A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the Global Aquaculture Market was worth USD 208,722.93 million in 2021 and is projected to reach up to USD 303,820.77 million by the year 2028, growing at a CAGR of 5.8% over the analysis period of 2022-2028. The growth of the Aquaculture market can be primarily attributed to the rising demand for seafood coupled with the growing awareness among the fish breeders about the repayments of adopting efficient aquaculture practices to gain regulation over the quality of water and maintain overall organic productivity
Changes in Food Consumption Patterns Throughout the World
The development of the aquaculture market can be credited to variations in the food consumption pattern of the general public worldwide. The extension of the retail market and relaxed product availability through several sales channels make it suitable for consumers to buy packaged aquaculture, propelling the sales figures further. Currently, aquaculture is an utter necessity to meet food supply and demand. Moreover, fish provides high-value protein and a wide range of essential micronutrients, including various vitamins (A, B, and D) and minerals. An increased protein-rich diet is imagined to open opportunities for the global aquaculture market.
Fish Segment Witnessed the Largest Market share in the Global Aquaculture Market
Based on product type, the global aquaculture market is segmented into aquatic plants, fish, crustaceans, molluscs, and warm water species. Amidst the segmentation, fish is expected to dominate the market with the largest market share. Fish helps tackle food security in many regions of the world, providing a valued supplement for nutritious and diversified diets. Fish provides not only high-value protein but also a wide range of essential micronutrients, minerals, and fatty acids. According to FAO, fish provides about 20–30 kilocalories per person per day on average, thus accelerating its demand. Therefore, the factor mentioned above are propelling the growth of the segment.
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Impact Of COVID-19 Across the Global Aquaculture Market
The overall slowdown in economic activity is being experienced globally owing to the COVID-19 pandemic, and the global Aquaculture market is not free from such impediments. The COVID-19 pandemic has disrupted and may continue to disrupt the market operations, resulting in material adverse effects on the key player’s business, financial condition, and liquidity. For instance- Leroy Seafood reported that the Group’s earnings in 2020 were lower than in 2019. This can mainly be attributed to lower prices realized for the Group’s products due to the impact on demand of the restrictions laid down due to the global COVID-19 pandemic. The COVID-19 pandemic-induced restrictions, including imposition by government authorities of mandatory closures, social distancing protocols, augmented employee absenteeism owing to quarantine requirements or illness, and voluntary facility closures, have adversely affected the global Aquaculture market. Nevertheless, with the improving market circumstances in the post covid era, the growth of the Aquaculture market is likely to recover during the forecast period.
The Asia-Pacific Is Expected To Grow with The Highest CAGR In The Global Aquaculture Market.
The Asia-Pacific is expected to exhibit the highest CAGR over 2022-2028. The rise in middle-class population, change in eating habits, rising incomes, and inclining toward healthier food products along with rapid urbanization are the primary factors driving the growth of the fish & seafood market in the Asia-Pacific region. Fish and fish products play a highly important role in the food and nutritional security of rural, urban and coastal populations throughout Asia and the Pacific. Moreover, the presence of major market players, including Thai Union, Nippon Suisan Kaisha, Ltd., and Tassal Group Limited (Tassal), among others, also contribute to the expansion of the Asia Pacific aquaculture market.
The leading players operating in the global Aquaculture market are Maruha Nichiro Corporation, Mowi ASA, Thai Union Group Plc (Thai Union), Austevoll Seafood ASA, Nippon Suisan Kaisha, Ltd., Leroy Seafood Group Asa (Leroy), Cermaq Group As (Mitsubishi Corporation), Bakkafrost (Bakkafrost), Tassal Group Limited (Tassal), Cooke Aquaculture Inc., Dongwon Enterprise Co., Ltd., Trident Seafoods, Red Chamber Co., Grupo Farallon Aquaculture, Aquaculture of Texas Inc. and other prominent players. The players maintain their dominance in the market by enhancing their production capabilities, research and development activities for the customers. Different strategies like engaging in strategic alliances, agreements, mergers, and collaborations are adopted.
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