Aquaculture Market to Reach $543.3 Billion by 2032, Driven by Growing Demand for Seafood and Sustainable Practices- By PMI
Prophecy Market Insights latest research report on the Aquaculture Market provides a comprehensive analysis of the current market scenario, growth opportunities, challenges, and emerging trends. The report offers insights into the market’s size and share, key market players, distribution channels, and consumer preferences. It also examines the impact of the COVID-19 pandemic on the market and provides a detailed analysis of the competitive landscape, including strategic alliances, mergers, and acquisitions.
Covina, Nov. 03, 2023 (GLOBE NEWSWIRE) — Aquaculture is the production of aquatic animals and plants under managed and partially controlled conditions. It is the process of breeding, rearing and harvesting of algae, plants, fish and other aquatic organisms.
The aquaculture market is the global industry for the farming of fish, shellfish, and algae. It is a rapidly growing sector, with production expected to reach $543.3 billion by 2032. The market is driven by a number of factors, including rising incomes, increasing awareness of the health benefits of seafood, and a growing focus on sustainability.
- In July 2023, Hatch Blue, the Aquaculture venture group launched new accelerator program that provides funding to a group of ten companies in Southeast Asia and North America.
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The major segments of the aquaculture market are:
- Fish: Fish is the largest segment of the aquaculture market, accounting for over 50% of the global market. The major fish species farmed include salmon, tuna, and carp.
- Shellfish: Shellfish is the second-largest segment of the aquaculture market, accounting for over 30% of the global market. The major shellfish species farmed include shrimp, oysters, and mussels.
- Seaweed: Seaweed is the smallest segment of the aquaculture market, accounting for less than 10% of the global market. Seaweed is farmed for its use in food, cosmetics, and pharmaceuticals.
Pros and Cons:
- Pros: Provides communities with greater access to seafood, fish and help in expanding supply chain locally.
- Cons: Limited local acceptance and environmental impact restrain market growth.
The major players in the aquaculture market include:
- Cermaq Group AS,
- Cooke Aquaculture Inc.,
- Grupo Farallon Aquaculture,
- Lerøy Midt AS,
- Marine Harvest ASA,
- P/F Bakkafrost,
- Tassal Group Limited,
- Thai Union Group Public Company Limited,
- Blue Ridge Aquaculture, Inc.,
- Huon Aquaculture Group Limited.
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- By Environment: Fresh Water, Marine Water, Brackish Water
- By Product: Crap, Crustaceans, Mackerel, Milkfish, Mollusks, Salmon, Sea Bass, Sea Bream, Trout, and Others
- By Region: North America, Europe, Asia Pacific, Latin America, Middle East, and Africa
- Diversification: The aquaculture industry is becoming increasingly diversified, with new species being farmed and new technologies being developed.
- Urban aquaculture: Urban aquaculture is becoming increasingly popular, as it allows for the production of seafood in inland and urban areas.
- Integrated multi-trophic aquaculture (IMTA): IMTA is a sustainable aquaculture practice that combines the farming of different species, such as fish, shellfish, and seaweed.
- Recirculating aquaculture systems (RAS): RAS are becoming increasingly popular, as they allow for the production of seafood in controlled environments.
How to get involved in the aquaculture market?
There are a number of ways to get involved in the aquaculture market like, you could:
- Start your own aquaculture farm.
- Invest in an aquaculture company.
- Supply goods and services to the aquaculture industry.
- Work for an aquaculture company or organization.
Key drivers of growth:
- Rising incomes
- Increasing awareness of the health benefits of seafood
- Growing focus on sustainability
- Sustainability is a key issue facing the aquaculture industry.
- Aquaculture operations need to be managed in a way that minimizes environmental impact and protects marine ecosystems.
- The aquaculture industry is working to develop new and more sustainable practices, such as using recycled water and developing low-impact farming methods.
- Technology is playing an increasingly important role in the aquaculture industry.
- New technologies are helping to improve the efficiency and productivity of aquaculture operations.
- For example, new feeding systems are helping to reduce feed waste and improve fish growth.
- New monitoring systems are helping to track fish health and water quality in real time.
Here are some specific examples of how aquaculture is helping to address important global challenges:
- Food security: Aquaculture is helping to meet the world’s growing demand for seafood, which is expected to increase by 50% by 2050. Aquaculture is also helping to improve food security in developing countries, where it can provide a reliable source of nutritious food.
- Climate change: Aquaculture is more resilient to climate change than wild capture fisheries. This is because aquaculture operations can be located in areas that are less affected by climate change, and they can be managed in a way that reduces greenhouse gas emissions.
- Biodiversity conservation: Aquaculture can help to conserve biodiversity by reducing the pressure on wild fish populations. Aquaculture can also be used to produce endangered species, which can help to protect them from extinction.
The aquaculture market is expected to continue to grow in the coming years, driven by rising incomes, increasing awareness of the health benefits of seafood, and a growing focus on sustainability. Aquaculture is playing an increasingly important role in meeting the world’s growing demand for seafood.
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