Aquaculture is a farming technique in which the cultivation of aquatic is done. Aquaculture involves the production of crustaceans, fish, mollusks, and other aquatic species. The market of aquaculture is gaining huge traction due to the growing consumption of fish due to its nutritional value. Fish has a high content of vitamins, proteins, and other essential nutritional values.
The global aquaculture market is expected to surpass US$ 265,599.10 Mn in terms of value by the end of 2028.
Global Aquaculture Market: Drivers
The growing consumption of fish is driving demand for aquaculture techniques. A decrease in the catches of fishes is another major factor augmenting the market growth of aquaculture. According to the Seafood Nutrition Partnership, the U.S. per capita consumption of seafood for 2017 has increased to 16 pounds from 14.9 pounds in 2016. This is up 1.1 pounds from the year before and is the highest per capita consumption in almost a decade. Thus rise in fish consumption is projected to fuel the market growth of aquaculture.
Global Aquaculture Market: Opportunities
Increasing seafood trading around the globe is projected to serve major growth opportunities in the market over the forecast period. According to the Food and Agriculture Organization, exports of shrimp increased from India, Viet Nam, Ecuador, Indonesia, and Argentina during the first half of 2018. This is attributed to favorable government trading policies and the decline of natural feedstock. Hence, increasing seafood trade around the globe is contributing to the market growth of the aquaculture.
Global Aquaculture Market: Recent Developments
In August 2021, JBS, protein producer and a food company acquired 100% of Huon Aquaculture, Australia’s salmon producer.
In April 2021, Mowi ASA, a seafood company, completed the acquisition of 100 % of the shares in Lofoten Aqua AS.
In March 2020, Mowi ASA, a seafood company collaborates with X, Alphabet’s innovation engine, to make salmon farming more sustainable. Alphabet Inc. is an American multinational technology conglomerate holding company.
Global Aquaculture Market: Restraints
Unfavorable climatic conditions are affecting the growth of the aquaculture market. It is highly vulnerable to adverse impacts of natural, environmental, socioeconomic, and technological conditions. Thus, unfavorable climatic conditions are hindering the market growth of aquaculture.
Global Aquaculture Market - Impact of Coronavirus (Covid-19) Pandemic
Fish and fish products are among the most traded food products in the world. COVID-19 has had varying impacts of on the fisheries and aquaculture food systems. Globally, as of 5:20pm CEST, 17 September 2021, there have been 226,844,344 confirmed cases of COVID-19, including 4,666,334 deaths, reported to WHO. The pandemic has led to restrictions and closures of global markets and fresh fish and shellfish supply chains have been severely impacted as most of the hospitality sector was shut. Such scenario is expected to limit growth of the aquaculture market.
Figure 1. Global Aquaculture Market Value (US$ Mn), by Environment, 2020
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Strategic partnership and agreement by key players for business expansion is one of the key trends in the market and this trend is expected to propel the market growth. For instance, in March 2020, Louis Dreyfus Company (LDC) announced a research partnership with Barramundi Asia and Temasek Life Sciences Laboratory (TLL) to develop optimal aquafeed formulations for the rearing of Barramundi fish on a commercial scale. Increasing adoption of such initiatives by key players will favor market growth.
The growing trend of consuming seafood due to an increase in food supply insecurities is expected to foster the market growth of the aquaculture. The rise in demand for protein-based food products coupled with the expansion of the food retail industry around the globe is another major factor expected to propel the market growth of the aquaculture. Also, increasing penetration of inland fish farming is further expected to foster the market growth of aquaculture over the forecast period.
Global Aquaculture Market: Competitive Landscape
Major players operating in the global aquaculture market include, Blue Ridge Aquaculture, Cermaq ASA, Cooke Aquaculture Inc., Eastern Fish Co., Huon Aquaculture Group Pty Ltd., International Fish Farming Co. – Asmak, Marine Harvest ASA, Nireus Aquaculture S.A., Promarisco, and Selonda Aqauculture S.A.
In February 2017, Blue Ridge Aquaculture has invested $3.2 million to expand its operations in Henry County, Virginia, which its president and CEO Bill Martin considers a significant step in the company’s growth plans.
In February 2018, Blue Ridge Aquaculture has announced to start Atlantic salmon farming in response to the high demand for salmon.
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