Market Size in 2023 | Market Forecast in 2032 | CAGR (in %) | Base Year |
---|---|---|---|
USD 3.50 Billion | USD 9.03 Billion | 11.1% | 2023 |
Zion Market Research has published a report on the global Aquaculture Products Market, estimating its value at USD 3.50 Billion in 2023, with projections indicating that it will reach USD 9.03 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 11.1% over the forecast period 2024-2032.
The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Aquaculture Products industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.
Aquaculture is the farming of aquatic plants and fish, mollusks, crustaceans, and other aquatic organisms. Aquaculture products including fish, molluscs, and crustaceans contributed nearly 40% of aquatic animal food for human consumption in year 2007 and is expected to increase for fulfilling the future food demand. Among the aquatic products shellfish and herbivorous & omnivorous pond fish species contribute majorly towards the market share. The rapid surge in the production of carnivorous fish types including salmon, shrimp, and catfish has enriched globalizing trade and raised the economics of scale for intensive fish farming.
Furthermore, most of aquaculture systems depend on low-cost eco-friendly goods and services, and this will have positive impact on the aquaculture product business. This will prompt the demand for aquaculture products in the years to come.
A prominent surge in the seafood business is likely to impel the growth of aquaculture products market over the years ahead. Apart from this, an increase in the smart fish farming activities and large-scale intake of fish due to its enhanced nutritive value is likely to boost the market trends. Favorable government policies encouraging the fishing business will prompt the growth of the aquaculture products market over the forecast timeline.
Furthermore, integration of farming, aquaculture, fishing activities, and ecosystem management events are likely to influence the growth of aquaculture products industry over the forecast timespan. As per NCBI, implementation of aquaculture-based fishing activities across twenty-seven countries including 80 fish species and 2 million tons of fish products yield will steer the market growth over the forecast timeframe. Apparently, development of new aquaculture products from varied marine species will further enlarge the market size in the years ahead. Growing demand for cod-liver oil and selective breeding of fish for enhancing farmed fish stock performance & traits will expand the business scope within the span of next few years.
Report Attributes | Report Details |
---|---|
Report Name | Aquaculture Products Market |
Market Size in 2023 | USD 3.50 Billion |
Market Forecast in 2032 | USD 9.03 Billion |
Growth Rate | CAGR of 11.1% |
Number of Pages | 110 |
Key Companies Covered | Selonda SA, AKVA group, Nireus, Pentair plc, Aquaculture Systems Technologies LLC, Xylem, Pioneer Group, Tassal, Intl Fish Farming, luxsol.ru, ASAKUA, Thai Union Group PCL, Lifegard Aquatics, CPI Equipment Inc., Aquafarm Equipment AS, Eastern Fish Company, Huon Aqua, GRUPO NUEVA PESCANOVA, Frea Aquaculture Solutions ApS, Reef Industries, Inc., Tan International, Aquaculture of Texas Inc., Cooke Aquaculture, Cermaq, Lerøy, Grupo Farallon Aquaculture, Bakkafrost, Marine Harvest, Stolt-Nielsen, and Blue Ridge Aquaculture Inc |
Segments Covered | By Rearing Product Type, By Species, By Production Type, By Culture And By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Base Year | 2023 |
Historical Year | 2018 to 2022 |
Forecast Year | 2024 - 2032 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
The regional market expansion during the forecast timeline is owing to reformation of aquaculture practices, economic development, flexible regulations, and large-scale export of fish from countries like Thailand, China, Vietnam, Indonesia, and India. Moreover, China is the largest manufacture of the aquaculture products and this will further steer the regional market trends.
Key players influencing the market growth include -
The global aquaculture products market is segmented as follows:
By Species
By Production Type
By Culture
By Region
FrequentlyAsked Questions
The key growth drivers that will leverage the market growth include increase in the smart fish farming activities and large-scale intake of fish due to its enhanced nutritive value.
The market is expected to expand at a compound annual growth rate (CAGR) of 11.1% over the forecast period 2024-2032.
Asia Pacific will contribute remarkably towards the global market share over the estimated timeline.
The key market players include AKVA group, Pentair plc, Aquaculture Systems Technologies LLC, Xylem, Pioneer Group, luxsol.ru, ASAKUA, CPI Equipment Inc., Eastern Fish Company, Huon Aqua, GRUPO NUEVA PESCANOVA, Intl Fish Farming, Lifegard Aquatics, Frea Aquaculture Solutions ApS, Reef Industries, Inc., Tan International, Aquaculture of Texas Inc., Aquafarm Equipment AS, Cooke Aquaculture, Cermaq, Lerøy, Grupo Farallon Aquaculture, Bakkafrost, Marine Harvest, Stolt-Nielsen, Selonda SA, Thai Union Group PCL, Tassal, Nireus, and Blue Ridge Aquaculture Inc.
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