The major factors driving the growth of the aquaculture market include a decline in the amount of captured fish, rise in consumption of fish and other products due to their nutritional value, and growth in adoption of advanced technology and aquafarming methods.
The global aquaculture market size is projected to grow from USD 30.1 billion in 2018 to USD 42.6 billion by 2023, recording a compound annual growth rate (CAGR) of 7.2% during the forecast period. This market is driven by factors such as a decline in the amount of captured fish, rise in consumption of fish and other products (due to their nutritional value), and growth in trend of smart fish farming.
Key aquaculture players include Pentair Plc, (US), AKVA Group (Norway), Xylem Inc (US), Aquaculture Equipment Ltd (UK), Aquaculture System Technologies (US), Luxsol (Belgium), Pioneer Group (Taiwan), CPI Equipment Inc (US), Asakua (Turkey), FREA Aquaculture Solutions (Denmark), Lifegard Aquatics (US), Tan International Ltd (UK), Reef Industries Inc (US), Aquafarm Equipment AS (Norway), and Aquaculture of Texas, Inc (US). Expansion was a dominant strategy adopted by the key players, followed by the launching of new products. This has helped them to increase their presence in different regions and expand their product portfolio.
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The Asia Pacific region is projected to account for the largest share in the aquaculture market during the forecast period.
Asia Pacific accounted for the largest share in the market. This is attributed to a rise in demand for advanced and latest aquaculture products that help in producing more quality output with available land for aquafarming and enhance the efficiency of aquaculture operations. Further, aquaculture sectors in countries such as China, India, Vietnam, Indonesia, and Thailand are export-oriented; the aquafarming sector is of prime importance in these countries, as players here are focusing on technology adoption and automation which is expected to have a positive impact on the market in this region.
The marine culture in the aquaculture market is projected to be the fastest growing segment during the forecast period.
The marine culture segment is projected to be the fastest-growing segment in the market during the forecast period, due to the increasing demand for seafood products and declining capture in fishery landings from the oceans. Ocean cage culturing of marine fish has encouraged the design of new and innovative cages for culturing them in near-shore and offshore environments. Furthermore, advancements in technology such as water recirculation systems, along with the global rise in food demand, is providing promising growth opportunities for the marine aquaculture system.
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By production, the small-scale segment is projected to grow at a higher rate during the forecast period.
Owing to the growing demand for aquaproducts for their protein-rich content, small-scale farming is adopted by developing regions such as Asia Pacific, South America, and Africa. Furthermore, the governments of these countries are taking various initiatives to support aquafarming in these regions, as it is one of the major sources of employment.
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