The global aquaculture market size is projected to grow from USD 30.1 billion in 2018 to USD 42.6 billion by 2023, recording a compound annual growth rate (CAGR) of 7.2% during the forecast period. This market is driven by factors such as a decline in the amount of captured fish, rise in consumption of fish and other products (due to their nutritional value), and growth in trend of smart fish farming.
Key aquaculture players include Pentair Plc, (US), AKVA Group (Norway), Xylem Inc (US), Aquaculture Equipment Ltd (UK), Aquaculture System Technologies (US), Luxsol (Belgium), Pioneer Group (Taiwan), CPI Equipment Inc (US), 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). Expansion was a dominant strategy adopted by the key players, followed by the launching of new products. This has helped them to increase their presence in different regions and expand their product portfolio.
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Scope of the report:
On the basis of rearing product type, the aquaculture market has been segmented as follows:
o Water pumps & filter
o Containment equipment
o Water circulating and aerating equipment
o Cleaning equipment
On the basis of culture, the aquaculture market has been segmented as follows:
• Brackish water
On the basis of species, the aquaculture market has been segmented as follows:
• Aquatic plants
o Microalgae and other aquatic plants
• Aquatic animals
o Others (sea bream, sea bass, and frogs)
On the basis of production type, the aquaculture market has been segmented as follows:
• Large- & medium-scale
On the basis of region, the aquaculture market has been segmented as follows:
• North America
• Asia Pacific
• South America
• RoW (Africa and the Middle East)
• Further breakdown of the Rest of Europe aquaculture market
• Further breakdown of the Rest of Asia Pacific aquaculture markets
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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.
Asia Pacific is projected to be the fastest-growing region in the aquaculture market during the forecast period due to the rapid development of aquaculture in most of the countries in the region in terms of improving the food supply. The demand for aquaculture products is rising, as the farmers in this region are investing in new technologies and innovations in order to meet the increasing food supply and nutrient food. The consumption of fish and shrimp is witnessing an upward trend in the region, which aids the aquafarming industry.