According to “The Insight Partners” 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.
Aquaculture is the practice of raising, harvesting, and breeding fish, shellfish, algae, and other organisms in different water environments, including freshwater, marine water, and brackish water. Aquaculture is significantly contributing to fish production, and the adoption of aquaculture is growing at a steady rate. The increase in the demand for fish for human consumption is majorly met by aquaculture, marine fisheries, and inland fisheries.
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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.
The high growth in population and growing awareness among consumers about seafood as a healthy protein source has fueled the aquaculture market. According to the Food and Agriculture Organization (FAO), fish consumption by humans is expected to increase by 50% in the coming 15 years. Additionally, the increase in purchasing power of people in developing nations has supported the market growth. Wild fisheries are not sufficient to meet the global demand for seafood. Technology has made it feasible to produce seafood in coastal marine waters, the open ocean, and other aquatic environments. Aquaculture is a sustainable solution for fish farming to provide the future generation with environmentally friendly protein alternatives.
The food & beverages industry faced multiple challenges due to the outbreak of the COVID-19 pandemic. Due to lockdowns, business shutdowns, travel bans, and border restrictions, the supply chains were severely disrupted, which hampered the growth of the food & beverages industry. The aquaculture market also got affected because of the pandemic due to the restrictions imposed by the governments of different countries. Due to the closure of restaurants and hotels, the demand for high-value fresh fish and aquatic food also declined, which hampered the growth of the aquaculture market. However, the demand for packaged and frozen seafood products soared in the second quarter of 2020 as households looked to stock up on nonperishable food items. Furthermore, with the rising vaccination rates and relaxation of government restrictions, the demand for seafood is projected to grow considerably, propelling the growth of the aquaculture market in the coming years.
Based on culture environment, the aquaculture market is categorized into freshwater, marine water, and brackish water. The brackish water segment is expected to register the highest CAGR in the market during the forecast period. Brackish water has more salinity than freshwater, but not as seawater. Brackish water is a waste product of the salinity gradient power process, and natural brackish water can be found globally in coastal areas, forming in different ways. The most well-known sources of brackish water are estuaries. Various types of fish such as tiger shrimp (Penaeus monodon), mud crab (Scylla serrata), and milkfish are raised in brackish water. Brackish water fish farming also focuses on producing quality fin and shellfish in creeks, lagoons, and estuaries.
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