|Market Size in 2020||Market Forecast in 2028||CAGR (in %)||Base Year|
|USD 199.5 Billion||USD 278.6 Billion||4.2%||2019|
The global Aquaculture market accounted for USD 199.5 Billion in 2020 and is expected to reach USD 278.6 Billion by 2028, growing at a CAGR of around 4.2% between 2021 and 2028.
Aquaculture is an activity during which fish farming is completed in several cultures like freshwater, marine water, and brackish water. sort of fish species is grown during a standard condition in aquaculture. These harvested fishes are further utilized for various purposes like dietary supplements, the food industry, and lots of Brackish Water. The application of fish oils in numerous fields like healthcare, the food industry, dietary supplements, and pharmaceuticals is perhaps expected to heighten the need for the product within the aquaculture market in the upcoming years. The emerging inclinations in the aquaculture market like acceptance of rice-fish culture will probably open new opportunities for the key manufacturers of the worldwide aquaculture market within the future years.
There are three sorts of culture within aquaculture, namely, freshwater, marine culture, and brackish water. In 2015, the principal culture for the global aquaculture market was freshwater farming. It's said to be the preferably chosen option of fish farming. during this technique, concrete ponds are employed to cultivate a spread of fish species. the worldwide aquaculture market is predicted to extend at a robust CAGR in upcoming years.
Different players within the global aquaculture market are implementing various strategic moves like the introduction of varied novel projects that propel the aquaculture market. as an example, in April 2018, Chinese Jin Yu Tang Aquaculture (Cambodia) Co proclaimed that the firm is getting to invest about $100 Million in freshwater and seawater aquaculture projects. This investment is going to be wiped out Preah Sihanouk and Koh Kong provinces.
The impacts of COVID-19 on the fisheries and aquaculture food systems vary, and therefore the situation is rapidly evolving. Fish and fish products that are highly hooked into international trade suffered quite early within the development of the pandemic from the restrictions and closures of worldwide markets, whereas cannon fodder and shellfish supply chains were severely impacted by the closure of the foodservice sectors (e.g. hotels, restaurants and catering facilities, including school and work canteens). The processing sector also faced closures thanks to reduced/lost consumer demand. This has had a big impact, especially on women, who form the bulk of the workforce within the post-harvest sector.
The aquaculture market has been witnessing growth in terms of rushing urbanization and growing the income of people which has led to a rise in the consumption of protein-rich meats. Being a reasonably new and unconventional method of fish breeding for consumption, its market acceptance is low. The demand for premium quality products has been increasing not only thanks to freshness, diversity of products and concern, and convenience for food safety but also thanks to social, ethical, and environmental credentials. Rice-fish culture has been considered because of the key growth opportunity of this market. This system is legally taken into account for rice and fish cultivations cumulatively since fish get a secure living environment in dense rice plants. In exchange, fish protect rice from insects and circulate oxygen around the farm.
|Report Attributes||Report Details|
|Report Name||Aquaculture Market Size Report|
|Market Size in 2020||USD 199.5 Billion|
|Market Forecast in 2028||USD 278.6 Billion|
|Growth Rate||CAGR of 4.2%|
|Number of Pages||188|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Key Companies Covered||Blue Ridge Aquaculture, Nireus Aquaculture S.A., Cooke Aquaculture Inc., Cermaq ASA, the Waterbase Limited, Tassal Group Ltd., Selonda Aquaculture S.A., Zeal Aqua, NSF Certification UK Ltd, and Carter & Sons Ltd.|
|Segments Covered||By Type, By Application , By Process, and By Region|
|Historical Year||2017 to 2021|
|Forecast Year||2020 - 2028|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
The marine culture allows performing fish farming in salty water (such as seas and oceans). This segment is predicted to expand in upcoming years due to the increasing requirement for saltwater species amongst customers. Furthermore, brackish water farming may be a combination of fresh and saltwater. This segment of the worldwide aquaculture market is predicted to extend at a decent rate within the forecast period.
Carp is one of the leading product segments in this market. Carps are cultivated within the freshwater environment and are one among the majorly cultivated aquatic species during this market due to their compatibility with lesser ideal environmental conditions. Crustacean may be a high-value product thanks to high protein content. This has increased the demand for crustaceans to satisfy the need for nutritional seafood.
In 2016, Asia Pacific ruled the aquaculture market. China was the principal country within the Asia Pacific that accounted for above 58% shares of the entire aquaculture market in 2016. The weather like plentiful natural resources, inexpensive labor rates, and favorable weather is alleged to generate the high demand for aquaculture in China within the forecast period.
The report present comprehensive competitive outlook with company profiles of the key players operating in the global market. Key participants profiled in the report include Blue Ridge Aquaculture, Nireus Aquaculture S.A., Cooke Aquaculture Inc., Cermaq ASA, the Waterbase Limited, Tassal Group Ltd., Selonda Aquaculture S.A., Zeal Aqua, NSF Certification UK Ltd, and Carter & Sons Ltd.
The global Aquaculture Market was valued at USD 199.5 billion in 2020.
The global Aquaculture Market is expected to reach USD 278.6 billion by 2028, growing at a CAGR of 4.2% between 2021 to 2028.
Increasing urbanization and increasing the income of individuals has led to an increase in the consumption of protein-rich meats. the industry is expected to have a positive impact on the demand.
Asia Pacific is the leading market for aquaculture and is expected to witness rapid growth due to cheap labor, appropriate climatic conditions, and the availability of natural resources in this region.
Key manufacturers included in the study are Nireus Aquaculture S.A., Blue Ridge Aquaculture, Cermaq ASA, Cooke Aquaculture Inc., Tassal Group Ltd., The Waterbase Limited, Zeal Aqua, Selonda Aquaculture S.A., Carter & Sons Ltd and NSF Certification UK Ltd among others.