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WASHINGTON, March 16, 2023 (GLOBE NEWSWIRE) — Global Aquaculture Market is valued at USD 289.6 Billion in 2022 and is projected to reach a value of USD 421.2 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 5.5% over the forecast period 2023-2030.
One of the main drivers expected to propel the global Aquaculture market throughout the forecast period is the volume of fish caught, which is diminishing quickly. The worldwide Aquaculture business is driven by public awareness of the benefits of fish and its derivation products.
We forecast that the freshwater category in Aquaculture market sales will account for more than 46% of total sales by 2030. Freshwater supports ecosystems and human civilizations, making it essential for life. Many areas of everyday life, such as food security, electricity production, industrial, and cleaning, depend on freshwater.
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Expanded Reality Adoption Across the Supply Chain will Increase to Support Market Expansion.
Technology advancements are a crucial trend gaining popularity in the Aquaculture industry. An Australian government research company created an augmented reality (AR) tool that uses cutting-edge swimming pool and animal sensor systems, data modeling, the newest data interactions, tactical awareness, and information retrieval to provide an instantaneous understanding of crucial water quality indicators like pH and dissolved oxygen, among others. As a result, it contributes to increasing the Aquaculture market’s revenue.
Rising Seafood demand is Expected to Propel market growth in the Coming Years
Seafood includes lobsters, crabs, mussels, and occasionally other marine life. It includes aquatic creatures from both salt and freshwater that can be eaten. The rising prices for seafood play a part in the growing significance of Aquaculture in the fish supply. Some varied cultural traditions also place a strong emphasis on eating fish. Fish has an excellent nutritional profile in terms of its beneficial effects on health due to its high levels of protein, vitamins, fatty acids, micronutrients, and minerals.
Top Players in the Global Aquaculture Market
- Alpha Group Ltd. (Canada)
- Aquaculture Technologies Asia Limited (Hong Kong)
- Cermaq Group AS (Mitsubishi Corporation) (Norway)
- Cooke Aquaculture (Canada)
- Leroy Seafood Group ASA (LEROY) (Norway)
- Marine Harvest ASA (Marine) (Norway)
- Nippon Suisan Kaisha Ltd. (Japan)
- P/F Bakkafrost (Faroe Islands)
- ASSAL Group Limited (Australia)
- Thai Union Group PLC (UNION Thailand)
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Top Trends in Global Aquaculture Market
- One trend that Vantage Market Research (VMR) expects to see in the Aquaculture industry is the rising use of fish as a meal. The health benefits of omega-3 fatty acids, which are abundant in fish, include lowering the risk of heart attacks, minimizing depression, preventing pediatric pneumonia, and improving brain function. Other necessary minerals and vitamins are also abundant in fish. These variables are expected to raise fish demand, hastening market expansion during the anticipated time.
- Another trend that VMR predicts will continue in the Aquaculture industry is its increased practices provide a sustainable source of seafood with low gas emissions. Aquaculture is a sustainable farming method when compared to other farming methods. Compared to chicken, pork, and beef, seafood offers higher nitrogen retention and has the smallest feed conversion ratio. Additionally, Aquaculture has fewer emissions of greenhouse gases than other farming methods. The need for animal protein is anticipated to rise dramatically along with the increase in the global population. Sustainable Aquaculture stands out as a viable option in light of the growing attention on finding environmentally sound ways to feed the world’s population. These elements are anticipated to support market expansion.
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Top Report Findings
- Based on Rearing Product Type, the equipment category controls most of the Aquaculture market’s revenue. To create aquatic organisms and animals, these tools are essential. The need for such equipment is anticipated to increase because of the rising popularity of seafood and the fish drop caught.
- Based on the Culture, the freshwater category controls most of the Aquaculture market’s revenue. Market revenue is ascribed to Aquaculture’s rapid development as a workable replacement for the uncontrolled fishery. Natural freshwater sources include icecaps, crampons, ice caps, bogs, wetlands, pools, rivers, and streams. Water sources and subsurface streams contain freshwater as well. River, trout, and Westerlund are the three most prevalent types of freshwater fish.
- Based on Species, most of the Aquaculture market’s revenue is controlled by the aquatic animal category. Any animal, whether a mammal or an invertebrate, that spends all or a large portion of its life in water is considered aquatic. Aquatic creatures are crucial to both the ecosystem and daily life for humans. The fact that aquatic animals are living things that offer humans resources like food, medication, electricity, refuge, and natural resources for daily life makes them important.
