Aquaculture Market Size to Reach USD 495.10 Billion by 2032 – Rise in Consumption of Seafood to Propel Growth: The Brainy Insights
The aquaculture market ought to witness a positive growth rate owing to increasing preference for seafood and growing investment in technological advancements in the aquaculture industry. Asia-Pacific region emerged as the most significant global Aquaculture market, with a revenue share of 36.20% in 2022.
Newark, April 18, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the Aquaculture market will grow from USD 280.40 billion in 2022 and reach USD 495.10 billion by 2032. The aquaculture industry is witnessing technological advancements due to consumers’ growing preference for seafood. The increasing investments in the aquaculture industry are likely to provide the companies to increase their production.
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Report Coverage Details
|Market Size in 2022|| USD 280.40 Billion
|Market Size in 2032||USD 495.10 Billion|
|No. of Pages in Report||237|
|Segments Covered||The research segment is based on category, fish type, and product type.|
|Drivers||Increasing consumption of seafood|
|Opportunities||Increasing innovation in the aquaculture industry|
|Restraints||Preference towards vegetarianism|
Key Insight of the Aquaculture Market
Asia-Pacific region to account for the largest market size during the forecast period.
Asia-Pacific is expected to have the largest market share in the aquaculture market. Key factors favouring the growth of the Asia-Pacific aquaculture market include the development of the processed seafood food industry. The end-user enterprises are investing in aquaculture production to cope with the increased demand for staple seafood. The countries such as India, China and Japan are investing in technological advancement in the aquaculture industry. Further, the increasing westernization in these countries will lead to deeper market penetration.
The marine water segment is expected to augment the market during the forecast period.
The category segment is divided into freshwater, marine water and brackish water. The marine water segment is expected to augment the market during the forecast period. Marine aquaculture can be done in ponds and tanks on land or in the water. In addition to supporting our wild fisheries, marine aquaculture offers a domestic source of environmentally and economically sustainable seafood.
The others segment is expected to grow at the highest CAGR during the forecast period.
The fish type segment includes molluscs, carp, mackerels, crustaceans, sea bream and others. The others segment is expected to augment the market during the forecast period. Other fish types include snappers, salmon, tuna, milkfish, catfish, etc. These fishes are consumed for dietary nutrition requirements. These are also produced for the manufacturing of omega-3 supplements.
The chemicals segment will likely grow at the highest CAGR during the forecast period.
The product type segment includes chemicals, pharmaceuticals, fertilizers and equipment. The food equipment segment includes water pumps and filters, cleaning equipment, feeders, containment equipment, water circulating and aerating equipment and others. The chemicals segment will likely grow at the highest CAGR during the forecast period. The two most frequently used chemicals in aquaculture are fertilizers and liming agents. These chemicals are used during sterilization.
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Advancement in market
In November 2019, a significant player, Van Cleve Seafood Inc., launched their plant-based seafood category for their U.S. customers.
Driver: Increasing consumption of fish
The consumption of fish products has increased globally due to the growing awareness about its health benefits. Especially in Asian countries, fish consumption has increased vastly due to the increased per capita income and rise of the fishing industry. Consumers around the globe include fish products in several types of diets as they have high protein content, which is vital for healthy skin and hair growth. Further, the distribution channel of such products has strengthened over the years, which has resulted in a stable supply chain. The seafood industry has gained momentum with increasing urbanization. Also, the preservation technologies of fish products have improved with the introduction of advanced equipment in the food and beverage industry. Apart from domestic consumption, the export of fish products has increased among various regions.
Restraint: Use of excessive chemicals
The use of excessive chemicals in aquaculture might negatively impact human health. The fish are treated using large amounts of fertilizers and chemicals, influencing consumers’ health. The consumption of these fish can eventually deteriorate the health of the consumer. The incidence of food poisoning is increasing owing to the use of harmful chemicals in fish breeding.
Opportunity: Increasing focus on aquaculture
Aquaculture exhibits tremendous potential in the current era of food insecurity to feed not only the ever-growing human population but also to use aquaculture products as feed ingredients in the diets of various domesticated animals with significant economic value. Aquaculture has a bright future due to global advancements and its strategic role in food security. The aquaculture business has evolved into a cutting-edge, vibrant sector that generates secure and high-quality goods and has created the infrastructure to be environmentally sustainable. Aquaculture has recently produced significant social benefits, including higher revenue, nutritional standards, employment, etc. In the next 25 years, this might quadruple in the developing world, and the dependence on imports from rich countries to underdeveloped ones will increase.
Challenge: Ecological damage
Large amounts of wastewater can be produced by fish farms using chemicals, which may have an impact nearby. The construction of aquaculture infrastructure will impact the local flora and wildlife, including wetlands and mangroves. Untreated sewage dumped in the area with a high organic load will harm the ecology. Exotic species farming would introduce new pathogens to the environment.
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Some of the major players operating in the aquaculture market are:
• Alpha Group Ltd
• Aquaculture Technologies Asia Limited
• Cooke Aquaculture
• Marine Harvest Asa
• Leroy Seafood Group Asa
• Nippon Suisan Kaisha Ltd.
• P/F Bakkafrost
• Cermaq Group As
• Tassal Group Limited
• Nireus S.A. Ltd.
• Dainichi Corporation
• SalMar ASA
• Norway Royal Samson ASA
Key Segments Cover in the Market:
• Fresh Water
• Marine Water
• Brackish Water
By Fish Type:
• Sea Bream
By Product Type:
o Water Pump and Filters
o Cleaning Equipment
o Containment Equipment
o Water Circulating and Aerating Equipment
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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