Seed Coating Market is Projected to Reach $3.0 billion by 2025

The report “Seed Coating Market by Additive (Polymers, Colorants, Pellets, Minerals/Pumice, Active Ingredients), Process (Film Coating, Encrusting, Pelleting), Active Ingredient (Protectants and Phytoactive Promoters), Crop Type, Region – Global Forecast to 2025″, is projected to grow at a CAGR of 8.5% from USD 1.8 billion in 2019 to reach a projected value of USD 3.0 billion by 2025. The quality, appearance, and nutritive value of seeds are the key factors contributing to the growth of the seed coating market. Seed coatings offer help to raise the commercial value of seeds by enhancing their appearance, improved handling, flowability through planters, and making them more productive. Hence, seed coatings are projected to offer business opportunities for manufacturers in the next five years. Due to these factors, many multinational players are focusing on producing various types of seed coating products.

The cereals & grains segment is estimated to account for a larger market share, in terms of value, in 2019

Seed coatings are applied to cereals, grains, oilseeds, pulses, vegetables, flowers, ornamentals, and other crops, such as turf and forage grass. The demand for seed coating materials is projected to remain high due to the high consumer awareness about the key attributes of coated seeds and their advantages to increase the crop yield and protection against soilborne pests and diseases.

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The polymer segment is estimated to hold the largest share in seed coatings market, in terms of value, in 2019

Key additives of seed coatings include polymers, colorants, active ingredients, pellets, minerals/pumice, and other additives. Seed coating polymers are widely used as coatings in two major forms, which are polymer gels and superabsorbent polymer gels. These are water-based polymers of low viscous range that are required for enhanced seed germination. Ease of handling and improved flowability through planters are also the key factors, due to which this segment accounts for a major share in the market.

Innovative, environment-friendly, and cost-effective solutions—the key to success for manufacturers in the North American and European region

The North American and European region accounted for the largest share in the global seed coating market in 2018. Increasing awareness about the benefits of seed coatings is projected to drive the growth of the market in these regions. In addition, adding seed coatings is an economical option and is preferred by the Canadian farmers as a risk-hedging technique, which has led to increased sales of coated seeds in the North American market. North America and Europe dominated the market and accounted for the largest share globally, as seed coating products are gaining acceptance among the organic cultivators, which prefer only biodegradable techniques of seed coating production for cultivation.

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This report includes a study of marketing and development strategies, along with the product portfolio of leading companies. It includes the profiles of leading companies, such as BASF SE (Germany), Bayer AG (Germany), Clariant AG (Switzerland), and Croda International Plc (UK).

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Need for Increase of Yield in Crops Drives the Secondary Macronutrients Market

The report “Secondary Macronutrients Market by Nutrient (Calcium, Magnesium, and Sulfur), Form (Dry and Liquid), Application Method (Solid Application and Liquid Application), Crop Type (Cereals & Grains and Oilseeds & Pulses), and Region – Global Forecast to 2022″, The secondary macronutrients market is projected to reach USD 37.12 Billion by 2022, at a CAGR of 3.76% from 2017 to 2022. Secondary macronutrients help to combat the impact of nutrient deficiency in crop production. One of the major factors driving the growth of the secondary macronutrients market is the rising demand for fruits & vegetables that require sufficient nutrition during their growth stage.

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The calcium segment estimated to dominate the market with the largest share in 2017.

The calcium segment is estimated to be the largest nutrient type of secondary macronutrients in 2017 owing to the growing demand for gypsum and lime to tackle soil acidity issues. In addition, calcium is the most important nutrient among three macronutrients as it helps to strengthen the cell wall, reduce soil salinity, and improve water penetration.

The liquid formulation segment is projected to grow at a higher rate during the forecast period.

The liquid formulation segment is projected to grow at a higher CAGR during the forecast period due to the increasing use of fluid fertilizers that can be uniformly applied to the field, thereby maintaining low application levels. Also, liquid fertilizers save labor costs and are generally used as secondary fertilizers for a quick boost during the growing season.

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The Asia Pacific region is estimated to dominate the market in 2017.

Increasing agricultural practices and requirement of high-quality agricultural produce are the factors fueling the demand for secondary macronutrients in Asia Pacific. The major crops produced in this region include rice, wheat, and fruits & vegetables. Also, the presence of major players such as Nufarm (Australia), Coromandel International (India), and Deepak Fertilisers and Petrochemicals (India) supports the growth of the secondary macronutrients market in this region.

