New York, USA, Sep 06, 2022 (GLOBE NEWSWIRE) — According to a report by Research Dive, the global aquaculture market is expected to generate revenue of $310,291.7 million and grow at a CAGR of 3.9% during the forecast period of 2020 to 2027.
According to our analysts, with the increase in fish consumption across the world owing to the growing awareness of the benefits of fish consumption, the aquaculture market is expected to witness remarkable growth during the period of forecast. In addition, the increasing demand for indoor aquatic enterprises, as aquatic animals contain low amount of fats, is expected to enhance the market growth over the analysis period. Additionally, increasing technical advancements in aquatic animal farming owing to increasing productivity of several commercial species such as salmon, trout, carp and many more are expected to create huge opportunities for growth over the of the forecast period. However, stringent government regulations on catching fish may hamper the market growth throughout the estimated time frame.
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The report has divided the aquaculture market into segments based on environment, type of fish and region.
Environment: the freshwater sub-segment will be the most profitable
The freshwater sub-segment is expected to grow at a CAGR of 4.1% over the forecast period. Continuous technological advancements in freshwater aquaculture through automation processes aimed at maintaining the nutritional balance of aquatic products are expected to amplify the growth of the market sub-segment over the analysis period.
Type of fish: the carp sub-segment will be the most productive
The carp sub-segment is expected to generate revenue of $78,681.4 million throughout the forecast period. Rising consumption of carp among individuals across the globe is expected to aid the growth of the market sub-segment over the estimated time frame.
Region: Asia-Pacific will hold the maximum market share
The Asia-Pacific region of the aquaculture market accounted for the highest share in 2019 at over 64.6% and is expected to continue to dominate over the analysis period during the analysis period. The presence of the top consuming nations of aquatic products in this region and the incorporation of the most advanced agricultural techniques by the aquatic farmers are the factors that are expected to boost the regional market growth during the forecast period.
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Impact of Covid-19 on the aquaculture market
The outbreak of the Covid-19 pandemic has had a negative impact on the aquaculture market, as well as several other industries. Disruption in international sales and supply chains of aquatic products due to shutdowns and restrictions of global industries such as closure of several services and food sectors has slowed the market growth during the pandemic period. However, the numerous innovative strategies put in place by the major market players to increase their market share are expected to create ample opportunities for growth over the forecast period.
Main market players
Key players in the aquaculture market include
- TASSAL GROUP
- SELONDA S.A.
- Thai Union Group PCL
- Maruha Nichiro Company
- Stolt Nielsen
- P/F Bakkafrost
These players are extensively working on developing new business strategies and tactics such as mergers and acquisitions, product development and latest strategic developments to secure a leading position in the global industry.
For example, in January 2022, WorldFish, an international non-profit research institution that creates, advances and translates scientific research on aquatic food systems into scalable solutions, announced its collaboration with KYTOS, a Belgian-based start-up on microbiome technology. With this collaboration, the companies aimed to focus on R&D development activities in the area of aquaculture microbiomes, particularly for carp polyculture and tilapia farming systems.
Besides, the report also presents other crucial aspects including SWOT analysis, financial performance of key players, product portfolio and latest strategic developments.
Positive impact on the aquaculture market post COVID-19. Ask an expert analyst or schedule a call
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