- Based on Product Type, most of the Aquaculture market’s revenue is controlled by the large & medium-scale categories. However, Aquaculture’s economy mostly depends on large and medium-scale operations. They are significantly more numerous than large businesses, employ a sizable workforce, and are typically innovative, helping to create development.
Freshwater Category in Aquaculture Market to Generate Over A Huge Revenue during the Forecast Timeline
For better understanding, based on the culture, the Aquaculture market is divided into Freshwater, Brackish water, and Marine.
During the forecast period, the Aquaculture market is anticipated to experience the highest CAGR for the freshwater category. As a result of artificial freshwater ecosystems created in ponds, raceways, and cages. Raising marine creatures like chinook, mussels, crustaceans, and mussels is called marine water Aquaculture. Sea ranching, intense Aquaculture, and rack & line farming are a few different marine aquaculture types. The kind of fish or shellfish one wants to raise determines which approach to use.
On the other hand, the Marine category is anticipated to grow significantly. Raising marine creatures like fish, crabs, shrimp, and snails are called marine water Aquaculture. Sea ranching, intense farming, and racking & line farming are a few different marine aquaculture types. Which of these approaches is chosen depends on the kind of fish or shellfish that will be raised.
Asia Pacific Region in Aquaculture Market to Generate More most of the Global Revenue
The Asia Pacific region dominates the market throughout the projection period. The demand for businesses in the Asian-Pacific region is influenced by population increase, economic growth, and sociological factors, including traditional fish consumption patterns. The Aquaculture sector is expected to expand rapidly because of the area’s good environment and wealth of natural resources. Now that more space is available for the profession, there is an increasing need for cutting-edge solutions that can assist in producing higher-quality products and increasing the effectiveness of operations.
North America is projected to be the fastest-growing region because the government has supported its growth. Species that have significantly aided in the development of the industry, such as rainbow trout and mollusks, notably hard clams, oysters, and mussels, are also anticipated to fuel future market growth in the region. The North American Aquaculture markets with the highest market shares were those in the United States and Canada.
Browse market data Tables and Figures spread through 149 Pages and in-depth TOC on Aquaculture Market Forecast Report (2023-2030).
Recent Developments in the Global Aquaculture Market
- In March 2022-For the introduction of Genetically Improved Farmed Tilapia (GIFT) to Nigeria, WorldFish announced that it had reached a fully legal agreement with Premium Aquaculture Limited. Nigeria will be able to form a GIFT-based corporation due to this agreement.
- In August 2021-Singapore Aquaculture Technologies received funding from Siemens. Most of the equity investment was made through Siemens Project Ventures GmbH by Siemens Financial Services (SFS), the company’s financing arm. The cooperation of Siemens displays its dedication to being the leading provider of high-end fish products and data- and AI-driven Aquaculture solutions under the BluCurrent brand.
Global Aquaculture Market Segmentation
By Rearing Product Types
- Brackish water
- Aquatic plants
- Aquatic animals
By Production Types
- Small Scale
- Large & Medium Scale
- North America
- United States
- Rest of Europe
- Asia Pacific
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
|Market Size in 2022||USD 289.6 Billion|
|Revenue Forecast by 2030||USD 421.2 Billion|
|CAGR||5.5% from 2023 to 2030|
|Forecast Year||2023 to 2030|
|Key Players||Alpha Group Ltd., Aquaculture Technologies Asia Limited, Cermaq Group AS (Mitsubishi Corporation), Cooke Aquaculture, Leroy Seafood Group ASA (LEROY), Marine Harvest ASA (Marine), Nippon Suisan Kaisha Ltd., P/F Bakkafrost, ASSAL Group Limited, Thai Union Group PLC|
|Customization Options||Customized purchase options are available to meet any research needs. Explore customized purchase options|
Key Questions Answered in the Report:
- What is the current state of the global aquaculture market, and what are the major trends driving its growth or constraining its development?
- What are the major types of aquaculture products, and how are they used in various applications such as food, pharmaceuticals, cosmetics, and agriculture?
- Who are the major players in the aquaculture industry, and what are their strategies for growth and differentiation in the marketplace?
- What are the major challenges facing the aquaculture industry, such as disease outbreaks, environmental concerns, regulatory issues, and supply chain disruptions?
- What are the key market opportunities for aquaculture businesses in different regions and market segments, and how can they position themselves for success in these markets?
- What are the latest technological advancements in aquaculture production, such as automation, genetics, nutrition, and sustainability, and how are they impacting the industry?
- What are the key factors that will shape the future of the aquaculture industry, such as changing consumer preferences, trade policies, climate change, and innovations in biotechnology?
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