ALBANY, New York, May 21, 2019 /PRNewswire/ -- The global aquaculture market is fragmented and competitive, says Transparency Market Research (TMR) based on a recently published report. The key players in the global aquaculture market include Cooke Aquaculture Inc., Bakkafrost Holding, Nippon Suisan Kaisha Ltd., Tassal Group Limited, and Norway Royal Salmon ASA. These farmers and harvesters are investing on advanced technologies to improve the growth of the aquatic plants and animals. They are also investing on better feed without pesticides to grow quality and hygienic products to capture over the competitive market of the global aquaculture market.
Rising demand for sea food across the globe is projected to drive the global aquaculture market to grow at a healthy rate. The global aquaculture market is expected to grow at a CAGR of 2.3% over the forecast period 2019 to 2027. The global aquaculture market is projected to reach an estimated value of US$173.3 Mn by the end of 2019 as compared to 2018.
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On the basis of geography, the global aquaculture market is projected to be ruled by North America during the forecast period. It is expected to be the most attractive market for aquaculture during this tenure. The growth can be attributed to growing aquaculture activities and market. The global aquaculture market is segmented into fish, molluscs, seaweeds, and crustaceans on the basis of product type. However, the fish segment is projected to dominate the global aquaculture market from 2019 to 2027.
Demand for Canned Sea Food to Surge Global Aquaculture Market
Due to rising demand for convenience, packed food, and processed fish products are likely to surge the global aquaculture market. Such increasing demand for ready to eat products are predicted to come from developed and developing countries. Alternatively, the governments are supporting aquaculture farming in fresh water or marine water. The reason for supporting aquaculture farming is to save endangered species from extinction.
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Moreover, increased purchasing power among consumers is predicted to boost the global aquaculture market to grow at a healthy rate. Continuous advancements in technologies in fisheries and sustainable solutions in farming and harvesting aqua animals and plants also have contributed to the growth of aquatic plants and animals. Furthermore, the farmers and harvesters feed these aqua animals with organic feed. Thus, the global aquaculture market is expected to grow at a steady rate during the forecast period.
Export Production to Boost Growth in Global Aquaculture Market
The farmers and harvesters are using closed harvesting and farming system to increase export production. Increase in export production is will directly surge the overall market. This acts as another factor that will drive the global aquaculture market during the forecast period. Increasing number of retail chain stores, restaurants, and fast food service providers are likely to meet the immediate demand for sea food cravings. Hence, the global aquaculture market is anticipated to expand in the upcoming years.
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The factors that are projected to restrain the global aquaculture market are high cost to establish technological advancements. Small players in the market may not be able to bring in the latest technology in aquaculture farming. Additionally, changes in climatic conditions such as hurricanes, storms, and cyclones are also projected to restrain the global aquaculture market during the forecast period.
Despite the restraints, the global aquaculture is projected to grow due to governments support and investments in various aquaculture farming and harvesting projects across the globe. Hence, the global aquaculture market is anticipated to grow at a healthy rate in the upcoming years.
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This review is based upon the TMR report titled, "Aquaculture Market (Culture Type - Marine Water, Fresh Water; Product Type - Fish, Molluscs, Crustaceans, Seaweed)) – Global Industry, Size, Share, Growth, Trends, Forecast, 2019-2027."
The global aquaculture market is segmented into:
- Marine Water
- Fresh Water
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Gulf Country Council
- Saudi Arabia
- Rest of Middle East
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