Aquaculture Market Insight, Trends, Forecast 2022-2028

1. Global Aquaculture Market- Industry Size, Share, Growth, Opportunity and Forecast, 2022-2028

2. Global Aquaculture Market- Industry Trends & Forecast Report 2028 A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global aquaculture market was worth USD 185.1 billion in the year 2021. It is estimated to grow at a CAGR of 4.70%, earning revenue of around USD 253.9 billion by the end of 2028. The growth of the global aquaculture market is attributed to the rising consumption of seafood owing to the increasing income of the consumers and expanding import and export activities for seafood products. Furthermore, increasing demand for marine plants and organisms in a variety of industries including pharmaceuticals, cosmetics, fertilizers, etc., is further propelling the growth of the global aquaculture market.

3. Growth Drivers  Rising Demand For Seafood Globally The demand for seafood is gradually increasing due to the rising income of the consumers and the increasing global population. Furthermore, flourishing tourism in different parts of the world is also propelling the demand for seafood from various on-trade channels such as restaurants and hotels. This is because food is largely associated with local cultures, which attracts the foreign tourists. Due to this rising demand, the manufacturers and producers are investing towards expanding their aquaculture production output, propelling the overall market growth.

4. Restraints  Negative Impact Of Aquaculture On The Environment The expanding aquaculture industry is imposing huge threats on the environment, which is anticipated to act as a major restraining factor for the global aquaculture market. According to the Center for Food Safety Organization, “Industrial aquaculture has resulted in a far-reaching variety of environmental consequences, including the escape of farmed fish from their containment that threatens native wild fish populations; the spread of deadly diseases and parasites.” The organization also reveals that aquaculture also raises human health and food safety concerns.

5. Impact of COVID-19 The COVID-19 pandemic outbreak tremendously halted the growth of the global aquaculture market. The supply chains were completely blocked due to lockdown and restrictions on import and export activities, which affected the operations of the aquaculture companies as well as individuals who solely depended on seafood as their primary source of income. Furthermore, the demand for aquaculture products also registered a significant decline from the consumer's end as well as limited demand from on-trade channels such as hotels and restaurants due to hindrance in tourism. Sample Copy of the Report: https://www.blueweaveconsulting.com/report/global-aquaculture-market/report-sample

6. Competitive Landscape The leading market players of the global aquaculture market are Pentair PLC, Aquaculture of Texas, Inc., AKVA Group, Aquafarm Equipment AS, Xylem Inc., Reef Industries, Inc., Aquaculture Equipment Ltd., Tan International Ltd, Aquaculture System Technologies, LLC., Lifegard Aquatics, Luxsol, Frea Aquaculture Solutions, Pioneer Group, Asakua, CPI Equipment Inc., GrupoFarallon Aquaculture, Tassal Group Limited, Thai Union Group PLC, Cooke Aquaculture Inc., Stehr Group Pty Ltd., and other prominent players.

7. Regional Insights Geographically, the global aquaculture market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. The Asia-Pacific region dominates the global aquaculture market. Countries such as China, India, Thailand, Vietnam, etc., are significantly investing in the aquaculture industry to boost their exports and flourish their economies. They are also accumulating advanced technologies and techniques to improve the quality and quantity of their yields to meet domestic and global demand, which is anticipated to flourish the market growth in the forecast period.

8. Recent Development In February 2022, Atlantic Sapphire ASA, a Norway-based land-based aquaculture company, announced its partnership with Skretting to include Veramaris ASC-MSC certified sustainable oil from Q4 2021, reducing the fish oil content in its salmon feed. In January 2022, the Syria Recovery Trust Fund (SRTF) announced the completion of its intervention, “Supporting Restoration of Aquaculture in Ar-Raqqa Governorate - Phase I” at a total budget of Euro 784.740.

9. Key Players Pentair PLC, Aquaculture of Texas, Inc., AKVA Group, Aquafarm Equipment as, Xylem Inc., Reef Industries, Inc., Aquaculture Equipment Ltd., Tan International Ltd, Aquaculture System Technologies, LLC., Lifegard Aquatics, Luxsol, Frea Aquaculture Solutions, Pioneer Group, Asakua, CPI Equipment Inc., GrupoFarallon Aquaculture, Tassal Group Limited, Thai Union Group Plc, Cooke Aquaculture Inc., Stehr Group Pty Ltd., and other prominent players.

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