$421.2 Billion By 2030, Rising at A Rate Of CAGR of 5.5%
The Global Aquaculture Market is currently valued at USD $ 289.6 billion and is projected to hit $ 421.2 billion by 2030 at a CAGR of 5.5%, according to a market report recently released by Vantage Market Research.
The market is divided into three categories when discussing culture: Freshwater, Brackish water, and Marine. Throughout the forecast period, it is projected that the freshwater category will experience the highest CAGR. Vantage Market Research estimates that the category will be responsible for over 46% of total sales. However, the Marine market is also expected to grow significantly.
The Asia-Pacific region is projected to be the foremost competitor throughout most of the projection period. The demand in the Asian-Pacific region is strongly influenced by population and economic growth in addition to sociological factors, such as traditional fish consumption patterns. The region is expected to dominate the industry due to the ideal environment and wealth of natural resources. North America, on the other hand, is expected to be the fastest-growing region as federal governments have begun supporting the industry. Top companies in the global market include:
● Alpha Group Ltd. (Canada)
● Aquaculture Technologies Asia Limited (Hong Kong)
● Cermaq Group AS (Mitsubishi Corporation) (Norway)
● Cooke Aquaculture (Canada)
● Leroy Seafood Group ASA (LEROY) (Norway)
● Marine Harvest ASA (Marine) (Norway)
● Nippon Suisan Kaisha Ltd. (Japan)
● P/F Bakkafrost (Faroe Islands)
● ASSAL Group Limited (Australia)
● Thai Union Group PLC (UNION Thailand)
Vantage Market Research believes that technological advancements are a trend on-the-rise that will give a strong influence on the market's growth. Additionally, rising seafood demand in upcoming years is also expected to propel market growth.
Key Report Findings
For more information about where the Global Aquaculture Market is expected to go in the next 7 years, go to GlobeNewswire.com:
● “Based on Rearing Product Type, the equipment category controls most of the Aquaculture market's revenue. To create aquatic organisms and animals, these tools are essential. The need for such equipment is anticipated to increase because of the rising popularity of seafood and the fish drop caught.
● Based on the Culture, the freshwater category controls most of the Aquaculture market's revenue. Market revenue is ascribed to Aquaculture's rapid development as a workable replacement for the uncontrolled fishery. Natural freshwater sources include icecaps, crampons, ice caps, bogs, wetlands, pools, rivers, and streams. Water sources and subsurface streams contain freshwater as well. River, trout, and Westerlund are the three most prevalent types of freshwater fish.
● Based on Species, most of the Aquaculture market's revenue is controlled by the aquatic animal category. Any animal, whether a mammal or an invertebrate, that spends all or a large portion of its life in water is considered aquatic. Aquatic creatures are crucial to both the ecosystem and daily life for humans. The fact that aquatic animals are living things that offer humans resources like food, medication, electricity, refuge, and natural resources for daily life makes them important.
● Based on Product Type, most of the Aquaculture market's revenue is controlled by the large & medium-scale categories. However, Aquaculture's economy mostly depends on large and medium-scale operations. They are significantly more numerous than large businesses, employ a sizable workforce, and are typically innovative, helping to create development.”
What was the most interesting projection in the market analysis? Do you disagree with any of the estimates?
Source: Aquaculture Market Size & Share to Surpass USD 421.2 Billion by 2030 - Globe Newswire
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Written by AQUAMERGE
March 16, 2023