Global Aquaculture Products market is slated to accrue revenue worth nearly 56.38 (USD Billion) by 2026 and record the CAGR of about 7.4% over the period from 2020 to 2026.
Aquaculture Products Market
The global Aquaculture Products market is slated to accrue revenue worth nearly 56.38 (USD Billion) by 2026 and record the CAGR of about 7.4% over the period from 2020 to 2026. The report offers assessment and analysis of the Aquaculture Products market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, sales estimates, opportunities, evolving trends, and industry-validated data. The report offers historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion).
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.
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 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.
The global aquaculture products market is segmented as follows:
By Production Type
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 CAGR of the industry is expected to be nearly over 7.4% during the forecast timeline.
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.