- Combating of diseases and water-quality management may pose major challenges.
- The freshwater segment is expected to garner the largest market share during the forecast period.
- The market in Asia-Pacific is expected to lead the global aquaculture market.
Global Aquaculture Market is expected to demonstrate lucrative growth opportunities for the key players during the forecast period due to the technological advancements in aquatic farming and harvesting. Additionally, the wide applications of aquatic species in agriculture, pharmaceutical industry, and the personal care industry are further fueling the growth of the global aquaculture market which is projected to register a significant growth rate of 5.1% from 2019 to 2024 and reach a market value of $207 billion by the end of 2024.
However, the major challenges being faced by the aquaculture companies are the combating of diseases and water-quality management. Overall, by analyzing the Aquaculture Market, it can be noticed that market players in the industry are adopting strategies such as acquisitions, partnerships and agreements, and regional expansions to increase the profitability and expand their market share.
Some of the key players in the global Aquaculture Market are American Abalone Farms (US), Dainichi Corporation (Japan), Blue Ridge Aquaculture Inc. (US), Nippon Suisan Kaisha Ltd. (Japan), Cermaq ASA (Norway), Austevoll Seafood ASA (Norway), Cargill, Incorporated (US), Sea Watch International Ltd. (US), Mowi ASA (Norway), Cooke Aquaculture (Canada), Grieg Seafood ASA (Norway), Charoen Pokphand Foods PCL (Thailand), Maruha Nichiro Corporation (Japan), Thai Union Group PLC (Thailand), and Tassal Group Ltd. (Australia).
The global Aquaculture Market has been segmented on the basis of environment, type, and region.
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Based on environment, the global aquaculture market has been segmented into freshwater, marine water, and brackish water. The freshwater segment is expected to garner the largest market share during the forecast period. The segment’s dominance and growth can be attributed to the traditional and conventional aquaculture methods of aquatic farming. The brackish water segment is expected to register the highest growth rate during the forecast period. The reasons for the highest CAGR of the brackish water segment are the easy availability of species such as estuarine shrimp, heterogeneous shrimp, fish, and crabs in the coastal regions and their high preference in aquafarming. Additionally, brackish water aquaculture products are largely export-oriented and farming is economical.
The global aquaculture market has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world.
The market in Asia-Pacific is expected to lead the global aquaculture market due to economic and population growth. Moreover, the high production and availability of aquatic species in the region are fueling the regional market growth.