Tag: Aquaculture

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.

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.