Pune, India, May 19, 2023 (GLOBE NEWSWIRE) -- The global aquaculture market will experience promising growth backed by the rising marine sector across the globe. This information is published by Fortune Business Insights, in its latest report, titled “Aquaculture Market Size, Share & Industry Analysis, and Regional Forecast, 2023-2030.”
Aquaculture is a simple process of breeding, rearing, and harvesting water species that include both animals, and plants. These species are taken care of in controlled environments such as oceans, lakes, rivers, and ponds. With 70% of the world covered with water, humans have heavily exploited the water sources for the production of food. Moreover, apart from the food production source, aquaculture also serves the purpose of restoration of endangered water species, enhancement of wild stock population, beautification of aquatic species by building aquariums, and their natural habitat restoration.
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List of Companies Operating in the Aquaculture Market are:
- Nireus SA, Ltd.
- Tongwei Group Co.
- P/F Bakkafrost
- Stoly Sea Farm SA
- Thai Union Group PCL
- Dainichi Corporation
- MOWI ASA
- Nippon Suisan Kaisha Ltd.
- Austevoll Seafood ASA
- SalMar ASA
- Cooke Aquaculture, Inc.
- Norway Royal Salmon ASA
- Tassal Group Ltd.
- Multiexport Foods SA
- Camanchaca SA
- Kyokuyo Co., Ltd.
- Surapon Foods Company Limited
- Maruha Nichiro Corporation
Report Scope and Segmentation-
| ATTRIBUTE | DETAILS |
| Forecast Period | 2023-2030 |
| Historical Data | 2019- 2021 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Aquaculture Market Growth Drivers | Robust Growth of Marine and Associated Sectors, Growing Demand for Organic Food Products, and Expanding Agricultural Sectors across the Globe |
| High Cost of Production and Stringent Government Regulations for Organic Farming |
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Aquaculture, also known as aquafarming, is the farming of aquatic organisms such as fish, shellfish, and plants under controlled conditions. It involves the cultivation of aquatic organisms in both freshwater and saltwater environments and is used to produce food, commercial products, and for restocking natural aquatic environments.
Aquaculture is a rapidly growing industry, as it provides a means of producing food and other products to meet the increasing demand for seafood and aquatic products worldwide. It can also provide economic benefits to communities, especially in developing countries. However, there are concerns about the environmental impact of aquaculture, including the use of antibiotics and other chemicals, disease outbreaks, and the potential for escape of non-native species into natural ecosystems. As such, responsible and sustainable aquaculture practices are important for minimizing these impacts.
What Does the Aquaculture Market Report Include?
The market report includes detailed information on the growth parameters such as the drivers, challenges, opportunities, and restraints that the market will go through during the forecast period. Furthermore, it provides qualitative and quantitative details about the regional demographics present in the market. Moreover, the competitive landscape includes in-depth information of the companies proliferating in the market and the strategies such as mergers and acquisitions, product launches, and collaborations adopted by them to gain market presence.
Drivers and Restraints:
Increasing Job Opportunities to Favor Growth
Aquaculture is a vital sector that promotes sustainable growth to every economy. For instance, Kenyan Fisheries Principal Secretary, Micheni Ntiba states, “Aquaculture has tremendously contributed to the growth of fish production in our country.” Moreover, he also indicated that the fisheries sector directly or indirectly, has the potential of generating about 10 million jobs for the population. Increasing job opportunities in aquaculture is expected to boost the growth of the market during the forecast period. Additionally, private sector investments in mariculture, seaweed farming, and others will contribute to the growth of the market during the projected horizon.
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Key Segments Analysis:
By Type
- Fish
- Seaweed
- Crustaceans (crabs, lobsters, crayfish, shrimps, prawns, and others)
By Water Environment
- Fresh Water
- Marine Water
By Geography
Regional Analysis:
Increasing Demand for Seafood Will Boost Demand in Asia-Pacific
Among the regions, Asia-Pacific is anticipated to emerge with tremendous potential for the market during the forecast period. This is attributable to factors such as increasing demand for seafood among the population. Furthermore, significance of fish and other aquatic species in food, agriculture, and health sectors is expected to drive the growth of the market in Asia-Pacific. Moreover, Asia-Pacific being an agricultural region and more than 60% people depending on the agricultural sector will contribute to the growth of the market during the projected horizon. In addition to this, increasing modernization and industrialization is likely to drive the growth of the market between 2019 and 2026.
Competitive Landscape:
Atlantic Sea Farms Launch of New Products Will Surge Demand
Atlantic Sea farms, in April 2019, announced that it would be launching new sea-based products for the USA market. The products introduced by them include seaweed kimchi, sea-beet kraut, and others to cater to the demand of the people looking for aquatic products. The companies are striving to gain major market presence during the forecast period. Adoption of strategies such as product launches, and collaboration by the key players to gain major aquaculture market revenue will positively affect the growth of the market in the forthcoming years. Below is a key industrial development for the market:
Industrial Developments:
- November 2019: Van Cleve Seafood Co., a leading gourmet seafood company, announces that it will launch new plant-based seafood category. The company will cater to its U.S. customers looking for conventional seafood and plant-based products.
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