Marine Water Segment to Dominate APAC Aquaculture Market during 2020–2028
According to The Insight Partners market research study on “APAC Aquaculture Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Product Type and Culture Environment” is expected to reach US$ 2,48,205.92 million by 2028 from 1,85,110.64 US$ million in 2021. The market is estimated to grow at a CAGR of 4.3% from 2021 to 2028. The report provides trends prevailing in the APAC aquaculture market along with the drivers and restraints pertaining to the market growth. RAS technology gaining popularity is the major factor driving the growth of the APAC aquaculture market. However, issues associated with bad impact on environment hinders the growth of APAC aquaculture market.
APAC aquaculture market is segmented into product type, culture environment, and country. Based on product type, the aquaculture market is segmented into fish, aquatic plants, crustaceans, mollusca, and others. The fish segment accounted for the largest market share in 2020. Based on culture environment, the aquaculture market is categorized into freshwater, marine water, and brackish water. Marine water segment held the largest market share in 2020. Based on country, the APAC aquaculture market is segmented into Australia, China, India, Japan, South Korea, and rest of APAC. China held the largest market share in 2020.
The COVID-19 pandemic severely affected many industries across APAC, including the food & beverages industry. Due to the shutdown of manufacturing units, disruption of supply chains, and labor shortage, the APAC aquaculture industry got severely hampered. Moreover, APAC is one of the leading exporters of seafood to different international markets. Due to border restrictions, the seafood product export also declined during the initial months of the pandemic. However, China was the first in the APAC countries to recover from losses due to rapid vaccination and effective government regulations. This is projected to positively impact the growth of the aquaculture market over the next few years. As manufacturers are permitted to operate with full capacity now, the production and supply of seafood products are likely to increase significantly as well, driving the aquaculture market across APAC during the forecast period.
Bakkafrost; Cermaq Group AS; Cooke Aquaculture, Inc.; JBS S.A.; Leroy Seafood; Mowi ASA; Stolt-Nielsen Limited; and Thai Union Group PCL are among the leading companies in the APAC aquaculture market.
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