February 3, 2023

The global aquaculture market will experience a promising growth backed by rising marine sector across the globe. This information is published by Fortune Business Insights, in its latest report, titled “Aquaculture Market Size, Share & Industry Analysis By Type (Fish, Seaweed, Crustaceans (crabs, lobsters, crayfish, shrimps, prawns, and others)), By Water Environment (Fresh Water, Marine Water) Others and Regional Forecast, 2022-2029.”

Aquaculture is a simple process of breeding, rearing, and harvesting the water species that include both animals, and plants. These species are taken care of in controlled environments such as the oceans, lakes, rivers, and ponds. With 70% of the world is covered with water, the humans have heavily exploited the water sources for the production of food. Moreover, apart from the food production source, aquaculture also serves the purpose of restoration of endangered water species, enhancement of wild stock population, beautification of aquatic species by building aquariums, and their natural habitat restoration.

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What does the Aquaculture Market Report Include?    

The market report includes detailed information on the growth parameters such as the drivers, challenges, opportunities, and restraints that the market will go through during the forecast period. Furthermore, it provides qualitative and quantitative details about the regional demographics present in the market. Moreover, the competitive landscape includes in-depth information of the companies proliferating in the market and the strategies such as mergers and acquisitions, product launches, and collaborations adopted by them to gain market presence.

Drivers and Restraints:

Increasing Job Opportunities to Favor Growth

Aquaculture is a vital sector that promotes sustainable growth to every economy. For instance, Kenyan Fisheries Principal Secretary, Micheni Ntiba states, “Aquaculture has tremendously contributed to the growth of fish production in our country.” Moreover, he also indicated that the fisheries sector directly or indirectly, has the potential of generating about 10 million jobs for the population. Increasing job opportunities in aquaculture is expected to boost the growth of the market during the forecast period. Additionally, private sector investments in mariculture, seaweed farming, and others will contribute to the growth of the market during the projected horizon.

Regional Analysis:

Increasing Demand for Seafood Will Boost Demand in Asia-Pacific

Among the regions, Asia-Pacific is anticipated to emerge with tremendous potential for the market during the forecast period. This is attributable to factors such as increasing demand for seafood among the population. Furthermore, significance of fish and other aquatic species in food, agriculture, and health sectors is expected to drive the growth of the market in Asia-Pacific. Moreover, Asia-Pacific being an agricultural region and more than 60% people depending on the agricultural sector will contribute to the growth of the market during the projected horizon. In addition to this, increasing modernization and industrialization is likely to drive the growth of the market.

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Competitive Landscape:

Atlantic Sea Farms Launch of New Products Will Surge Demand

Atlantic Sea farms, in April 2019, announced that it would be launching new sea-based products for the USA market. The products introduced by them include seaweed kimchi, sea-beet kraut, and others to cater to the demand of the people looking for aquatic products. The companies are striving to gain major market presence during the forecast period. Adoption of strategies such as product launches, and collaboration by the key players to gain major aquaculture market revenue will positively affect the growth of the market in the forthcoming years. Below is a key industrial development for the market:

Industrial Developments:

  • November 2019: Van Cleve Seafood Co., a leading gourmet seafood company, announces that it will launch new plant-based seafood category. The company will cater to its U.S. customers looking for conventional seafood and plant-based products.

List of Companies Operating in the Aquaculture Market:

  • Nireus SA, Ltd.
  • Tongwei Group Co.
  • P/F Bakkafrost
  • Stoly Sea Farm SA
  • Thai Union Group PCL
  • Dainichi Corporation
  • MOWI ASA
  • Nippon Suisan Kaisha Ltd.
  • Austevoll Seafood ASA
  • SalMar ASA
  • Cooke Aquaculture, Inc.
  • Norway Royal Salmon ASA
  • Tassal Group Ltd.
  • Multiexport Foods SA
  • Camanchaca SA
  • Kyokuyo Co., Ltd.
  • Surapon Foods Company Limited
  • Maruha Nichiro Corporation

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