Aquaculture Market to Exceed USD 357,903.27 million by 2028
The scope of our recent study on the "Aquaculture Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Culture Environment (Freshwater, Marine Water, and Brackish Water) and Product Type (Fish, Aquatic Plants, Crustaceans, Mollusca, and Others)" includes the description of factors fueling the market growth, estimation and forecast of revenue, and identification of significant market players and their key developments, along with providing market share analysis
Market Overview
In 2021, the aquaculture market, which involves the farming of aquatic organisms such as fish, crustaceans, and mollusks in water environments including freshwater, marine water, and brackish water, had a market valuation of US$ 267,423.64 million. It is anticipated that by 2028, the aquaculture market value will increase to US$ 357,903.27 million with a Compound Annual Growth Rate (CAGR) of 4.3% from 2021 to 2028. Aquaculture is often referred to as aquafarming and is considered to be an effective solution to meet the rising demand for seafood. The aquaculture industry utilizes various techniques and technologies to farm all types of freshwater and marine fish.
Market Segmentation
The aquaculture market is segmented by culture environment into freshwater, marine water, and brackish water. As of 2020, the marine water segment held the largest share of the global aquaculture market, while the brackish water segment is expected to register the fastest compound annual growth rate (CAGR) during the forecast period. Marine aquaculture involves cultivating marine organisms in the open ocean or tanks and ponds filled with seawater. Finfish and shellfish such as prawns, oysters, squid, crabs, and lobsters are among the different types of fish raised in marine aquaculture. Marine aquaculture produces non-food products such as fish meal, nutrient agar, and oil. This sector has experienced rapid growth in recent years, driven by advancements in formulated feeds, new technologies, greater biological knowledge of farmed species, increased water quality within closed farm systems, and increased demand for seafood products. Fish grown in marine aquaculture are also viewed as of higher quality than those raised in ponds or tanks.
The global aquaculture market is divided into five primary regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America (SAM). As of 2020, Asia Pacific dominated the aquaculture market, with the largest market share. The increased production and consumption of seafood in countries such as China and India in Asia Pacific are crucial drivers of the regional market growth. Additionally, the rising per capita income and the growing recognition of seafood as a rich and cost-effective source of protein among people in both developed and developing countries across the Asia Pacific are fueling the growth of the aquaculture market. The ample availability of coastlines and inland waters has also played a significant role in boosting the expansion of the aquaculture industry.
Impact of COVID-19
The COVID-19 pandemic presented numerous unprecedented challenges for various sectors, including the food and beverage industry. The outbreak caused disruptions in supply chains, resulting in decreased demand for seafood due to lockdowns, travel bans, and border restrictions. The closure of business operations also led to a shortage of product supply. In the early months of the pandemic, the demand for seafood declined due to the closure of food service outlets such as restaurants and hotels. These factors had a negative impact on the growth of the aquaculture market. However, the global aquaculture market is gradually recovering from the losses, and manufacturers are able to operate at full capacity. Additionally, the increasing vaccination rates are positively contributing to the growth of the aquaculture industry.
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