A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global aquaculture market was worth USD 185.1 billion in the year 2021. It is estimated to grow at a CAGR of 4.70%, earning revenue of around USD 253.9 billion by the end of 2028. The growth of the global aquaculture market is attributed to the rising consumption of seafood owing to the increasing income of the consumers and expanding import and export activities for seafood products. Furthermore, increasing demand for marine plants and organisms in a variety of industries including pharmaceuticals, cosmetics, fertilizers, etc., is further propelling the growth of the global aquaculture market. However, the negative impact of the aquaculture industry on the environment may act as a major restraining factor for market growth.
Increasing Use of Advanced Technologies in the Aquaculture Industry is Driving the Global Aquaculture Market
Advanced technologies such as sensors, cameras, and recirculation systems are gaining huge traction in the global aquaculture market. Technologies such as augmented reality (AR), virtual reality (VR), and blockchain have already seeped into the industry. Companies like Norwegian AKVA Group ASA are developing cages equipped with cameras, sensors, feeding, and recirculation systems for use in open ocean or inland farming. These technologies are anticipated to offer lucrative growth opportunities to the global aquaculture market in the forecast period.
Surging Demand for Aquatic Animals is Propelling the Global Aquaculture Market
Based on species, the global aquaculture market is segmented into aquatic animals and aquatic plants. The aquatic animal segment holds the largest market share. The segment is further classified into finfishes, mollusks, crustaceans, etc. The rising demand for seafood among both end-user consumers as well as on-trade channels acts as a major driving factor for this segment's growth. The increasing incomes of consumers and dramatic expansion of fish production are other factors influencing the growth of the market.
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Global Aquaculture Market - By Production-Type
Based on product type, the global aquaculture market is segmented into small-scale, medium- & large-scale. The small-scale segment accounts for the largest market share as it is predominantly present in Asia-Pacific countries such as China, India, Thailand, etc. Most farmers engage in small-scale aquafarming which they are supposed to sell in the domestic market only, due to which their production output is also limited. The government support to these small-scale farmers in developing countries acts as a major driving factor for this segment growth.
Global Aquaculture Market - Regional Insights
Geographically, the global aquaculture market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. The Asia-Pacific region dominates the global aquaculture market. However, North America also covers a significant share of the market and is expected to grow at a substantial rate during the forecast period. The high private investment in research and development activities to improve the aquaculture technology and techniques by research institutes and the high adoption of advanced technologies in this industry acts as major driving factors for the growing aquaculture market in this region.
Impact of COVID-19 on Global Aquaculture Market
The COVID-19 pandemic outbreak tremendously halted the growth of the global aquaculture market. The supply chains were completely blocked due to lockdown and restrictions on import and export activities, which affected the operations of the aquaculture companies as well as individuals who solely depended on seafood as their primary source of income. Furthermore, the demand for aquaculture products also registered a significant decline from the consumer's end as well as limited demand from on-trade channels such as hotels and restaurants due to hindrances in tourism.
Competitive Landscape
The leading market players of the global aquaculture market are Pentair PLC, Aquaculture of Texas, Inc., AKVA Group, Aquafarm Equipment AS, Xylem Inc., Reef Industries, Inc., Aquaculture Equipment Ltd., Tan International Ltd, Aquaculture System Technologies, LLC., Lifegard Aquatics, Luxsol, Frea Aquaculture Solutions, Pioneer Group, Asakua, CPI Equipment Inc., Grupo Farallon Aquaculture, Tassal Group Limited, Thai Union Group PLC, Cooke Aquaculture Inc., Stehr Group Pty Ltd., and other prominent players.
The market is fragmented with the presence of several global and regional industry players. However, the local companies have deeper penetration in any given region and therefore, give tough competition to the global players. The companies focus on expanding their production and significantly invest in r&d activities for disease prevention. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.
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