This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It also includes the profiles of leading companies such as Nutrien (Canada), Yara International (Norway), The Mosaic Company (US), Israel Chemicals Ltd. (Israel), and K+S (Germany).

Variable Rate Technology Set For Rapid Growth Forecast 2017-2022

The variable rate technology (VRT) market was valued at USD 1.31 Billion in 2016. It is projected to grow at a CAGR of 9.65% from 2017, to reach 2.24 Billion by 2022. Increasing focus on farm efficiency and productivity is the most significant factor driving the variable rate technology market. Increase in global food demand, extended profitability & production, and crop monitoring for yield production benefits are the major factors behind the growth of the variable rate technology market. Also, government initiatives across countries are helping farmers to use optimized agricultural and technological tools and improve their production levels.

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Scope of the report:

On the basis of Type, the market for variable rate technology has been segmented as follows:

Fertilizer VRT
Crop protection chemical VRT
Soil sensing VRT
Seeding VRT
Yield monitor VRT
Irrigation VRT
Others (weed control VRT and lime VRT)

On the basis of Crop Type, the market for variable rate technology has been segmented as follows:

Cereals & grains
Oilseeds & pulses
Fruits & vegetables
Others (turf & ornamentals, plantation crops, fiber crops, and silage & forage crops)

On the basis of Application method, the market for variable rate technology has been segmented as follows:

Map-based VRT
Sensor-based VRT

On the basis of Farm Size, the market for variable rate technology has been segmented as follows:

Large
Mid-sized
Small

On the basis of Offering, the market for variable rate technology has been segmented as follows:

Hardware
Variable rate software
Variable rate services

On the basis of Region, the market for variable rate technology has been segmented as follows:

North America
Europe
Asia-Pacific
South America
Rest of the World (RoW)

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North America is estimated as the largest contributor to the global variable rate technology market due to early adoption of variable rate technologies by countries in this region such as the U.S. and Canada. The presence of a large number of vendors, continuous advancements in technology, and reduced price of equipment are contributing to the growth of the variable rate technology market in North America.

Key Players:

Deere & Company (U.S.)
AGCO Corporation (U.S.)
Trimble, Inc. (U.S.)
CNH Industrial N.V. (U.K.)
Topcon Corporation (Japan)
Raven Industries, Inc. (U.S.),
Ag Leader Technology (U.S.)

Key Opportunities and Challenges in Agricultural Surfactants Market

The agricultural surfactants market was valued at 1.37 Billion in 2017 and is projected to reach USD 1.88 Billion by 2022, growing at a CAGR of 6.46%. Agricultural surfactants reduce the surface tension and allow the spray solution droplets to spread on the surface of the leaf. They are added to pesticides to increase their efficiency, provide greater coverage of the spray solution, and improve the retention & penetration of pesticides. One of the major factors driving the growth of the agricultural surfactants market is the modern agricultural practices and technologies that involve the use of surfactants.

The non-ionic segment dominated the market with the largest share in 2017.

Most agricultural surfactants are non-ionic and are used for general wetting and spreading. Non-ionic surfactants reduce the surface tension and contact angle of individual spray droplets; they are most compatible with water-soluble herbicides, insecticides, fungicides, and plant growth regulators (PGRs).

The fungicides segment is projected to grow at a higher rate during the forecast period.

The fungicides segment is projected to grow at a higher CAGR during the forecast period; this growth is attributed to the growing usage of surfactants in fungicide formulations to improve the adhesion of fungicides to the crops. In addition, combining fungicides and surfactants increases the efficacy of the existing control options by helping fungicides stick to plant surfaces.

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The North American region is estimated to dominate the market in 2017 while the South American region is projected to grow at the highest rate during the forecast period.

The North American region accounted for the largest share due to the presence of players such as DowDuPont (US), Huntsman Corporation (US), Helena Chemical (US), and Stepan Company (US). Moreover, the presence of these companies in technologically advanced countries such as the US and Canada results in an increase in the adoption of surfactants in agriculture.

The South American region is projected to grow at the highest rate during the forecast period. This growth can be attributed to the increasing need for high-quality surfactants for the agricultural application.

This report includes a study of the marketing and development strategies, along with the product portfolios of leading companies. It also includes the profiles of leading companies such as DowDuPont (US), BASF (Germany), AkzoNobel (Netherlands), Evonik (Germany), and Solvay (Belgium).

