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Aquaculture Market Projected To Reach $42.6 Billion By 2023
The report "Aquaculture Market by Rearing Product Type (Equipment, Chemicals, Pharmaceuticals, Fertilizers), Culture (Freshwater, Marine, Brackish Water), Species (Aquatic Animals, Aquatic Plants), Production Type, and Region - Global Forecast to 2023", The aquaculture market is projected to grow from USD 30.1 billion in 2018 to USD 42.6 billion by 2023, recording a compound annual growth rate (CAGR) of 7.2% during the forecast period. The major factors driving the growth of the aquaculture market include a decline in the amount of captured fish, a rise in consumption of fish and other products due to their nutritional value, and a growth in the adoption of advanced technology and aquafarming methods.
The equipment segment is projected to account for the largest market share during the forecast period.
The equipment segment is estimated to dominate the aquaculture market in 2018 due to their high demand for marine culture. The different methods of marine aquaculture include sea ranching, intensive aquaculture, and rack & line farming. Furthermore, advancements in feed systems are also growing to meet the rising ...
... demand for the inclusion of nutrients at an optimum level in the diets of aquatic animals. This equipment are vital for the production of aquatic plants and animals. With the growing demand for seafood and the decline in the volume of captured fishes, the demand for such equipment is expected to rise.
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By production, the small-scale segment is projected to grow at a higher rate during the forecast period.
Owing to the growing demand for aquaproducts for their protein-rich content, small-scale farming is adopted by developing regions such as Asia Pacific, South America, and Africa. Furthermore, the governments of these countries are taking various initiatives to support aquafarming in these regions, as it is one of the major sources of employment.
The marine culture in the aquaculture market is projected to be the fastest-growing segment during the forecast period.
The marine culture segment is projected to be the fastest-growing segment in the market during the forecast period, due to the increasing demand for seafood products and declining capture in fishery landings from the oceans. Ocean cage culturing of marine fish has encouraged the design of new and innovative cages for culturing them in near-shore and offshore environments. Furthermore, advancements in technology such as water recirculation systems, along with the global rise in food demand, are providing promising growth opportunities for the marine aquaculture system.
Asia Pacific is projected to be the fastest-growing region in the aquaculture market during the forecast period.
Asia Pacific is projected to be the fastest-growing region in the aquaculture market during the forecast period due to the rapid development of aquaculture in most of the countries in the region in terms of improving the food supply. The demand for aquaculture products is rising, as the farmers in this region are investing in new technologies and innovations in order to meet the increasing food supply and nutrient food. The consumption of fish and shrimp is witnessing an upward trend in the region, which aids the aquafarming industry.
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Major vendors in the aquaculture market include Pentair Plc, (US), AKVA Group (Norway), Xylem Inc (US), Aquaculture Equipment Ltd (UK), Aquaculture System Technologies (US), Luxsol (Belgium), Pioneer Group (Taiwan), CPI Equipment Inc (US), Asakua (Turkey), FREA Aquaculture Solutions (Denmark), Lifegard Aquatics (US), Tan International Ltd (UK), Reef Industries Inc (US), Aquafarm Equipment AS (Norway), and Aquaculture of Texas, Inc (US).
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