The aquaculture market in APAC is expected to grow from US$ 1,85,110.64 million in 2021 to US$ 2,48,205.92 million by 2028; it is estimated to grow at a CAGR of 4.3% from 2021 to 2028.
Recirculating Aquaculture Systems (RAS) is a technique that reuses the water several times and 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. The technology is based on the usage of biological and mechanical filters.
The RAS technology can be used with different intensities depending upon the amount of water that is reused or is recirculated. Some farms use the super-intensive farming systems that are installed in a closed insulated building that use approximately 300 liters of fresh water and sometimes lesser. Other systems are the traditional outdoor farms which have been rebuilt into a recirculated system that uses approximately 3m3 fresh water for a per kilo of fish that is produced in each year. RAS technology offers the advantage of controlling the temperature and other variables to maintain fish health and growth. The RAS equipment consists of components like pump, bio-filter, and a rotating drum filter that used for the collection of solids. Other components of the RAS equipment are carbon dioxide degasser, nitrate filter, sterilization points that are usually UV sterilized, a pH control, and alkalinity dosing system. The advantages such as control over the pH and carbon dioxide degassing have proven to be beneficial for the growth of the fishes. The RAS technology has also proven to be beneficial environmentally as it involves a very less amount of fresh water and recycles the same water repeatedly.
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.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the APAC aquaculture market. The APAC aquaculture market is expected to grow at a good CAGR during the forecast period.
APAC Aquaculture Market Revenue and Forecast to 2028 (US$ Million)
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- Request discounts available for Start-Ups & Universities
APAC Aquaculture Market Segmentation
APAC Aquaculture Market – By Product
- Aquatic Plants
- Fish
- Crustaceans
- Mollusca
- Others
APAC Aquaculture Market – By Culture Environment
- Fresh Water
- Brackish Water
- Marine Water
APAC Aquaculture Market, by Country
- Australia
- China
- India
- Japan
- South Korea
- Rest of APAC
APAC Aquaculture Market - Companies Mentioned
- Bakkafrost
- Cermaq Group AS
- Cooke Aquaculture, Inc.
- JBS S.A.
- Leroy Seafood
- Mowi ASA
- Stolt-Nielsen Limited
- Thai Union Group PCL
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Species, Nature, and Culture Environment
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Australia, China, Japan, South Korea
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. APAC Aquaculture Market Landscape
