The global aquaculture market is to grow from USD 30.1 billion in 2018 to USD 42.6 billion by 2023, recording a compound annual growth rate (CAGR) of 7.2% during the forecast period. The decline in the amount of captured fish and rise in consumption of fishes due to their protein and omega-3 fatty acid content are projected to drive the growth of the aquaculture market. Furthermore, rising trade of seafood is also propelling the market demand.
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Report Objectives:
• Determining and projecting the size of the aquaculture market, with respect to rearing product type, culture, species, production type, and regional markets, over a five-year period ranging from 2018 to 2023
• Identifying attractive opportunities in the market by determining the largest and fastest-growing segments across regions
• Providing detailed information about the key factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
• Analyzing the micromarkets, with respect to individual growth trends, future prospects, and their contribution to the total market
• Identifying and profiling key market players in the aquaculture market
• Understanding the competitive landscape and identifying the major growth strategies adopted by players across the key regions
• Analyzing the value chain, products, and regulatory frameworks across key regions and their impact on the prominent market players
• Providing insights into key product innovations and investments in the aquaculture market
The freshwater aquaculture segment is estimated to dominate the market in 2018, as it an important sector of many economies such as Asia Pacific and South America and is considered to be important in sustaining the livelihoods of many rural communities. Further, advancements in pond aquaculture and the introduction of new technology to produce a high amount of freshwater species are driving the market growth of freshwater aquaculture.
The pharmaceutical segment, by rearing product type, is projected to be the fastest-growing segment in the aquaculture market during the forecast period, due to higher acceptance of drugs, medicated feed, and vaccines into the regional markets, specifically in developed countries such as the US and Canada. Furthermore, growing demand for medicated aquafeed is increasing in organized aquafarms across Europe, given the limited use of antibiotics across the region, which is driving the growth of the aquaculture market.
In terms of geographic coverage, the aquaculture market has been segmented into five regions, namely, North America, Europe, Asia Pacific, South America, and RoW. South America is projected to be the second fastest-growing region due to the strong fish production base in Ecuador and Chile, along with high technological advancements in aquafarming. According to FAO, the total fish production in the region would reach 16.2 million tons by 2025. Further, there is a high production of salmon in the region, especially in Chile, due to favorable market conditions. Other factors such as the presence of favorable temperatures & coastlines and strong governmental support for aquafarming in the region also cater to the development of the aquaculture industry.
Increasing government support provides a huge opportunity for the aquaculture sector. For instance, USAID-funded Fisheries Improved for Sustainable Harvest (FISH) Project in the Philippines, the Management of Aquatic Ecosystems through Community Husbandry (MACH) project in Bangladesh, the SUCCESS fisheries management programs in three West African countries, and the Global FISH Alliance in the spiny lobster fishery of Honduras.
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