According to the latest report by IMARC Group, titled “Aquaculture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global aquaculture market size reached around US$ 233.4 Billion in 2020. Also known as aquafarming, aquaculture is the process of breeding, rearing, and harvesting fish, algae, mollusks, shellfish, and other aquatic organisms. It is generally practiced in controlled environments, such as lakes, oceans, rivers, ponds, and streams. It assists in food production, increasing the wild stock population, restoring threatened and endangered species population, and building aquariums and fish culture. Besides this, it aids in reducing waste creation and utilizing agricultural and natural resources optimally.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Aquaculture Market Trends:
A significant rise in the demand for seafood on account of the presence of high-quality proteins and n-3 polyunsaturated fatty acids (PUFAs) represents one of the key factors favorably influencing the market growth. Apart from this, the rising demand for fish oil in various industries, such as pharmaceuticals, nutraceuticals and food and beverages (F&B), is also strengthening the growth of the market. Moreover, with the growing consciousness about the long-term benefits of adopting efficient aquaculture practices, fish breeders are adopting technologically advanced equipment to analyze fish behavior, monitor the water and manage the facility, which is further supporting the market growth. Looking forward, the market value is projected to reach US$ 323.6 Billion by 2026, expanding at a CAGR of 5.70% during the forecast period (2021-2026).
- Based on the fish type, the market has been segmented into freshwater fish, mollusks, crustaceans, and others.
- On the basis of the environment, the market has been categorized into fresh, marine, and brackish water.
- Based on the distribution channel, the market has been divided into traditional retail, supermarkets and hypermarkets, specialized retailers, online stores, and others.
- Region-wise, the market has been classified into Asia Pacific (China, Indonesia, India, Vietnam, Philippines, South Korea, Japan, Thailand, Malaysia, Australia, and others); Latin America (Chile, Brazil, Mexico, Ecuador, and others); Europe (the United Kingdom, Norway, Spain, Russia, France, Italy, Greece, Netherlands, Ireland, Denmark, Germany, and others); Middle East and Africa (Egypt, Turkey, Saudi Arabia, and others); and North America (the United States and Canada).
- The competitive landscape of the market has been examined, with some of the key players being Aquaculture of Texas, Inc., Aquaculture Systems Technologies, LLC, Aquafarm Equipment AS, Cermaq Group AS, Cooke Aquaculture Inc., CPI Equipment Inc., Frea Aquaculture Solutions, Farallon Aquaculture Group, Huon Aquaculture Company Pvt. Ltd., International Fish Farming Holding Co., Leroy Seafood Group ASA, Nireus Aquaculture S.A., Andromeda Seafood Group, Stehr Group, Stolt-Nielsen Limited, Tassal Group Limited and Thai Union Group PCL.
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