The aquaculture market was valued at USD 30.1 billion in 2018 and is projected to reach USD 42.6 billion by 2023, recording a CAGR of 7.2% during the forecast period. This is attributed to the growing consumption of fish for its nutritional value. Furthermore, the rising trend of smart fishing and the increase in seafood trade is also propelling the demand for aquaculture products.
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Key Market Players
• Pentair plc. (US)
• AKVA Group (Norway)
• Xylem Inc. (US)
• Aquaculture Equipment Ltd. (UK)
• Aquaculture System Technologies, LLC, (US)
• Luxsol (Belgium)
• Pioneer Group (Taiwan)
The Asia Pacific region is projected to account for the largest share in the aquaculture market during the forecast period
Asia Pacific accounted for the largest share in the market. This is attributed to a rise in demand for advanced and latest aquaculture products that help in producing more quality output with available land for aquafarming and enhance the efficiency of aquaculture operations.
Further, aquaculture sectors in countries such as China, India, Vietnam, Indonesia, and Thailand are export-oriented; the aquafarming sector is of prime importance in these countries, as players here are focusing on technology adoption and automation which is expected to have a positive impact on the market in this region.
The aquatic animals segment is projected to grow at a higher rate during the forecast period
The aquatic animals segment is further divided into crustaceans, mollusks, finfishes, and others. The growing demand for protein-rich food in developing countries such as India, Bangladesh, Indonesia, and Vietnam is driving the demand for aquatic animals.
Additionally, the government support for aquafarming, specifically in Asia Pacific and Africa, is growing to mitigate poverty levels, as aquaculture is an important source of employment in the coastal regions of these countries; this has prompted several aquaproduct manufacturers to invest in this segment in these two regions.
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The equipment segment is projected to account for the largest market share in the aquaculture market during the forecast period.
The aquaculture market is segmented, on the basis of rearing product type, into equipment, chemicals, fertilizers, and pharmaceuticals. The equipment segment is projected to be a leading segment in the aquaculture market.
This is attributed to the rising adoption of advanced feeding systems to meet the rising demand for the inclusion of nutrients at an optimum level in the diets of aquatic animals. Furthermore, the growth in demand for seafood and decline in the volume of captured fishes is prompting the farmers to use equipment for higher production.