Aquaculture Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Culture Environment (Freshwater, Marine Water, and Brackish Water) and Product Type (Fish, Aquatic Plants, Crustaceans, Mollusca, and Others)
Publication Month: Jan 2022 | Report Code: TIPRE00005135 | No. of Pages: 165 | Category: Food and Beverages | Status: Published
The aquaculture market was valued at US$ 267,423.64 million in 2021 and is projected to reach US$ 357,903.27 million by 2028 and is expected to grow at a CAGR of 4.3% from 2021 to 2028.
Aquaculture is the cultivation of various species of aquatic animals such as fish, crustaceans, mollusca, and algae. In aquaculture, the aquatic animals are farmed in cultural environments, including freshwater, marine water, and brackish water. It is a sustainable method of cultivation that meets the demand for seafood for human consumption without hampering aquatic biodiversity.Asia Pacific held the largest market share in 2020 and is projected to grow at the fastest CAGR in the global aquaculture market from 2021 to 2028. The fish production rate is much higher than fish consumption in countries such as China and India. Moreover, China serves the national and international aquaculture market with its huge production capacity. Asia Pacific has evolved as the largest producer and exporter of aquaculture products. Fisheries and aquaculture production is one of the major contributors to national economies across Asia Pacific. All these factors are primarily driving the growth of the aquaculture market across Asia Pacific.
Strategic Insights
Impact of COVID-19 Pandemic on Aquaculture Market
Many sectors, including the food & beverages industry, faced unexpected challenges due to the ongoing COVID-19 pandemic. Various restrictions such as lockdowns, the shutdown of manufacturing units, travel bans, and border restrictions disrupted the global supply chains. This also led to a shortage of raw materials and labor. Due to the closure of restaurants and hotels, the demand for high-value fresh fish and aquatic food also declined, which hampered the growth of the aquaculture market. However, the global aquaculture market is expected to witness positive growth in the coming years owing to the rising vaccination rates and relaxation of restrictions imposed by the governments of different countries. Moreover, as the manufacturing firms are permitted to operate with full capacity, the sector is witnessing positive recovery rates propelling market growth.Aquaculture Market Breakdown: By Region
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Market Insights
Favorable Government Initiatives Boosting Adoption of Aquaculture Globally
Government initiative and favorable policies play an important role in generating a suitable environment for entities involved in aquaculture. It includes research, legal framework, and infrastructure for aquaculture. The Food and Agriculture Organization of the United Nations (UN FAO) has acknowledged a gap between seafood supply and demand for the future. It is forecasted that the demand for seafood by 2030 will exceed 260 million tonnes, and the estimated supply by the current production rate will be 210 million tonnes. Thus, aquaculture is considered a capable source to meet the increased demand for seafood. Also, with the increase in the demand for seafood, there are few certifications and standards associated with seafood production for a sustainable environment.Culture Environment-Based Insights
Based on culture environment, the aquaculture market is categorized into freshwater, marine water, and brackish water. The brackish water segment is expected to register the highest CAGR in the market during the forecast period. Brackish water has more salinity than freshwater, but not as seawater. Brackish water is a waste product of the salinity gradient power process, and natural brackish water can be found globally in coastal areas, forming in different ways. The most well-known sources of brackish water are estuaries. Various types of fish such as tiger shrimp (Penaeus monodon), mud crab (Scylla serrata), and milkfish are raised in brackish water. Brackish water fish farming also focuses on producing quality fin and shellfish in creeks, lagoons, and estuaries.Aquaculture Market, by Culture Environment – 2020 and 2028
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Product Type-Based Insights
