The global food supply security issue due to increase in global population drives the aquaculture market. New technological advancement in the rearing of fish and cultivation of sea plants also lead to market growth.
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According to FAO, aquaculture market, also known as aqua farming, is defined as the farming of aquatic organisms such as fish, mollusks, crustaceans, and aquatic plants. Farming implies intervention in the rearing process to enhance production, such as regular stocking, feeding, and protection from predators.
It also implies individual or corporate ownership of the stock being cultivated. In 2015, the global aquaculture market was valued at $169 billion, and is anticipated to expand at a CAGR of 5.3% to reach $242 billion by 2022, as per Allied Market Research.
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Increase in the global protein demand, and zooplankton being a major source of proteins, drives the market for aquaculture companies. Rise in concern towards climate change and global warming are the major restrains in the global aquaculture market, as they increase the risk of diseases in water bodies.
Evolution of inland fish farming poses a huge opportunity for this industry, and to utilize technology to rear high-quality fish is a major challenge to this industry.
The report segments the market on the basis of environment, product, and geography. On the basis of environment, it is segmented into fresh water, marine water, and brackish water.
On the basis of product type, it includes carps, crustaceans, mackerel, milkfish, mollusks, salmon, sea brass, sea bream, trout, and others. Geographically, it is as analyzed across North America (U.S., Mexico, and Canada), Europe (Russia, Norway, Iceland, and rest of Europe), Asia-Pacific (China, India, Japan, Indonesia, Vietnam, and rest of Asia-Pacific), LAMEA (Latin America, Middle East, and Africa).
Recent advancements in the market include an aquaculture contract for Norwegian offshore company Farstad Shipping for its AHTS vessels. The contract was awarded by Ocean Farming AS, a subsidiary of SalMar Group, for the complete mooring installation and hook up of Ocean Farming’s semi-submersible offshore fish farm.
Rise in alliances among the industry players is expected to boost the market growth.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides an extensive analysis of the current and emerging market trends and dynamics in the global aquaculture market, in terms of revenue and volume.
- In-depth analysis is done by constructing market estimations for the key segments between 2014 and 2022, which assist in identifying the prevailing market opportunities.
- This study evaluates competitive landscape and value chain to understand the competitive environment across the geographies.
- Extensive analysis is conducted by following key product positioning and monitoring the top competitors within the market framework.
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