4.1 Market Overview
4.2 Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Competitive Rivalry
4.2.5 Threat of Substitutes
4.3 Expert Opinions
5. APAC Aquaculture Market – Key Industry Dynamics
5.1 Key Market Drivers
5.1.1 Significant Increase in Consumption of Seafood
5.1.2 Favourable Government Policies Boosting the Adoption of Aquaculture in APAC Region
5.2 Restraints
5.2.1 Harmful Impact on the Environment
5.3 Opportunity
5.3.1 RAS Technology Gaining Popularity
5.4 Future trends
5.4.1 Rising Need of Fish Oil in Various Industrial is Expected to Boost the Demand for Aquaculture
5.5 Impact Analysis of Drivers and Restraints
6. Aquaculture Market – APAC Analysis
6.1 APAC Aquaculture Market Overview
6.2 APAC Aquaculture Market Forecast and Analysis
7. APAC Aquaculture Market Analysis – by Product Type
7.1 Overview
7.2 APAC Aquaculture Market Breakdown, By Product Type, 2020 & 2028
7.3 Aquatic Plants
7.3.1 Overview
7.3.2 APAC Aquatic Plants Market Revenue Forecasts To 2028 (US$ Million)
7.4 Fish
7.4.1 Overview
7.4.2 APAC Fish Market Revenue Forecasts To 2028 (US$ Million)
7.5 Crustaceans
7.5.1 Overview
7.5.2 APAC Crustaceans Market Revenue Forecasts To 2028 (US$ Million)
7.6 Mollusca
7.6.1 Overview
7.6.2 APAC Mollusca Market Revenue Forecasts To 2028 (US$ Million)
7.7 Others
7.7.1 Overview
7.7.2 APAC Others Market Revenue Forecasts To 2028 (US$ Million)
8. APAC Aquaculture Market Analysis – By Culture Environment
8.1 Overview
8.2 APAC Aquaculture Market Breakdown, By Culture Environment, 2020 & 2028
8.3 Fresh Water
8.3.1 Overview
8.3.2 APAC Fresh Water Aquaculture Market Revenue Forecasts To 2028 (US$ Million)
8.4 Brackish Water
8.4.1 Overview
8.4.2 APAC Brackish Water Aquaculture Market Revenue Forecasts To 2028 (US$ Million)
8.5 Marine Water
8.5.1 Overview
8.5.2 APAC Marine Water Aquaculture Market Revenue Forecasts To 2028 (US$ Million)
9. APAC Aquaculture Market – Country Analysis
9.1 Overview
9.1.1 APAC Aquaculture Market Breakdown, by Key Countries
9.1.1.1 Australia Aquaculture Market Revenue Forecasts to 2028 (US$ Million)
9.1.1.1.1 Australia Aquaculture Market Breakdown by Product Type
9.1.1.1.2 Australia Aquaculture Market Breakdown by Culture Environment
9.1.1.2 China Aquaculture Market Revenue Forecasts to 2028 (US$ Million)
9.1.1.2.1 China Aquaculture Market Breakdown by Product Type
9.1.1.2.2 China Aquaculture Market Breakdown by Culture Environment
9.1.1.3 India Aquaculture Market Revenue Forecasts to 2028 (US$ Million)
9.1.1.3.1 India Aquaculture Market Breakdown by Product Type
9.1.1.3.2 India Aquaculture Market Breakdown by Culture Environment
9.1.1.4 Japan Aquaculture Market Revenue Forecasts to 2028 (US$ Million)
9.1.1.4.1 Japan Aquaculture Market Breakdown by Product Type
9.1.1.4.2 Japan Aquaculture Market Breakdown by Culture Environment
9.1.1.5 South Korea Aquaculture Market Revenue Forecasts to 2028 (US$ Million)
9.1.1.5.1 South Korea Aquaculture Market Breakdown by Product Type
9.1.1.5.2 South Korea Aquaculture Market Breakdown by Culture Environment
9.1.1.6 Rest of APAC Aquaculture Market Revenue Forecasts to 2028 (US$ Million)
9.1.1.6.1 Rest of APAC Aquaculture Market Breakdown by Product Type
9.1.1.6.2 Rest of APAC Aquaculture Market Breakdown by Culture Environment
10. Impact of COVID-19 Pandemic on APAC Aquaculture Market
10.1 APAC: Impact Assessment of COVID-19 Pandemic
11. Company Profiles
11.1 JBS S.A.
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 Bakkafrost
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 Cermaq Group AS
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 Cooke Aquaculture Inc.
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 Lerøy Seafood
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 Mowi ASA
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 Stolt-Nielsen
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
11.8 Thai Union Group PCL.
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Products and Services
11.8.4 Financial Overview
11.8.5 SWOT Analysis
11.8.6 Key Developments
12. Appendix
12.1 About The Insight Partners
12.2 Glossary
LIST OF TABLES
Table 1. APAC Aquaculture Market Revenue Forecasts to 2028 (US$ Million)
Table 2. Australia Aquaculture Market Revenue and Forecasts to 2028 – By Product Type (US$ Million)
Table 3. Australia Aquaculture Market Revenue and Forecasts to 2028 – By Culture Environment (US$ Million)
Table 4. China Aquaculture Market Revenue and Forecasts to 2028 – By Product Type (US$ Million)
Table 5. China Aquaculture Market Revenue and Forecasts to 2028 – By Culture Environment (US$ Million)
Table 6. India Aquaculture Market Revenue and Forecasts to 2028 – By Product Type (US$ Million)
Table 7. India Aquaculture Market Revenue and Forecasts to 2028 – By Culture Environment (US$ Million)
Table 8. Japan Aquaculture Market Revenue and Forecasts to 2028 – By Product Type (US$ Million)
Table 9. Japan Aquaculture Market Revenue and Forecasts to 2028 – By Culture Environment (US$ Million)
Table 10. South Korea Aquaculture Market Revenue and Forecasts to 2028 – By Product Type (US$ Million)
Table 11. South Korea Aquaculture Market Revenue and Forecasts to 2028 – By Culture Environment (US$ Million)
Table 12. Rest of APAC Aquaculture Market Revenue and Forecasts to 2028 – By Product Type (US$ Million)
Table 13. Rest of APAC Aquaculture Market Revenue and Forecasts to 2028 – By Culture Environment (US$ Million)
Table 14. Glossary of terms, APAC Aquaculture Market
LIST OF FIGURES
Figure 1. APAC Aquaculture Market Segmentation
Figure 2. APAC Aquaculture Market Segmentation – By Country
Figure 3. APAC Aquaculture Market Overview
Figure 4. Marine Water Segment Held Largest Share in the APAC Aquaculture Market
Figure 5. Asia-Pacific Held the Largest Share in the APAC Aquaculture Market
Figure 6. Porter's Five Forces Analysis
Figure 7. Expert Opinion
Figure 8. APAC Aquaculture Market Impact Analysis of Driver and Restraints
Figure 9. APAC Aquaculture Market Forecast and Analysis, (US$ Million)
Figure 10. APAC Aquaculture Market Breakdown by Product Type, 2020 & 2028 (%)
Figure 11. APAC Aquatic Plants Market Revenue Forecasts To 2028 (US$ Million)
Figure 12. APAC Fish Market Revenue Forecasts To 2028 (US$ Million)
Figure 13. APAC Crustaceans Market Revenue Forecasts To 2028 (US$ Million)
Figure 14. APAC Mollusca Market Revenue Forecasts To 2028 (US$ Million)
Figure 15. APAC Others Market Revenue Forecasts To 2028 (US$ Million)
Figure 16. APAC Aquaculture Market Breakdown by Culture Environment, 2020 & 2028 (%)
Figure 17. APAC Fresh Water Aquaculture Market Revenue Forecasts To 2028 (US$ Million)
Figure 18. APAC Brackish Water Aquaculture Market Revenue Forecasts To 2028 (US$ Million)
Figure 19. APAC Marine Water Aquaculture Market Revenue Forecasts To 2028 (US$ Million)
Figure 20. APAC Aquaculture Market, by Key Country - Revenue (2020) (US$ Million)
Figure 21. APAC Aquaculture Market Breakdown by Key Countries, 2020 & 2028 (%)
Figure 22. Australia Aquaculture Market Forecasts to 2028 (US$ Million)
Figure 23. China Aquaculture Market Forecasts to 2028 (US$ Million)
Figure 24. India Aquaculture Market Forecasts to 2028 (US$ Million)
Figure 25. Japan Aquaculture Market Forecasts to 2028 (US$ Million)
Figure 26. South Korea Aquaculture Market Forecasts to 2028 (US$ Million)
Figure 27. Rest of APAC Aquaculture Market Forecasts to 2028 (US$ Million)
Figure 28. Impact of COVID-19 Pandemic in APAC Country Markets
- Bakkafrost
- Cermaq Group AS
- Cooke Aquaculture, Inc.
- JBS S.A.
- Leroy Seafood
- Mowi ASA
- Stolt-Nielsen Limited
- Thai Union Group PCL
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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