Aquaculture Market Size Worth $357,903.27 Mn, Globally, by 2028 at 4.3% CAGR - Exclusive Report by The Insight Partners

The aquaculture market size was valued at $267,423.64 million in 2021 and is projected to reach $357,903.27 million by 2028 and is expected to grow at a CAGR of 4.3% from 2021 to 2028.

New York, Feb. 10, 2022 (GLOBE NEWSWIRE) -- The latest research study on “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)”, published by The Insight Partners. The rising popularity of seafood as a rich and cost-effective source of protein and increasing consumption of protein-rich food products are the key factors driving the growth of the aquaculture market.

Report CoverageDetails
Market Size Value inUS$ 267,423.64 million in 2021
Market Size Value byUS$ 357,903.27 million by 2028
Growth rateCAGR of 4.3% from 2021 to 2028.
Forecast Period2021-2028
Base Year2021
No. of Pages165
No. Tables58
No. of Charts & Figures64
Historical data availableYes
Segments coveredSpecies , Nature , Culture Environment , and Geography
Regional scopeNorth America; Europe; Asia Pacific; Latin America; MEA
Country scopeUS, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends

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Aquaculture Market: Competition Landscape and Key Developments
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 market players are highly focused on providing high quality and nutritious aquaculture products, which would help fulfill the customer’s requirements. The companies have realized the immense potential pertaining to aquaculture and were observed highly involved in merger and acquisition and corporate communication.

Asia Pacific is projected to register the fastest growth in the global aquaculture market over the forecast period. Countries such as China and India are among the leading producers and exporters of seafood. The Asia Pacific aquaculture market is well-established and is expected to continue its dominance in the global market in the coming years. The presence of a large number of coastal areas suitable for breeding aquatic animals is one of the key factors driving the growth of the regional market. Moreover, rising population, increasing per capita income, and growing demand for seafood are among the other factors contributing to market growth. The Asia Pacific market is characterized by players such as Bakkafrost, Cermaq Group AS, Farallon Aquaculture Group, Lerøy, Mowi ASA, Stolt-Nielsen Limited, and Tassal Group.

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Implementation of Recirculating Aquaculture Systems (RAS) Technology to Boost Development of Aquaculture Market:
Recirculating aquaculture systems (RAS) is a technique that reuses water several times and passes the water through treatment processes to eliminate waste and restore water quality. It is a technology used for farming fish and other aquatic species by reusing water for production and offers the advantage of controlling the temperature and other variables to maintain fish health and growth. The RAS technology can also be used for different intensities depending on the volume of reused or recirculated water. The RAS technology equipment consists of components such as a pump, bio-filter, and rotating drum filter used to collect solids. Other components of the RAS equipment are the carbon dioxide degasser, nitrate filter, sterilization points that are usually UV sterilized, a pH control, and alkalinity dosing system. The RAS technology involves less amount of freshwater and recycles the same water repeatedly, which has proven to be beneficial for aquaculture, thereby opening lucrative opportunities for market growth.

Aquaculture Market: Segmental Overview
Based on culture environment, the aquaculture market is segmented into freshwater, marine water, and brackish water. The marine water segment accounted for the largest share in the global aquaculture market. Marine aquaculture involves the cultivation of marine organisms for food and other products in the open ocean or tanks and ponds filled with seawater. The different types of aquatic animals farmed in marine aquaculture include finfish and shellfish like prawns, oysters, and seaweed in saltwater ponds. Non-food products produced by aquaculture systems include fish meal, nutrient agar, jewelry, and cosmetics. Marine aquaculture has rapidly expanded over the past few years due to improvements in formulated feeds, new technology, growing biological understanding of farmed species, increased water quality within closed farm systems, and greater demand for seafood products.

Based on product type, the aquaculture market is segmented into fish, aquatic plants, crustaceans, mollusca, and others. The fish segment accounted for the largest share in 2020. About half of the fish consumed globally are raised in artificial environments. Salmon, big eye, tuna, carp, catfish, cod, and tilapia are often raised and produced by fish farms at the commercial level. 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.  

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Impact of COVID-19 Pandemic on Aquaculture Market:
The COVID-19 pandemic has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The food & beverages industry is one of the major industries suffering serious disruptions such as supply chain breaks and shutdowns of the production plant. The global travel bans imposed by countries in Europe, Asia, and North America have been affecting business collaborations and partnership opportunities. The aquaculture market was severely affected by restrictions such as lockdowns, the shutdown of manufacturing units, and border restrictions imposed by the governments of different countries. Moreover, due to the shortage of labor, there was a shortfall in production, which hampered the growth of the market. However, the market is witnessing positive growth with the rising vaccination rates and relaxation of government restrictions.

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