Pune, India., Nov. 29, 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 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 is 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, and beautification of aquatic species by building aquariums, and their natural habitat restoration.
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List of Key Players Profiled in the Aquaculture Market Report:
- 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 & Segmentation:
| Report Attribute | Details |
| Base Year | 2022 |
| Historical Year | 2019 – 2021 |
| Forecast Year | 2023 – 2030 |
| Segments Covered | By Seeding Type, By Application, By End-Use, By Geography |
| Forecast Units | Value (USD Billion), and Volume (Units) |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2023 to 2030 |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America and Rest of World |
| Aquaculture Market Growth Drivers | Robust Growth of Marine and Associated Sectors, Growing Demand for Organic Food Products, and Expanding Agricultural Sectors across the Globe |
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.
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Drivers & 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.
Regional Insights:
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, the 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% of 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 are 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 US market. The products introduced by them include seaweed kimchi, sea-beet kraut, and others to cater to the demand of people looking for aquatic products. The companies are striving to gain a 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:
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