Population Growth and Increase in Demand for Food Drive the Soil Aerators Market

The population growth, increase in demand for food, rising net farm income due to mechanization, along with a shift towards organic farming are some of the major driving factors for the soil aerators market. Factors such as increasing farm mechanization levels and rising profitability are also increasing the demand for the soil aerators, globally. R&D activities carried out by leading manufacturers, to develop low-cost production techniques are expected to further drive the growth rate of the soil aerators market.

Market Dynamics:

Drivers:

Shrinking Arable Land
Population Growth and Increase in Demand for Food
Increase in Net Farm Income Due to Mechanization
Shift Toward Organic Farming

Restraints:

Small and Fragmented Land Holding Restricting the Usage of Heavy Farm Equipment

Opportunities:

Innovations in Soil Aerator Types

Challenges:

Lack of Awareness of Soil Aerators
Rise in No-Tillage Farming in the Us

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Agriculture segment set to dominate the market by 2023

The soil aerators market, by application, is projected to be dominated by the agriculture segment during the forecast period. The dominance of agriculture in soil aerators is attributable to the increase in large-scale holdings of farmers in most developed countries and an increasing trend of farm mechanization in developing countries. The rapid increase in population growth and increasing demand for food, with shrinking arable land, are expected to drive the soil aerators market growth.

Mounted segment is projected to be the fastest-growing during the forecast period

The mounted segment is estimated to dominate the mode of operation segment for soil aerators in 2018 and is also projected to be the fastest-growing from 2018 to 2023. Low turnaround time, higher accuracy, availability of large land holdings for cultivation, specifically in North America and Europe are the factors driving the market for the mounted mode of operation.

Asia Pacific is projected to be the fastest-growing market during the forecast period

The Asia Pacific market is projected to grow at the highest CAGR from 2018 to 2023. Major growth drivers of the region include the adoption of smart, mechanized aerators owing to technological advancements in countries such as India, China, and Japan. In addition, factors such as an increase in footfall, overgrazing by livestock, the pressure exerted by heavy equipment, climatic conditions, strong government support through subsidies, and increased productivity requirements also drive the soil aerators market in the region.

This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading service companies such as Deere & Company (US), Mahindra and Mahindra (India), Bucher Industries (Switzerland), CNH Industrial (UK), ALAMO (US), and AGCO Corporation (US).

Key Market Dynamics in Global Hydroponics Market

The hydroponics market is projected to reach USD 16.0 billion by 2025, from USD 8.1 billion in 2019, at a CAGR of 12.1% during the forecast period. The market is driven by factors such as the growing acceptance of controlled environment agriculture and increasing technological advancements in hydroponic systems.

According to the FAO, due to the increasing population, food production is expected to rise by 70% before 2050. On the other hand, natural prerequisites of agriculture, viz., arable land and water have been depleting, with rapid urbanization across the globe. To feed the increasing population, the productivity of food crops needs to be increased in the existing arable land, and also alternative farming techniques such as urban farming need to be encouraged.

Key Players:

• Signify Holdings (Netherlands)
• Argus Control Systems (Canada)
• Heliospectra AB (Sweden)
• Scotts Miracle Gro (US)
• American Hydroponics (US)
• LumiGrow (US)

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Higher yield as compared to conventional agriculture practices

Hydroponic systems or soil-less agriculture reduce the farmer’s consumption of resources, thereby enabling this farming technique to be adopted by a large number of stakeholders, ranging from home gardeners to professional growers, and supermarkets to restaurants. According to the UN reports on global population, plants grown in hydroponic systems have achieved 20%–25% higher yield than the traditional agriculture system, with its productivity being 2–5 times higher. Also, owing to controlled environmental conditions, the effect of climatic changes can be balanced with the help of these systems, thereby not affecting the annual crop production. CEH techniques directly affect the crop harvest cycle; hence, for hydroponic systems, crop harvest cycles are shorter in comparison to traditional farming techniques, thereby increasing the annual yield. Also, since climatic changes show a minimal effect on such systems, crops can be produced all year round, thereby again increasing the produce.

Lack of government policy and tax breaks in developing countries

Hydroponic farming is seen as a key factor in improving food security in developing regions; however, while government support through tax cuts is present in developed countries, the same cannot be said for developing countries. The availability of the best equipment is fairly limited and often needs to be imported, which attracts taxes adding to the costs for hydroponic growers. The lack of tax cuts and incentives is also a key factor that hinders the growth of hydroponics in developing regions as the high set-up costs and running costs can often render operations unfeasible. The need for basic training and technical knowledge is necessary for operating hydroponic farms, which although is present in developing countries, does not add significantly to the value of hydroponic farms. The high costs of production often result in high costs of the final product, which in itself can draw consumers away in price-sensitive markets.

