Global Aquaculture Market was valued at USD 32.22 Bn in 2019 and is expected to reach USD 54.95 Bn by 2027 at a CAGR of 6.9% over the forecast period 2020-2027.
Global Aquaculture Market
The report covers an in-depth analysis of COVID 19 pandemic impact on Global Aquaculture Market by region and on the key players’ revenue affected till April 2020 and expected short term and long-term impact on the market.
Global Aquaculture Market Dynamics.
Sustainable capture fisheries and aquaculture play a critical role in food and nutrition security and in providing the livelihoods of millions of people. Aquaculture accounts for a growing share of global aquatic food production. The term aquaculture covers all forms of farming of aquatic animals and plants in freshwater, brackish water, and saltwater. Aquaculture has the same objective as agriculture the controlled production of food to improve the supply for our consumption. In the case of aquaculture, the products are aquatic animals and plants that grow in the water. Various factors such as growth in the aquaculture industry, growing awareness about seafood trade, rising income levels leading to faster growth in fish consumption, rising trend of smart fish farming, the continuous decline of natural feedstock, rising demand for aquaponics are driving the market growth over forecast period. Nowadays, popularity and acceptance of data-driven management platforms are increasing, these systems integrate data from myriad sources into the unified cloud platform, and encapsulate complete dynamics of the aquaculture farm environment in the real time, will favour the growth of the aquaculture market.
However, factors such as overfishing, harmful impact on the environment, food safety concerns are restraining the market growth over the forecast period.
Global Aquaculture Market is segmented by rearing product type, by culture, by Species, by Product, and by Region. By product type, the equipment segment dominated the global market in 2019 and is expected to keep its dominance over the forecast period. These equipments are vital to produce aquatic plants and animals. With the growing demand for seafood and the decline in the volume of captured fishes, the demand for such equipment is expected to rise. By culture, freshwater held 46.87% of market share in 2019 and is expected to keep its dominance over the forecast period owing to an imitation of freshwater environments in ponds, concrete raceways, and cages. Marine water aquaculture refers to raising marine animals such as salmon, oysters, shrimp, and mussels. Different methods of marine aquaculture include sea ranching, intensive aquaculture, and rack & line farming. The selection of these methods depends on the type of shellfish or fish one plans to grow. By product, carp is expected to dominate the global market over the forecast period. Carps are cultivated in the freshwater environment and are one of the majorly cultivated aquatic species in this market owing to their compatibility with lesser ideal environmental conditions.