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Aquaculture Market by Environment, and Fish Type: Opportunity Analysis and Industry Forecast, 2021–2027,” The global aquaculture market size was valued at $285,359.7 million in 2019, and is projected to reach $378,005.5 million by 2027, registering a CAGR of 5.8%. The others segment is expected to retain its dominant position, in terms of revenue generation, throughout the forecast period. Asia-Pacific held a leading position in the global market in 2019, and is expected to maintain its dominance in the future.
Covid-19 scenario:
The Covid-19 outbreak significantly affected the demand for seafood. The market witnessed drastic decline in sales of fish products due to supply chain disruption and reduction of out-of-home consumptions as restaurants and hostels were closed.
However, at-home consumption of fish products has increased during the lockdown in several countries. Moreover, restaurants and hotels are reopened, which is expected to help the market get back on track.
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Increase in fish production to meet food supply and changes in lifestyle, rise in demand for protein rich diet, technological advancements in the sector of aquaculture, and expanding food & beverage and retail market drive the growth of the global aquaculture market. However, rise in act of animal cruelty in animal farms and slaughterhouses, adoption of veganism, and increase in temperature and water pollution hamper the market growth. On the contrary, evolution in inland fishing and use of more sustainable technology in aquaculture are expected to open lucrative opportunities for the market players.
The global aquaculture market is segmented on the basis of environment, fish type, and region. Based on environment, the market is classified into marine water, fresh water, and brackish water. The fresh water segment held the lion’s share in 2019, accounting for nearly three-fourths of the market. Moreover, the segment is expected to manifest the highest CAGR of 5.9% during the forecast period.
On the basis of fish type, the market is divided into carps, mollusks, crustaceans, mackerels, sea bream, and others. The mollusks segment held the lion’s share in 2019, contributing to around one-fifth of the market. In addition, the segment is expected to portray the highest CAGR of 6.2% during the forecast period.
Region wise, LAMEA was the second largest market, in terms of revenue generation, with almost one-fourth share in 2019. This region is further expected to expand at a CAGR of 5.6% during the forecast period. In North America, aquaculture has ceased expanding in recent years, however, in South America it has shown strong and continuous growth, particularly in Brazil and Peru. Technological developments in South America and some countries in South Africa are expected to increase growth of the aquaculture market in LAMEA. Moreover, rapid development in the Middle East, in terms of infrastructure and technology result in growth in the LAMEA market. However, weak economies in Africa hamper growth of the aquaculture market in this region.
Key players in the aquaculture market have relied on strategies such as acquisition, partnership & agreement, merger, and geographical expansion, to expand their market share and to stay relevant in the global aquaculture market share. The key players in the aquaculture industry profiled in the report are Cermaq Group AS (Mitsubishi Corporation), Cooke Aquaculture Inc., Grupo Farallon Aquaculture, Leroy Sea Food Group, Marine Harvest ASA, P/F Bakkafrost, Selonda Aquaculture S.A., Stolt Sea Farm, Tassal Group Limited, and Thai Union Group Public Company Limited.
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