Aquaculture's Global Splash: Asia Pacific Leads, But All Regions Set to Thrive

Infinium Global Research's recent aquaculture market report offers a meticulous breakdown of global and regional segments and sub-segments. This comprehensive study goes beyond current trends, providing insights into the impact of drivers, restraints, and macro indicators on the market's short and long-term trajectory (2023-2030).

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The report serves as a one-stop shop for market trends, forecasts, and market size estimations (in dollars) for the projected period (2023-2030). Notably, the report looks beyond the 2018-2024 timeframe and focuses on the upcoming years, providing a CAGR (Compound Annual Growth Rate) forecast for the aquaculture market throughout 2023-2030.

The rising popularity of seafood consumption is driving significant growth in the aquaculture industry. This sector focuses on the farming of aquatic species, including fish, shellfish, and even seaweed, to meet this growing demand. The importance of aquaculture is further highlighted by estimates from the Organization for Economic Cooperation and Development (OECD) which predict that a staggering 90% of all fish produced will be consumed by humans. Furthermore, with seafood consumption expected to surge by 16.3% by 2029, this growing demand translates directly to a rising CAGR (Compound Annual Growth Rate) for the aquaculture market. In simpler terms, the more people eat seafood, the more the aquaculture industry needs to expand to keep up, fueling market growth

Market Dynamics

Drivers:

·        Rising Seafood Demand:  Consumer preferences are shifting towards increased seafood consumption. The OECD estimates that 90% of fish produced will be consumed by humans, with demand expected to rise by 16.3% by 2029. This surge in demand fuels the need for aquaculture to supplement wild fish populations.

·        Health Benefits of Seafood: Growing awareness of the health benefits associated with seafood consumption, rich in protein and omega-3 fatty acids, motivates consumers and promotes market expansion.

·        Protein Demand: Aquaculture offers a sustainable solution to meet the growing global protein demand. As the population increases, aquaculture provides a reliable source of protein to combat potential food shortages.

·        Fish Oil Applications:  The expanding use of fish oil in diverse applications like pharmaceuticals, dietary supplements, healthcare, and the food industry creates a strong demand for aquaculture products.

Opportunities:

·        Aquaculture for Beautification:  Beyond food production, aquaculture offers aesthetic value. The use of fish in aquariums, indoor waterfalls, and other water features creates a new market segment with growth potential.

·        Rice-Fish Culture: Emerging trends like the adoption of rice-fish culture, where fish and rice are farmed together in a symbiotic system, present exciting opportunities for major aquaculture market players.

·        Technological Advancements:  Innovations in areas like breeding, disease control, and monitoring systems can enhance efficiency and productivity within the aquaculture industry.

Market Segmentation

Culture Analysis:

·        Freshwater Aquaculture: This segment focuses on raising aquatic species in non-saline environments such as ponds, lakes, and indoor recirculating systems. Examples include tilapia, catfish, and carp.

·        Marine Water Aquaculture: This segment deals with farming aquatic organisms in saltwater environments like oceans or offshore cages. Salmon, shrimp, and sea bass are commonly cultivated in this category.

·        Brackish Water Aquaculture: This segment involves raising aquatic species in environments with a mix of freshwater and saltwater, often found in estuaries or lagoons. Examples include prawns and milkfish.

Product Analysis:

·        Salmon: A popular and commercially valuable fish species, widely farmed for its taste and nutritional content.

·        Carp: A dominant freshwater fish species in aquaculture, known for its adaptability and affordability.

·        Crustaceans: This category encompasses a diverse group of shellfish such as shrimp, crabs, and lobsters, prized for their flavor and high market value.

·        Trout: A freshwater fish species popular for its delicate flavor and health benefits.

·        Other Fish: This segment includes a wide variety of other commercially farmed fish species, catering to diverse consumer preferences.

Regional Analysis

Asia Pacific Retains its Crown

·        Asia Pacific remains the undisputed leader in the global aquaculture market, and its dominance is expected to continue throughout the forecast period. This leadership is fueled by several factors:

·        Established Industry: The region boasts a well-established aquaculture infrastructure, with significant experience and expertise in fish farming practices.

·        Favorable Conditions: Abundant coastal areas, favorable climates, and government support create an ideal environment for aquaculture development.

·        Rising Demand: The region's large and growing population is a major driver, with a rising demand for seafood as a protein source.

North America: A Market with Continued Growth Potential

·        The United States is expected to remain the primary driver within the North American aquaculture market. However, the entire region holds promising growth potential for the coming years. Factors influencing this growth include:

·        Technological Advancements: Investment in innovative technologies like advanced breeding programs and environment monitoring systems can enhance efficiency and productivity.

·        Increasing Consumer Awareness: Growing awareness of the health benefits and sustainability aspects of aquaculture can stimulate market growth.

Europe: A Focus on Sustainability and Innovation

·        The European aquaculture market is well-established, with a focus on:

·        Sustainable Practices: Emphasis on environmentally responsible methods and regulations to ensure the long-term viability of the industry.

·        Technological Innovation: Adoption of advanced technologies to optimize production processes, minimize environmental impact, and meet consumer preferences.

Report overview: https://www.infiniumglobalresearch.com/reports/global-aquaculture-market

Competitive Landscape

·        Thai Union Frozen Products Public Company Ltd.
 Selonda Aquaculture S.A.

·        Nireus Aquaculture S.A.

·        Huon Aquaculture Group Pty Ltd.

·        Cooke Aquaculture Inc.

·        Blue Ridge Aquaculture

·        Tassal Group Ltd.

·        Stehr Group Pty Ltd.

·        Promarisco.

Future Outlook

The aquaculture market is expected to continue growing, driven by rising demand for seafood protein, increasing awareness of health benefits, and advancements in sustainable farming practices. The report highlights future trends like rising consumption in developing economies, growing popularity of marine finfish, and integration of technology for improved efficiency. This information will be valuable for industry players to make strategic decisions about investment and product development.

Conclusion

The Infinium Global Research report provides a comprehensive analysis of the aquaculture market, looking beyond current trends and into the future (2023-2030). It covers market size estimations, growth forecasts, and factors impacting the industry's short and long-term trajectory. The report highlights rising seafood demand, health benefits of seafood, and the need for sustainable protein sources as key drivers. Additionally, it explores opportunities in ornamental aquaculture, rice-fish culture, and technological advancements. The analysis also details market segmentation by culture type (freshwater, marine, brackish water) and product type (salmon, carp, crustaceans, etc.). Regionally, the report focuses on Asia Pacific's dominance due to established infrastructure and rising demand, North America's growth potential through technological advancements, and Europe's emphasis on sustainable practices. Lastly, the report identifies key industry players and highlights future trends like rising consumption in developing economies and the growing popularity of marine finfish. This information can be valuable for industry participants to make informed decisions about investment and product development strategies.

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