“Farming implies some form of
intervention in the rearing process to enhance production, such as regular
stocking, feeding, protection from predators, etc.,” as defined by the Food
and Agriculture Organization (FAO). Aquaculture is the farming of aquatic
organisms, such as fish, mollusks, crustaceans, and aquatic plants.
MarketsandMarkets projects that the global aquaculture
market is to grow from USD 30.1 billion in 2018 to USD 42.6 billion by
2023, recording a compound annual growth rate (CAGR) of 7.2% during the
forecast period. The decline in the amount of captured fish and rise in
consumption of fishes due to their protein and omega-3 fatty acid content are
projected to drive the growth of the aquaculture market. Furthermore, rising
trade of seafood is also propelling the market demand.
Report Objectives:
- Determining and projecting the size of the aquaculture market, with respect to rearing product type, culture, species, production type, and regional markets, over a five-year period ranging from 2018 to 2023
- Identifying
attractive opportunities in the market by determining the largest and
fastest-growing segments across regions
- Providing
detailed information about the key factors influencing the growth of the
market (drivers, restraints, opportunities, and industry-specific
challenges)
- Analyzing the
micromarkets, with respect to individual growth trends, future prospects,
and their contribution to the total market
- Identifying
and profiling key market players in the aquaculture market
- Providing a
comparative analysis of the market leaders on the basis of the following:
- Product
offerings
- Business
strategies
- Strengths and
weaknesses
- Key
financials
- Understanding
the competitive landscape and identifying the major growth strategies
adopted by players across the key regions
- Analyzing the
value chain, products, and regulatory frameworks across key regions and
their impact on the prominent market players
- Providing
insights into key product innovations and investments in the aquaculture
market.
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The
freshwater aquaculture segment is estimated to dominate the market in 2018, as
it an important sector of many economies such as Asia Pacific and South America
and is considered to be important in sustaining the livelihoods of many rural
communities. Further, advancements in pond aquaculture and the introduction of
new technology to produce a high amount of freshwater species are driving the
market growth of freshwater aquaculture.
The pharmaceutical segment, by rearing product type,
is projected to be the fastest-growing segment in the aquaculture market during
the forecast period, due to higher acceptance of drugs, medicated feed, and
vaccines into the regional markets, specifically in developed countries such as
the US and Canada. Furthermore, growing demand for medicated aquafeed is
increasing in organized aquafarms across Europe, given the limited use of
antibiotics across the region, which is driving the growth of the aquaculture
market.
In terms of geographic coverage, the aquaculture
market has been segmented into five regions, namely, North America, Europe,
Asia Pacific, South America, and RoW. South America is projected to be the second
fastest-growing region due to the strong fish production base in Ecuador and
Chile, along with high technological advancements in aquafarming. According to
FAO, the total fish production in the region would reach 16.2 million tons by 2025.
Further, there is a high production of salmon in the region, especially in
Chile, due to favorable market conditions. Other factors such as the presence
of favorable temperatures & coastlines and strong governmental support for
aquafarming in the region also cater to the development of the aquaculture
industry.
Increasing government support provides a huge
opportunity for the aquaculture sector. For instance, USAID-funded Fisheries
Improved for Sustainable Harvest (FISH) Project in the Philippines, the
Management of Aquatic Ecosystems through Community Husbandry (MACH) project in
Bangladesh, the SUCCESS fisheries management programs in three West African
countries, and the Global FISH Alliance in the spiny lobster fishery of
Honduras.
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Recent
Developments:
- In August
2018, AKVA Group set up a feed conveyor concept by the name of flexible
feeding, which would allow farmers to send and feed silo to any cage,
making it easier to use different feed types and sizes.
- AKVA Group
entered into an agreement in June 2018 to acquire Egersund Net AS (Norway)
to expand its product portfolio.
- In June 2017,
Pentair plc set up a new facility of 87,000-square feet for aquafarming at
its Schmidt's brewery building in St. Paul, Minnesota, US.
- In November
2016, Pentair Aquatic Ecosystems acquired Vaki Aquaculture Systems Limited
(Iceland) to enhance its product portfolio of aquaculture systems,
products, and services.
- Aquaculture
System Technologies, LLC, launched the Endurance filter for home and koi
ponds in May 2016.
