Global Aquaculture Market
As stated in our extensive report; the Global Aquaculture Market accounted for USD 289.6 Billion in the year 2022.
The Aquaculture industry is undergoing a major transformation towards sustainability and viability in the global marketplace. Precision farming ideas are now widely used worldwide due to the growing need for creative solutions for the food and beverage industry. One of the adapted methods for breeding, growing, and collecting fish, algae, shellfish, and other similar organisms in various aquatic habitats is Aquaculture. Aquaculture remains a crucial commercial sector to meet the growing global demand for food and manage the agricultural issues faced in the global marketplace. The use of fish, shellfish, seaweed, shrimp, and other seafood is encouraged by manufacturers, producers, and farmers profiting from the expansion of Aquaculture worldwide.
Factors Influencing Global Aquaculture Market Growth
The growth of the global Aquaculture market can be attributable to the following:
- Increasing consumer understanding of fish’s health benefits boost Aquaculture’s market expansion. Fish has essential nutritional components such as proteins, minerals, and micronutrients that support greater health.
- Growing consumer demand for fish oil containing omega-3 fatty acids is anticipated to fuel market expansion. Essential fatty acids like omega-3 are well-liked for treating cardiovascular disease.
- The growing government support for expanding Aquaculture and the rising global population are significant factors anticipated to promote market expansion.
- Expanding the rice and fish farming industries is anticipated to open new market prospects soon. Growing rice and fish simultaneously is known as rice and fish farming, one of the latest methods in agriculture. Diversifying farm operations boosts both yields and provides additional food and cash. As a result, it is anticipated that Aquaculture markets will expand globally.
- Significant market possibilities are anticipated in the future due to the increasing demand for aquaponics worldwide. Thanks to new technology, fish and plant cultivation are combined in a regulated setting.
However, the worldwide Aquaculture sector is severely constrained by the surge in veganism and the strict legislation against animal cruelty.
Asia Pacific region Dominates the Global Market
The Asia Pacific region is anticipated to contribute the most to the global Aquaculture industry. Advances in production technology and increased consumer demand for Aquaculture goods are two factors that are anticipated to accelerate expansion. For example, new and inventive cages have been designed and manufactured for culture in near-shore and offshore environments due to advancements in ocean cage designs. This is anticipated to enhance yield considerably. In addition, water recirculation systems and other technological developments will also help the Asia Pacific Aquaculture business grow.
The entire Aquaculture industry has benefited from growing knowledge of the health advantages of fish and the rising demand for fish oil due to its high omega-3 fatty acid content.
The well-known players of the Global Aquaculture Market include Alpha Group Ltd. (Canada), Aquaculture Technologies Asia Limited (Hong Kong), Cermaq Group AS (Mitsubishi Corporation) (Norway), Cooke Aquaculture (Canada), Leroy Seafood Group ASA (LEROY) (Norway) and others.