Aquaculture Market to Grow at 4.90% CAGR by 2030
Constant growing demand for sea food along with growing population, growth international trade practices supported by the growing technological advancements in the aquaculture industry are expected to drive the growth of Aquaculture industry during the forecast period of 2020-2030.
The Aquaculture Market is expected to grow at the CAGR of 4.90% from 2020-2030, according to a new research report by Next Move Strategy Consulting.
Aquaculture refers to the cultivation of aquatic organism in natural or artificially created environment. These involve the cultivation, breeding, harvesting, restoration and all other practices to further enhance the productivity along with the high-quality production. Some of the of the aquaculture activities has to be done in marine water with required safety as some species can only grow in natural habitat it is also known as mariculture.
According to the report, constant demand for sea food owing to various advantages over other meat products along with increased public awareness with regards to the consumption of sea food. There has been constant development of technology taken place which is further supported by the growing population. In addition to the fast developing infrastructure led to the decline of natural feedstock along with rapidly growing demand for food are expected to fuel the market growth. Moreover, constant development of innovative techniques with growing consumer awareness about protein intakes as well as diet may tend to bring change in market trends.
However, overfishing along with changing climatic conditions as well as growing pollution can create restrains for the market growth. Moreover, rising government initiatives along with the integration of new and smart technology to enhance the overall production is anticipated to provide numerous opportunities to the market in the coming few years.
On the basis of environment, the aquaculture market share is segmented into marine water, fresh water, and brackish water. Fresh water & marine water likely to contribute the major market share and dominate the market growth in near future.
On the basis of fish type, the aquaculture market is categorised into Carps, Crustaceans, Mackerel, Milkfish, Molluscs, Salmon, Sea Brass, Sea Bream, Trout, and Others. Salmon fish has shown the increased adoption with highest market share as well as significant CAGR owing to the high nutritional value dominate the market growth.
North America is likely to account for the highest market size & share of the aquaculture market in the forecast period 2020–2030 owing to the technological advancement along with surging demand of sea food due to the various advantages. Europe accounts for the second leading position in the aquaculture market size. Asia Pacific is expected to be the fastest developing region in the aquaculture market which is majorly driven by the rising government initiatives along with development of infrastructure. Moreover, growth in international trade practices with the growing integration of smart technologies likely to enhance the market growth.
According to the report, some the key players in the aquaculture market are Cooke Aquaculture Inc., Cermaq Group AS (Mitsubishi Corporation), Grupo Farallon Aquaculture, Marine Harvest ASA, Leroy Sea Food Group, P/F Bakkafrost, Stolt Sea Farm, Selonda Aquaculture S.A., Thai Union Group Public Company Limited and Tassal Group Limited.
Browse key industry insights from the report at https://www.nextmsc.com/report/aquaculture-market in detail along with the table of contents:
Key Insights from the Aquaculture Market Report:
- Asia Pacific is the fastest growing Aquaculture market owing to the rising government initiatives & subsidies along with the growth in international followed by growth in disposable income.
- The salmon fish dominates the segment and is expected to grow at significant CAGR to maintain the led in 2030.
- Some of the major players in the market are Cooke Aquaculture Inc., Cermaq Group AS (Mitsubishi Corporation), Grupo Farallon Aquaculture, Marine Harvest ASA, Leroy Sea Food Group, P/F Bakkafrost, Stolt Sea Farm, Selonda Aquaculture S.A., Thai Union Group Public Company Limited and Tassal Group Limited.
The report Aquaculture market – segmented by environment, fish type and geography
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