According to our latest market study on “Aquaculture Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Culture Environment (Freshwater, Marine Water, and Brackish Water) and Product Type (Fish, Aquatic Plants, Crustaceans, Mollusca, and Others),’’ the market was valued at US$ 267,423.64 million in 2021 and is projected to reach US$ 357,903.27 million by 2028 and is expected to grow at a CAGR of 4.3% from 2021 to 2028.
Hydroponics is the act of raising, collecting, and rearing fish, shellfish, green growth, and different creatures in various water conditions, including freshwater, marine water, and bitter water. Hydroponics is essentially adding to fish creation, and the reception of hydroponics is developing at a consistent rate. The expansion in the interest for fish for human utilization is significantly met by hydroponics, marine fisheries, and inland fisheries.
The high development in populace and developing mindfulness among purchasers about fish as a sound protein source has powered the hydroponics market. As per the Food and Horticulture Association (FAO), fish utilization by people is supposed to increment by half in the approaching 15 years. Moreover, the expansion in buying force of individuals in emerging countries has upheld the market development. Wild fisheries are not adequate to fulfill the worldwide need for fish. Innovation has made it attainable to create fish in waterfront marine waters, the untamed sea, and other amphibian conditions. Hydroponics is a maintainable answer for fish cultivating to give the group of people yet to come harmless to the ecosystem protein choices.
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Government initiative and favorable policies play an important role in generating a suitable environment for entities involved in aquaculture. It includes research, legal framework, and infrastructure for aquaculture. The Food and Agriculture Organization of the United Nations (UN FAO) has acknowledged a gap between seafood supply and demand for the future. It is forecasted that the demand for seafood by 2030 will exceed 260 million tonnes, and the estimated supply by the current production rate will be 210 million tonnes. Thus, aquaculture is considered a capable source to meet the increased demand for seafood. Also, with the increase in the demand for seafood, there are few certifications and standards associated with seafood production for a sustainable environment.
The key players operating in the global aquaculture market include Cermaq Group AS; P/F Bakkafrost; Blue Ridge Aquaculture, Inc.; Danish Salmon A/S; Farallon Aquaculture Group; Cooke Aquaculture, Inc.; Leroy Seafood Group ASA; Stolt-Nielsen Limited; Mowi ASA; and Thai Union Group PCL.
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