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.
Owing to the growing demand for aqua-products for their protein-rich content, small-scale farming is adopted by developing regions such as Asia Pacific, South America, and Africa. Furthermore, the governments of these countries are taking various initiatives to support aquafarming in these regions, as it is one of the major sources of employment.
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The equipment segment is estimated to dominate the aquaculture market in 2018 due to their high demand in marine culture. The different methods of marine aquaculture include sea ranching, intensive aquaculture, and rack & line farming. Furthermore, advancements in feed systems are also growing to meet the rising demand for the inclusion of nutrients at an optimum level in the diets of aquatic animals. These equipment are vital for the production of aquatic plants and animals. With the growing demand for seafood and the decline in the volume of captured fishes, the demand for such equipment is expected to rise.
The marine culture segment is projected to be the fastest-growing segment in the market during the forecast period, due to the increasing demand for seafood products and declining capture in fishery landings from the oceans. Ocean cage culturing of marine fish has encouraged the design of new and innovative cages for culturing them in near-shore and offshore environments. Furthermore, advancements in technology such as water recirculation systems, along with the global rise in food demand, is providing promising growth opportunities for the marine aquaculture system.
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.
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Key vendors in the global aquaculture market include Pentair plc. (US), AKVA Group (Norway), Xylem Inc. (US), Aquaculture Equipment Ltd. (UK), Aquaculture System Technologies, LLC, (US), Luxsol (Belgium), Pioneer Group (Taiwan), CPI Equipment Inc. (Canada), Asakua (Turkey), FREA Aquaculture Solutions (Denmark), Lifegard Aquatics (US), Tan International Ltd (UK), Reef Industries, Inc. (US), Aquafarm Equipment AS (Norway), and Aquaculture of Texas, Inc. (US).