The Global Aquaculture Market size valued to USD 281.99 billion in 2019, is projected an elevation of USD 484.05 billion by 2030, witnessing a CAGR of 4.90% from 2020-2030.
Aquaculture refers to the farming of aquatic organism in fresh water, marine water, and brackish water. The aquafarming involves aquatic organisms such as carps, crustaceans, mackerel, milkfish, mollusks, salmon, sea brass, sea bream, trout, and others as well as several edible aquatic plants. This involves harvesting, breeding, restoring, regeneration, protecting the species from predators and performing such other activities in controlled environmental conditions.
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Top Companies: Cooke Aquaculture Inc., Cermaq Group AS (Mitsubishi Corporation), Grupo Farallon Aquaculture, Marine Harvest ASA, Leroy Sea Food Group, P/F Bakkafrost, Stolt Sea Farm, Selonda Aquaculture S.A., Thai Union Group Public Company Limited and others.
The global aquaculture market observes a lucrative growth owing to factors such as rapid urbanization, increase in disposable incomes, as well as increasing fitness quotient that leads to higher consumption of animal protein. Furthermore, sea-food, selected species of fishes and several aquatic plants hold high nutritional values, are rich in protein as well as are the primary source of omega-3 fatty acid. Henceforth, they hold wide applications in skin-care, medical sector, plus health and fitness sector. These factors are attributable to foster the growth of the aquaculture market throughout the forecast period. However, increasing pollution of aquatic bodies, drastic changes in climatic conditions and global warming, are the factors posing massive challenges to the global market. Also, handling of the unhealthy culture, managing growth of parasites, irregularities in feed supply as well as disease management of infected species, tend to severely affect the growth of the aquaculture market.
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North America accounts for the major market share, hence it is expected to dominate the global market throughout the forecast period. Factors such as advanced infrastructures, advanced technologies, as well as growing demand for low-fat, high nutritious and protein rich diets, are expected to propel the growth of aquaculture market in this region. Asia Pacific is expected to demonstrate a substantial increase in market share owing to the increase in government initiatives. Furthermore, augment in the international trade, increase in disposable income and integration of new technologies are expected to foster the growth of aquaculture market in coming future.
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