Entrance of new players in the market

Due to increased popularity and adoption of hydroponics, many new players are entering the market. For instance, Larry Ellison, founder, chairman, and CTO of Oracle, launched a hydroponic farming start-up, named Sensei in Los Angeles. The company plans to build 10 greenhouses covering 200,000 square feet on the Hawaiian island of Lanai and instead of measuring output by volume, Sensei will measure nutrition per acre.

Various investors are also supporting hydroponics start-ups globally. For instance, in June 2017 a high-tech indoor, vertical farming start-up, Bowery Farming, announced it had raised USD 20 million in a Series A1 co-led by General Catalyst and GGV Capital, and including GV, First Round Capital, and other seed round investors. In July 2017, a San Francisco-based indoor vertical farming start-up, Plenty, raised the largest agtech funding round in history – a USD 200 million Series B led by SoftBank Vision Fund – the USD 93 billion all-stage tech fund headed by a Japanese investor, Masayoshi Son. Other participants in the round include affiliates of Louis M. Bacon, the founder of Moore Capital Management, and existing investors Eric Schmidt’s Innovation Endeavors, Finistere, DCM, Data Collective, and Bezos Expeditions. Plenty has plans to open 500 hydroponics farms in all the major cities of more than 1 million inhabitants, globally.

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Many start-ups have also emerged in the Asia Pacific region, the fastest-growing region for the hydroponics market. For instance, Future Farms based in Chennai, India has developed effective and accessible farming kits to facilitate hydroponics. The company develops indigenous systems and solutions, made from premium, food-grade materials that are efficient and affordable for Indian growers. Junga FreshnGreen, an agri-tech start-up, is a joint venture with a leading Netherlands-based Agricultural technology company – Westlandse Project Combinatie BV (WPC). It is setting up high-technology farms in India. The company will create a hydroponics model that can cultivate farm fresh vegetables that have a predictable quality, having little or no pesticides, and unaffected by weather or soil conditions.

Europe is projected to account for the largest market size during the forecast period

The European hydroponics market is projected to be the largest between 2019 and 2025, while the Asia Pacific market is projected to grow at the highest CAGR. Europe was the largest producer of hydroponic crops in 2018. It is still the largest market for hydroponically produced crops. Europe has traditionally been at the forefront of implementing advanced techniques in hydroponic smart greenhouse horticulture. Countries such as the Netherlands, Spain, and France have large areas under greenhouse cultivation. However, in the Netherlands, growers mostly cultivate their plants in simple tunnel-like greenhouses without the use of climate control technologies. The advancement in greenhouse farming has supported the growth of hydroponics in Europe.

Need for Higher Productivity Using Limited Land Area Drives the Potash Fertilizers Market

“Potash” is a synonym term usually used for “fertilizer potassium”, in crop production techniques. It is a plant macronutrient that is available in the form of potassium chloride (KCl) or potassium sulphate (K₂SO₄) in the soil. Potassium is one such nutrient that is not stored by human body and needs to be continually supplemented for from dietary sources, which necessitates the presence of potassium in appropriate quantities in the food crops. One potassium form that is highly used in fertilizers in “Potassium oxide” (K₂O), along with some other elements that enhance its solubility in the soil. The fertilizers are either in solid form which is powder, or liquid form. These are directly applicable via methods like broadcasting, foliar spraying, and fertigation.

The global potash fertilizers market is estimated to be valued at USD 21.60 billion in 2017, and is projected to reach USD 26.87 billion by 2022, at a CAGR of 4.47%. The potash fertilizers market is driven by the rise in need for higher productivity using limited land area and increase in applicability of potash fertilizers. There is rising trend toward the consumption of organic food & food products, those which are produced without any synthetic or chemical inputs or with only natural or biofertilizers. This has been considered as one of the restraining factors for the market.

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Supply-Demand indexes for potash based:

According to the “Status of the World soil resources” report 2016 of “Food and Agricultural organisation” of U.N, soil erosion is estimated to wash off around 15-26 million tonnes of potassium (K), from the agricultural lands all over the world. These losses need to be curbed through external supply of the nutrient into the soil. A steady rise in the supply of potash fertilizers has been observed over the years 2015-2020.

The world fertilizer demand is projected for year 2020, by the “World Fertilizer trends and outlooks” report of “Food and Agricultural organisation” of U.N, the demand for the potash along with expected rise in CAGR.