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. The demand for fish is driven by increased awareness about the health benefits associated with seafood. For instance, fish is a high source of vitamins, minerals, and proteins and provides numerous health benefits. Fish provides fatty acids, which help reduce the risk of cardiovascular diseases and contribute to brain and vision development. In addition, growth in population and extensive availability of different fish species are expected to boost the demand for fish during the forecast period. Additionally, other factors such as changing lifestyles, rise in disposable income, and consumer preferences for diet is likely to support the growth of the fish market during the forecast period.A few players operating in the aquaculture market include Cermaq Group AS; P/F Bakkafrost; Blue Ridge Aquaculture, Inc.; Danish Salmon A/S; Farallon Aquaculture Group; Cooke Aquaculture, Inc.; Leroy Seafood Group ASA; Stolt-Nielsen Limited; Mowi ASA; and Thai Union Group PCL. These companies are engaged in providing a comprehensive line of product portfolio aquaculture products. They also operate their cultivation facilities for aquaculture products in various countries worldwide to cater to a wider customer base.Report Spotlights
- Progressive industry trends in the aquaculture market to help players develop effective long-term strategies
- Business growth strategies adopted by developed and developing markets
- Quantitative analysis of the aquaculture market from 2019 to 2028
- Estimation of global demand for aquaculture
- Porter’s five forces analysis to illustrate the efficacy of buyers and suppliers operating in the industry
- Recent developments to understand the competitive market scenario
- Market trends and outlook as well as factors driving and restraining the growth of the aquaculture market
- Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
- The size of the aquaculture market size at various nodes
- Detailed overview and segmentation of the market, as well as the aquaculture industry dynamics
- Size of the aquaculture market in various regions with promising growth opportunities
Frequently Asked Questions
In 2018, Asia Pacific region held the largest market share in the global aquaculture market. The production and consumption rate of seafood is expanding rapidly with China and India being the major markets for the aquaculture industry. The Asia Pacific has evolved as the largest consumers and exporter of aquaculture products. Fisheries and aquaculture production highly contributor to national economies across the Asia-Pacific region over the past few years.
Based on species, aquatic plants segment is anticipated to register the fastest CAGR over the projected period. Aquatic plants are used as food and raw materials for building materials, industrial processes, and manure in agriculture. These plants absorb minerals and enrich the water with oxygen produced during photosynthesis. These properties of aquatic plants are beneficial as they assist in the maintenance of clean water and also help in preventing water pollution. They are also a source of bioenergy, biomass, and human & animal food. Moreover, marine, and freshwater aquatic plants are extensively used as livestock fodder, fertilizer, compost, mulch, and bioremediation.
Marine aquaculture involves the cultivation of marine organisms for food and other products in the open ocean or in tanks and ponds which are filled with seawater. The different type of fishes raised in the marine aquaculture includes finfish and shellfish like prawns, or oysters and seaweed in saltwater ponds.
Recirculating Aquaculture Systems (RAS) is a technique that reuses the water several times that passes the water through treatment processes to eliminate waste and restore the quality of water. It is a technology that is used for the farming of fishes and other aquatic species by reusing the water for production. The technology is based on the usage of biological and mechanical filters. The advantages such as the control over the pH and carbon dioxide degassing have proven to be beneficial for the growth of the fishes. Thus, the aforementioned benefits associated with the adoption of RAS technology in fish production is driving the global aquaculture market.
The major players operating in the global aquaculture market are Bakkafrost, Blue Ridge Aquaculture, Inc., Cermaq Group AS, Cooke Aquaculture Inc., Danish Salmon A/S, Farallon Aquaculture Group, FIFAX AB, HESY Aquaculture B.V., Lerøy, Mowi ASA, NIRI AS, Selonda Aquaculture SA, Stolt-Nielsen Limited, TASSAL, and Thai Union Group PCL among many others.
In 2019, Bakkafrost purchased all outstanding shares of North Landing Ltd. In order to form a base of operation in the US and enhance their abilities to serve our customers. Also, in 2019, Cooke acquired Farallon Aquaculture de Nicaragua, which is a vertically integrated farmer and a supplier of frozen shrimp across Asia, Europe and the US.
The List of Companies - Global Aquaculture Market
- WH Group
- JBS S.A.
- P/F Bakkafrost
- Blue Ridge Aquaculture, Inc.
- Danish Crown
- Cooke Aquaculture, Inc.
- Leroy Seafood Group ASA
- Stolt-Nielsen Limited
- Mowi ASA
- Thai Union Group PCL
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global aquaculture market, thereby allowing players to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
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