Marine Water Segment to Dominate Europe Aquaculture Market during 2020–2028
According to The Insight Partners market research study on “Europe Aquaculture Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Product Type and Culture Environment” is expected to reach US$ 45,918.99 million by 2028 from 35,433.63 US$ million in 2021. The market is estimated to grow at a CAGR of 3.8% from 2021 to 2028. The report provides trends prevailing in the Europe aquaculture market along with the drivers and restraints pertaining to the market growth. Suitable initiatives by governments is boosting the adoption of aquaculture is the major factor driving the growth of the Europe aquaculture market. However, issues associated with bad impact on environment hinders the growth of Europe aquaculture market.
Europe 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 Europe aquaculture market is segmented into France, Germany, Italy, UK, Russia, and rest of Europe. Rest of Europe held the largest market share in 2020.
In Europe, France, Russia, the UK, Italy, and Germany are among the worst-hit countries by the COVID-19 pandemic. These countries suffered from economic downfall due to restrictions on industrial activities because of lockdowns and border restrictions. The demand for seafood products declined significantly due to various restrictions imposed by the governments. Moreover, due to business shutdowns, there was a shortfall in production and supply which hampered the aquaculture industry across the region. However, the regional market is witnessing a positive recovery with the rising vaccination rates. Moreover, with the relaxation of border restrictions, the companies relying on exports are gradually recovering.
Bakkafrost; Cermaq Group AS; Cooke Aquaculture, Inc.; Danish Salmon; JBS S.A.; Leroy Seafood; Mowi ASA; Stolt-Nielsen Limited; and Thai Union Group PCL are among the leading companies in the Europe aquaculture market.
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