Aquaculture Market to Reach USD 105 Billion by 2028 Thanks to Increasing Consumption of Fish for Its Nutritional Value
The aquaculture market was valued at USD 74 billion in 2021. It is expected to reach USD 105 billion by the end of 2028, growing at a CAGR of 4.8% over the forecast period (2022-2028).
Westford USA, Jan. 18, 2023 (GLOBE NEWSWIRE) — Growing awareness regarding fish’s health benefits is propelling aquaculture’s market growth. Fish contain essential nutritional values such as proteins, vitamins, and micronutrients that promote better health. Moreover, increasing government support for promoting aquaculture coupled with the increasing population around the globe is again expected to foster market growth. In addition, extensive research and development (R&D) activities, such as genetic enhancements in finfish species, chromosomal manipulation, managing fish reproduction, and monitoring of parasite diseases in aquatic animals in off-shore and open oceans, are projected to drive the market further.
According to SkyQuest’s global market study, 67% of seafood consumed in 2028 will be farm-raised to meet increased demand from regions such as Asia Pacific, where the consumption will increase to nearly 75%. Such a positive factor is expected to drive exponential growth for the global aquaculture market.
Growing Preference for Organic Aquaculture Emerges as the Key Trend in Global Aquaculture Market
As per SkyQuest’s analysis, organic aquaculture is an emerging trend that accounts for 18% of the global aquaculture industry and is predicted to account for 22.4% market share by 2028 with a stable CAGR of 6.3%. The major shift in customer preferences for organic foods is traceable to the rise in health and environmental concerns. In addition, food safety concerns have fueled the expansion of organic aquaculture. Organic aquaculture is centered primarily in Asia, benefiting the growth of aquaculture. However, significant competitors have various obstacles with organic aquaculture because it requires organic supplies to make nutritious diets and has only a minor range of internationally recognized certifications.
However, the industry is also witnessing hurdles as a lack of commercial adoption hampers demand because it is a novel and unconventional method of breeding fish for food. Such restrain also attributable to a need for more knowledge about aquaculture. As a result, low consumer acceptance is projected to limit market expansion. To enhance the prevalence of organic culture, industry participants must launch global campaigns to communicate the benefits of organic culture.
For an in-depth analysis, the research report on the aquaculture market employs a well-balanced process of primary and secondary research techniques. Readers of the research report will also learn about the key segments and their respective sub-segments that potentially drive massive business in the coming years. Furthermore, the market research report includes analytical data, key suggestions, and regional growth statistics to make future business decisions.
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Equipment Segment to Capture Massive Growth Rate owing to Its Vital Role in the Production of Aquatic Plants and Animals
SkyQuest estimates that the equipment segment will succeed in gaining 28.5% of the share in the aquaculture market by 2028, taking a jump of 7% from its growth in 2021. These types of equipment are vital to produce aquatic plants and animals. Moreover, with the growing demand for seafood and the decline in the volume of captured fish, the need for such equipment is expected to rise in the coming years.
Several governments and industry giants started stable investments in the aquaculture industry due to a surge in demand for aqua products for their natural protein-rich content. Asia Pacific and Africa are the two most promising regions owing to increasing emphasis on aqua-farming with ample support of investments and equipment assistance.
The market research report contains vital information and statistics about the developing trends that will shape the aquaculture market’s future. Furthermore, the analysis provides insight into market dynamics, such as drivers, constraints, trends, and prospects. Finally, it presents a regional market analysis to identify potential growth opportunities in each key region.
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Key Developments in Aquaculture Market
- Kings Infra Ventures Ltd., a company specializing in aquaculture farming, seafood processing, and worldwide commerce of marine goods, will collaborate with Atmoes Group to develop and promote antibiotic-free, sustainable, and traceable aquaculture in the country. The agreement between the two firms will allow antibiotic-free aquaculture products, improving aquaculture product access and acceptability in the international market.
- Inseanergy, a Norwegian firm, has signed agreements with various aquaculture industry participants to supply them with floating solar systems and support their energy transition initiatives. According to the business, the floating solar system is especially ideal in combination with hybrid system solutions that combine batteries with smaller diesel generators to make it even more environmentally beneficial.
- Aqquua, an international farmed grouper manufacturer, has launched a new collaboration with EverCase, which provides cold-chain solutions for fresh fish. EverCase manufactures a cold-chain storage solution that allows fish to be cooled “far below” 0 degrees Celsius without ice crystals developing on the product. The method enables seafood to be preserved for extended periods while retaining the same attributes as fresh fish.
- Nutreco has invested in Eruvaka, an internet of things (IoT) startup based in India that creates linked devices and mobile-based decision tools. Nutreco has acquired a 25% stake in Eruvaka and entered into a business relationship to assist Eruvaka in expanding globally. Farmers can use the company’s solutions to monitor pond parameters and actively control automated equipment. As a result, it decreases agricultural risk while increasing feed efficiency, shrimp growth, and farm profitability.
The research report on aquaculture is a reliable source for market participants seeking a competitive advantage and long-term success in the target market. All the data featured in the research reports result from contributions of credible sources, expert market exposure, and extensive use of advanced tools to make it more precise for the readers. Furthermore, the market report includes critical case studies of prominent market players performing well in the industry. Such crucial market insights will aid market participants in planning their future roadmap and ensure stable business growth.
Key Questions Answered in the Aquaculture Market Report
- What will be the market size and growth rate during the forecast period?
- What are the significant driving factors and key challenges in the aquaculture market?
- What is the scope of business expansion in major regional markets?
- How will major global events influence the future market pattern?
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Prominent Players in Aquaculture Market
- American Abalone Farms
- Cooke Aquaculture Inc.
- Bakkafrost PF
- Grupo Farallon Aquaculture
- Stolt Nielsen Ltd.
- Blue Ridge Aquaculture Inc.
- Tassal Group Ltd.
- Huon Aquaculture Group Ltd.
- Taylor Shellfish Farms Inc.
- Eastern Fish Co.
- Zoneco Group Co. Ltd.
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