(MENAFN- GlobeNewsWire - Nasdaq) The rise in investment in the aquaculture industry and increasing advancements in the infrastructure will likely provide more growth opportunities to the aquaculture market in the Asia-Pacific region.Newark, Sept. 05, 2024 (GLOBE NEWSWIRE) -- The global aquaculture market is experiencing significant growth driven by various factors, including the increasing demand for seafood as a healthy source of protein and the adoption of advanced aquaculture techniques. Here's an overview based on recent insightsThe global aquaculture market is anticipated to expand from USD 200.84 billion in 2023 to USD 326.79 billion by 2033, growing at a CAGR of 4.99% from 2024 to 2033. In 2023, the Asia-Pacific region led the market.
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The aquaculture market involves the breeding, rearing, and harvesting of aquatic organisms such as fish, crustaceans, mollusks, and aquatic plants in various water environments. It is a rapidly growing sector due to the increasing demand for sustainable food sources and the depletion of wild fish stocks.
The global aquaculture market has been segmented based on category, fish type, product type, and region. The category segment is divided into freshwater, marine water and brackish water. The freshwater segment dominated the market with a revenue share of 38.22% in 2022. Freshwater aquaculture, which is significant to the aquaculture business, is cultivating and breeding aquatic creatures and plants for economic gain. Many people prefer seafood which is prepared using fish produced in freshwater. The fish type segment includes molluscs, carp, mackerels, crustaceans, sea bream and others. The molluscs segment dominated the market with a revenue share of 34.91% in 2022. Molluscs are considered a high protein source. Fitness enthusiasts prefer to consume molluscs due to their high nutritional content. The product type segment includes chemicals, pharmaceuticals, fertilizers and equipment. The food equipment segment includes water pumps and filters, cleaning equipment, feeders, containment equipment, water circulating and aerating equipment and others. The chemicals segment will likely grow at the highest CAGR during the forecast period. The two most frequently used chemicals in aquaculture are fertilizers and liming agents. These chemicals are used during sterilization.
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Recent Developments
Recent developments in the aquaculture market include the introduction of new species for farming, advancements in sustainable and regenerative aquaculture practices, and significant investments in technology to enhance productivity and sustainability. For example, Europe's market has seen increased investments, particularly in sustainable
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 4.99% |
| 2023 Value Projection | USD 200.84 Billion |
| Market Size in 2033 | USD 326.79 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 225 |
| Segments Covered | The research segment is based on category, fish type, and product type. |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East Africa. Furthermore, the regions are further analyzed at the country level. |
Market Drivers
Key drivers of the aquaculture market include the growing awareness of the health benefits of seafood, advancements in aquaculture techniques, and the increasing global population, which boosts the demand for sustainable protein sources. Additionally, the market benefits from the development of polyculture farm methodologies and improved strains for better yield
Market Restraints
The market faces challenges such as environmental concerns, the threat of diseases, and competition with wild fisheries. Additionally, the need for strict regulatory compliance, particularly in regions like Europe, can act as a restraint on market growth
Key Players:
. Marine Harvest Asa
. Tassal Group Limited
. Nireus S.A. Ltd.
. Dainichi Corporation
. Cooke Aquaculture
. Aquaculture Technologies Asia Limited
. SalMar ASA
. Leroy Seafood Group Asa
. Norway Royal Samson ASA
. P/F Bakkafrost
. Cermaq Group As
. Nippon Suisan Kaisha Ltd
Opportunities
Opportunities in the aquaculture market are expanding, particularly in developing regions where there is a growing need for sustainable food production. The development of organic aquaculture and the expansion of aquaculture into new geographic regions present significant growth potential
Regional Segmentation Analysis
. Asia-Pacific dominates the global aquaculture market, driven by high production levels in countries like China, India, and Indonesia.
. Europe is seeing rapid growth due to increasing investments and a strong focus on sustainability, with major contributions from countries like Norway, Scotland, and Greece.
. North America is also growing steadily, particularly in the U.S. and Canada, where technological advancements are aiding in efficient production.
. Latin America and Middle East & Africa are emerging markets with significant growth potential due to increasing investments and the expansion of aquaculture practices in these regions
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It is well recognized that the major causes of the recent rise in global consumption of fishery products were rapid population expansion, rising incomes in some developing nations, and rising health consciousness in some affluent countries. The increasing consumption of seafood is attributed to growing awareness regarding protein intake, the health benefits of fish, lower prices, etc.
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