Future Market Prospects and Challenges:

The fertilizers market is greatly driven by substantial natural factors such as, rising soil erosion levels, nutrient imbalances in the soils, land take or increasing urbanisation leading to lesser availability of agricultural lands, and soil acidification. Macro-economic factors driving the market include rising population in turn rising food demands globally, dependence on fertilizers for larger volumes of produce, and decreasing arable lands in different regions. The global potash fertilizers market was valued at USD 20,724.6 Million in 2016, and was projected to rise at a CAGR of 4.47% from 2017-2022. Over these the potential challenges that the fertilizer market faces today cannot be underestimated, such as rising awareness regarding organic soil management practices, rising consumption of organic foods, advancements of agricultural technologies and machineries.

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Although the market for these fertilisers has its drivers and challenges in equity, demand of potash as an agricultural nutrient has still managed to experience constancy in the level of demand over the years, and is expected to keep steadily rising. Infact potash fertilizer prices have risen by approximately 10% in 2019, due to the rise of prices of potash as a raw materials, which denotes significant opportunities in the market.

Aquaculture Market Size, Share and Market Forecast to 2025 | Key Players: Pentair plc, AKVA Group, Xylem Inc.

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 CAGR of 7.2% during the forecast period. The aquaculture market is driven by increasing consumption of aquaproducts, rise in cage aquafarming, and the decline in the value of captured fishes. Furthermore, advancements in aquaculture technology and seafood trade are also driving the demand for aquaculture products. However, stringent food safety regulations associated with the consumption of aquaculture food products is projected to hinder the market growth.

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The pharmaceuticals segment in the aquaculture market is projected to be the fastest-growing segment, in terms of value

The demand for pharmaceutical products in aquaculture has increased due to their role in promoting growth and preventing diseases in fish. Further, increasing R&D in the pharmaceuticals sector has facilitated higher acceptance of drugs, medicated feed, and vaccines, specifically in developed countries such as the US and Canada. Additionally, there has been a growing adoption of in-feed medication for fish to prevent the large-scale spread of diseases across Europe, given the limited use of antibiotics in the region.

Key Players:

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)

The aquatic animals segment is projected to account for the largest market share 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 fish 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; hence, several aquaproduct manufacturers are encouraged to invest in these two regions.

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The Asia Pacific market is projected to account for the largest share during the forecast period

Asia Pacific is projected to account for the largest market share during the forecast period, due to the rising consumer demand for aquaculture food products and the increasing industrialization of aquafarming. Furthermore, according to FAO, Asia has the largest inland and marine culture cultivation of aquatic plants, with freshwater culture acquiring more than 50% and marine water acquiring more than 30% of the total aquatic animal cultivation, globally, which drives the aquaculture market. Additionally, the adoption of new technologies and modern tools is also driving the market growth in this region.

Process Equipment Market for Seed Industry: Drivers, Restraints, Opportunities, and Challenges

Process equipment market for seed industry includes processed seed market and seed processing equipment market. The processed seed market is projected to reach a value of USD 91.32 billion by 2022, growing at a CAGR of 10.2% during the forecast period. The seed processing equipment market, on the other hand, is projected to reach USD 3.25 billion by 2022 from 2017, at a CAGR of 10.2%. This market is projected to grow at a high rate due to the necessity to increase the food production, with the decrease in arable land. Furthermore, greater acceptance and area under GM crop, followed by the increase in globalized trade for processed seed, are some of the major factors driving the growth of the market, globally.

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In the processed seed market, on the basis of crop type, the fruits & vegetables segment is projected to grow at the highest CAGR during the forecast period. The increase in demand for vegetables & fruits and limited production have driven the demand for high yielding traits and commercial seed products. Also, the growing awareness among farmers in developing countries about the benefits of processed seed over farm-saved seed is driving the production of processed seed around the globe.

Market Dynamics:

Drivers:

Increasing Acceptance and Area Under GM Crop
Increasing Global Trade for Processed Seed
Increasing Awareness in Developing Countries

Restraints:

High Price of Processed Seeds

Opportunities:

Improving Seed Replacement Rate in Developing Countries
Arrival of New Technologies With Potential Advantages on Existing Conventional Crops

Challenges:

Regulations in GM Crop

On the basis of method, the processed seed market is segmented into mechanical, biological, and chemical. The biological segment is projected to grow at a higher CAGR during the forecast period. The high growth of the segment is attributed to the increase in the demand for organic products and organic farming, which has led the growth of the biological processed seed and also led to the increase in scientific development of biological control agents in the crop protection industry.

