Aquaculture Market is valued around USD 281.99 Billion in 2019 and expected to reach USD 484.09 Billion by 2030 with the CAGR of 4.90% over the forecast period.
Aquaculture refers to the farming of aquatic organisms which are edible in nature. It includes variety of aquatic organisms such as fish, mollusks, aquatic plants and others. It includes everything from cultivation, breeding, harvesting, restoration & other required activities. It is generally done in controlled environment but few species can only grow in marine environment & it is called as mariculture.
Global Aquaculture Market report is segmented on the basis of environment, fish type and by regional. Based upon environment, the aquaculture market is fragmented into marine water, fresh water, and brackish water. On the basis of fish type, the market is categorized into Carps, Crustaceans, Mackerel, Milkfish, Mollusks, Salmon, Sea Brass, Sea Bream, Trout, and Others. The regional bifurcation of countries includes North America, Europe, Asia-Pacific, and RoW which are further segmented into major countries such as U.S., UK, France, and others.
The aquacultures market is mainly driven by the constant rising demand of food owing to the large population base. There has been constant development of technology as well as infrastructure is also likely to support market growth. In addition, surge in the consumption of sea food owing to wide advantages followed by the growth in consumer awareness about protein rich & healthy diet. Moreover, surge in international trade activities, growth in disposable income along with decline in natural feedstock. On the other hand, growth in government initiatives & subsidies to promote aquaculture along with the introduction of new &innovative techniques to further enhance the production are also expected to drive the market growth. However, growing water pollution along with the change in climatic conditions further supported by over fishing are likely to inhibit the market growth in near future.
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The developed regions such as North America and Europe are expected to hold the major market share owing to the presence of advanced technology along with the surge in sea food consumption followed by the presence of developed infrastructure. Asia Pacific is expected to dominate the aquaculture market in terms of growth rate owing to the rapid growth in population base led to the growing demand of food. Moreover, fast developing agriculture industry along with rising government initiatives & subsidies are further expected to propel the market growth.
The major market players profiled in the aquaculture market includes Cooke Aquaculture Inc., Cermaq Group AS (Mitsubishi Corporation), Grupo Farallon Aquaculture, Marine Harvest ASA, Leroy Sea Food Group, P/F Bakkafrost, Stolt Sea Farm, Selonda Aquaculture S.A., Thai Union Group Public Company Limited and Tassal Group Limited among others.