The global aquaculture market size is projected 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. This market is driven by factors such as a decline in the amount of captured fish, rise in consumption of fish and other products (due to their nutritional value), and growth in trend of smart fish farming.
Key aquaculture players include Pentair Plc, (US), AKVA Group (Norway), Xylem Inc (US), Aquaculture Equipment Ltd (UK), Aquaculture System Technologies (US), Luxsol (Belgium), Pioneer Group (Taiwan), CPI Equipment Inc (US), Asakua (Turkey), FREA Aquaculture Solutions (Denmark), Lifegard Aquatics (US), Tan International Ltd (UK), Reef Industries Inc (US), Aquafarm Equipment AS (Norway), and Aquaculture of Texas, Inc (US). Expansion was a dominant strategy adopted by the key players, followed by the launching of new products. This has helped them to increase their presence in different regions and expand their product portfolio.
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The aquaculture market is segmented, on the basis of culture, into freshwater, marine, and brackish water. The brackish water segment is projected to be the fastest-growing segment in the aquaculture market during the forecast period. This is attributed to its high adoption in underdeveloped countries such as those in Africa. Further, brackish water aquafarming involves culturing of fin and shell fishes that are found in the coastal environment; it has the capacity to supply required food fish on a regular basis, thereby contributing to food security through supplemented feeding and aquafarming methods.
Owing to the growing demand for aqua-products for their protein-rich content, small-scale farming is adopted by developing regions such as Asia Pacific, South America, and Africa. Furthermore, the governments of these countries are taking various initiatives to support aquafarming in these regions, as it is one of the major sources of employment.
Asia Pacific is projected to be the fastest-growing region in the aquaculture market during the forecast period due to the rapid development of aquaculture in most of the countries in the region in terms of improving the food supply. The demand for aquaculture products is rising, as the farmers in this region are investing in new technologies and innovations in order to meet the increasing food supply and nutrient food. The consumption of fish and shrimp is witnessing an upward trend in the region, which aids the aquafarming industry.