In the seed processing equipment market, on the basis of type, the market for coaters is projected to grow at the highest CAGR during the forecast period. The increasing awareness about the benefits of seed coating with various pesticides, insecticides, and biologicals has driven the demand for the coated processed seed products, thus boosting the demand for coaters in the developing countries.

In the Asia Pacific region; the market is projected to grow at the highest CAGR during the forecast period. The major factors for this growth are increasing awareness about the benefits of processed seed and increasing demand for food in the region. This has led to increased processing, which acted as a major driver for the seed processing equipment market.

Growing Demand for Seafood Products and Protein Intake to Drive the Demand for Aquaculture

“Farming implies some form of intervention in the rearing process to enhance production, such as regular stocking, feeding, protection from predators, etc.,” as defined by the Food and Agriculture Organization (FAO). Aquaculture is the farming of aquatic organisms, such as fish, mollusks, crustaceans, and aquatic plants.

MarketsandMarkets projects that the global aquaculture market is 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. The decline in the amount of captured fish and rise in consumption of fishes due to their protein and omega-3 fatty acid content are projected to drive the growth of the aquaculture market. Furthermore, rising trade of seafood is also propelling the market demand.

Report Objectives:

Determining and projecting the size of the aquaculture market, with respect to rearing product type, culture, species, production type, and regional markets, over a five-year period ranging from 2018 to 2023
Identifying attractive opportunities in the market by determining the largest and fastest-growing segments across regions
Providing detailed information about the key factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
Analyzing the micromarkets, with respect to individual growth trends, future prospects, and their contribution to the total market
Identifying and profiling key market players in the aquaculture market
Providing a comparative analysis of the market leaders on the basis of the following:
- Product offerings
- Business strategies
- Strengths and weaknesses
- Key financials
Understanding the competitive landscape and identifying the major growth strategies adopted by players across the key regions
Analyzing the value chain, products, and regulatory frameworks across key regions and their impact on the prominent market players
Providing insights into key product innovations and investments in the aquaculture market

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The freshwater aquaculture segment is estimated to dominate the market in 2018, as it an important sector of many economies such as Asia Pacific and South America and is considered to be important in sustaining the livelihoods of many rural communities. Further, advancements in pond aquaculture and the introduction of new technology to produce a high amount of freshwater species are driving the market growth of freshwater aquaculture.

The pharmaceutical segment, by rearing product type, is projected to be the fastest-growing segment in the aquaculture market during the forecast period, due to higher acceptance of drugs, medicated feed, and vaccines into the regional markets, specifically in developed countries such as the US and Canada. Furthermore, growing demand for medicated aquafeed is increasing in organized aquafarms across Europe, given the limited use of antibiotics across the region, which is driving the growth of the aquaculture market.

In terms of geographic coverage, the aquaculture market has been segmented into five regions, namely, North America, Europe, Asia Pacific, South America, and RoW. South America is projected to be the second fastest-growing region due to the strong fish production base in Ecuador and Chile, along with high technological advancements in aquafarming. According to FAO, the total fish production in the region would reach 16.2 million tons by 2025. Further, there is a high production of salmon in the region, especially in Chile, due to favorable market conditions. Other factors such as the presence of favorable temperatures & coastlines and strong governmental support for aquafarming in the region also cater to the development of the aquaculture industry.

Increasing government support provides a huge opportunity for the aquaculture sector. For instance, USAID-funded Fisheries Improved for Sustainable Harvest (FISH) Project in the Philippines, the Management of Aquatic Ecosystems through Community Husbandry (MACH) project in Bangladesh, the SUCCESS fisheries management programs in three West African countries, and the Global FISH Alliance in the spiny lobster fishery of Honduras.

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Recent Developments:

In August 2018, AKVA Group set up a feed conveyor concept by the name of flexible feeding, which would allow farmers to send and feed silo to any cage, making it easier to use different feed types and sizes.
AKVA Group entered into an agreement in June 2018 to acquire Egersund Net AS (Norway) to expand its product portfolio.
In June 2017, Pentair plc set up a new facility of 87,000-square feet for aquafarming at its Schmidt’s brewery building in St. Paul, Minnesota, US.
In November 2016, Pentair Aquatic Ecosystems acquired Vaki Aquaculture Systems Limited (Iceland) to enhance its product portfolio of aquaculture systems, products, and services.
Aquaculture System Technologies, LLC, launched the Endurance filter for home and koi ponds in May 2016.