable aquaculture and water resource management.
However, the North American market is expected to have the highest growth rate over the forecast period due to the growing number of market players in the region and the strong institutional support by the government to support industrial expansion in aquaculture.
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Some of the major participants in the global aquaculture market are American Abalone Farms (US), Blue Ridge Aquaculture Inc. (US), Cargill, Incorporated (US), Sea Watch International Ltd. (US), Mowi ASA (Norway), Cooke Aquaculture (Canada), Austevoll Seafood ASA (Norway), Cermaq ASA (Norway), Grieg Seafood ASA (Norway), Charoen Pokphand Foods PCL (Thailand), Maruha Nichiro Corporation (Japan), Dainichi Corporation (Japan), Thai Union Group PLC (Thailand), Nippon Suisan Kaisha Ltd. (Japan), Tassal Group Ltd. (Australia).
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