iCrowdNewswire Jan 14, 2021 11:24 AM ET
The Global Aquaculture Market is expected to demonstrate lucrative growth opportunities for the key players during the forecast period due to the technological advancements in aquatic farming and harvesting. Additionally, the wide applications of aquatic species in agriculture, pharmaceutical industry, and the personal care industry are further fueling the growth of the Global Aquaculture Market which is projected to register a significant growth rate of 5.1% from 2019 to 2024 and reach a market value of USD 207 Billion by the end of 2024. However, the major challenges being faced by the aquaculture companies are the combating of diseases and water-quality management. Overall, by analyzing the aquaculture market, it can be noticed that market players in the industry are adopting strategies such as acquisitions, partnerships and agreements, and regional expansions to increase the profitability and expand their market share.
The global aquaculture market has been segmented based on environment, type, and region.
Based on environment, the global aquaculture market has been segmented into freshwater, marine water, and brackish water. The freshwater segment is expected to garner the largest market share during the forecast period. The segment’s dominance and growth can be attributed to the traditional and conventional aquaculture methods of aquatic farming. The brackish water segment is expected to register the highest growth rate during the forecast period. The reasons for the highest CAGR of the brackish water segment are the easy availability of species such as estuarine shrimp, heterogeneous shrimp, fish, and crabs in the coastal regions and their high preference in aquafarming. Additionally, brackish water aquaculture products are largely export-oriented, and farming is economical.
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The global aquaculture market has been segregated, by type, into fishes, crustaceans, Mollusca, and others. The fishes segment is expected to be the largest in terms of revenue due to the high global farming of various fishes such as anchovy, pomfret, tuna, and salmon, especially in Asia-Pacific. Currently, salmon fish has been gaining huge popularity in the aquaculture market owing to high nutritional value and its availability in the Indian Ocean and the Pacific Ocean. However, the Mollusca segment is expected to exhibit the highest growth rate and gain market dominance during the forecast period owing to the increasing widespread utility of mollusks as a source of food and their high nutritional value.
Some of the key players in the global aquaculture market are American Abalone Farms (US), Dainichi Corporation (Japan), Blue Ridge Aquaculture Inc. (US), Nippon Suisan Kaisha Ltd. (Japan), Cermaq ASA (Norway), Austevoll Seafood ASA (Norway), Cargill, Incorporated (US), Sea Watch International Ltd. (US), Mowi ASA (Norway), Cooke Aquaculture (Canada), Grieg Seafood ASA (Norway), Charoen Pokphand Foods PCL (Thailand), Maruha Nichiro Corporation (Japan), Thai Union Group PLC (Thailand), and Tassal Group Ltd. (Australia).
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The global aquaculture market has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world.
The market in Asia-Pacific is expected to lead the global aquaculture market due to economic and population growth. Moreover, the high production and availability of aquatic species in the region are fueling the regional market growth.
However, the market in North America is expected to register the highest growth rate during the forecast period owing to the increasing number of aquaculture companies with advanced and sustainable farming technique and high presence of retail marts with many aquatic products.
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Keywords: Aquaculture Market, Aquaculture Market Size, Aquaculture Market Share, Aquaculture Market Trends, Aquaculture, Aquaculture Industry, Aquaculture Industry Growth