Aquaculture Market Overview
The global aquaculture market is expected to demonstrate
lucrative growth opportunities for the key players during the forecast period
due to the technological advancements in aquatic farming and harvesting. Additionally,
the wide applications of aquatic species in agriculture, pharmaceutical
industry, and the personal care industry are further fuelling the growth of the
global aquaculture market which is projected to register a significant growth
rate of 5.71% from 2022 to 2030 and reach a market value of USD 237.3 billion
by the end of 2030. However, the major challenges being faced by the
aquaculture companies are the combating of diseases and water-quality
management. Overall, by analysing the aquaculture market, it can be noticed
that market players in the industry are adopting strategies such as
acquisitions, partnerships and agreements, and regional expansions to increase
the profitability and expand their market share.
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The global aquaculture market has been segmented based on
environment, type, and region.
Based on environment, the global aquaculture market has been
segmented into freshwater, marine water, and brackish water. The freshwater
segment is expected to garner the largest market share during the forecast
period. The segment’s dominance and growth can be attributed to the traditional
and conventional aquaculture methods of aquatic farming. The brackish water
segment is expected to register the highest growth rate during the forecast
period. The reasons for the highest CAGR of the brackish water segment are the
easy availability of species such as estuarine shrimp, heterogeneous shrimp,
fish, and crabs in the coastal regions and their high preference in
aquafarming. Additionally, brackish water aquaculture products are largely
export-oriented, and farming is economical.
The global aquaculture
market outlook has been segregated, by type, into fishes, crustaceans,
Mollusca, and others. The fish’s segment is expected to be the largest in terms
of revenue due to the high global farming of various fishes such as anchovy,
pomfret, tuna, and salmon, especially in Asia-Pacific. Currently, salmon fish
has been gaining huge popularity in the aquaculture market owing to high
nutritional value and its availability in the Indian Ocean and the Pacific
Ocean. However, the Mollusca segment is expected to exhibit the highest growth
rate and gain market dominance during the forecast period owing to the increasing
widespread utility of molluscs as a source of food and their high nutritional
value.
Key Players
Some of the key players in the global aquaculture market are
American Abalone Farms (US), Dainichi Corporation (Japan), Blue Ridge
Aquaculture Inc. (US), Nippon Suisan Kaisha Ltd. (Japan), Cermaq ASA (Norway),
Austevoll Seafood ASA (Norway), Cargill, Incorporated (US), Sea Watch
International Ltd. (US), Mowi ASA (Norway), Cooke Aquaculture (Canada), Grieg
Seafood ASA (Norway), Charoen Pokphand Foods PCL (Thailand), Maruha Nichiro
Corporation (Japan), Thai Union Group PLC (Thailand), and Tassal Group Ltd.
(Australia).
Regional Analysis
The global aquaculture market has been segmented, by region,
into North America, Europe, Asia-Pacific, and the rest of the world.
The market in Asia-Pacific is expected to lead the global
aquaculture market due to economic and population growth. Moreover, the high
production and availability of aquatic species in the region are fuelling the
regional market growth.
However, the market in North America is expected to register
the highest growth rate during the forecast period owing to the increasing
number of aquaculture companies with advanced and sustainable farming technique
and high presence of retail marts with many aquatic products.
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