Aquaculture is the process of rearing aquatic animals and plants on both coastal and inland areas. Organisms such as fish, crustaceans, mollusks, and other aquatic flora and fauna species are included in aquaculture farming. Additionally, aquaculture farming involves interventions in the rearing process, such as feeding, regular stocking, and protection from predators. Aquaculture operations take place in fresh, marine, and brackish water environments.
Aquaculture is expected to be the fastest-growing food production sector in the world due to a lack of naturally-available varieties of fisheries in natural environments. Aquaculture improves the production of seafood in the rearing process. Additionally, it is a significant production sector for high-protein food. Seafood is witnessing an upsurge in consumption due to the increasing awareness regarding the health benefits of consuming seafood and its nutritional value. Seafood is highly nutritious, comprising proteins, vitamins A, B, D, and Niacin, and minerals such as iodine, iron, phosphorus, and zinc.
The aquaculture market can be bifurcated by environment and fish type. Based on environment, the market is segmented into marine water, freshwater, and brackish water. As a freshwater environment can be imitated in ponds, concrete raceways, and cages, freshwater is pegged to be one of the leading segmented in the market. Marine water aquaculture involves raising marine animals such as salmon, oyster, shrimp, and mussels. Sea ranching, intensive aquaculture, and rack and line farming are the different methods employed in marine aquaculture. The selection of the technique depends on the type of fish or plant. The sea ranching process is preferred in the native environment. Intensive aquaculture is the most labor-intensive form of aquaculture wherein animals are farmed in a sea cage and food is provided externally by farmers. Rack & line farming is a process to cultivate juveniles in plastic mesh bags.
Based on fish type, the market is segmented into crabs, crustaceans, mackerel, milkfish, molluscs, salmon, sea brass, sea bream, trout, and others. Crabs are one of the largest growing species mainly cultivated in marine water. Significant demand exists for crabs globally due to their ability to grow fast, compatibility with less than ideal environmental conditions, and market acceptability. Crustaceans comprise a high-value category due to the high protein content, satisfying the requirements of nutritional seafood. Mackerel is a rich source of omega-3 fatty acid, making it a significant seafood as it helps in balancing metabolism. Salmons have high protein, vitamin D, and omega-3 fatty acid content. Sea bass and sea bream are rich sources of phosphorus, magnesium, vitamin B6, and selenium. Additionally, they have low calorie content and hence, are preferred by those who follow low-calorie diets.
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Geographically, the aquaculture market is segmented into North America, Europe, Asia-Pacific, and Latin America and the Middle East & Africa (LAMEA).
Asia-Pacific is expected to dominate the aquaculture market with the presence of advanced aquaculture products that help maximize quality output within the available aquafarming land. China, India, Indonesia, Japan, Vietnam, and Thailand are expected to be the primary contributors to the region’s aquaculture market. Growing aquaculture production units in the region are further anticipated to foster the supply and consumption of aquaculture products. Asia-Pacific is home to export-oriented countries in the aquaculture sector. Factors such as cheap labor, favorable climate conditions, and availability of natural resources have made China the frontrunner in the aquaculture market.
North America and Europe are expected to hold significant shares in the global aquaculture market due to the increasing consumption of organic seafood in these regions. The upsurge in shrimp import is another factor expected to bolster market growth in these regions; for instance, according to a report published by FAO, in 2017, the import rate of shrimp in European Countries and the U.S. was 556.9 thousand tons and 471.7 thousand tons, respectively and increased to 582.5 thousand tons and 491.6 thousand tons, respectively in 2018.
Some of the prominent players in the aquaculture market are Pentair plc. (U.S.), AKVA group (Norway), Xylem Inc. (U.S.), Aquaculture Equipment Ltd (U.K.), Aquaculture System Technologies (U.S.), Luxsol (Belgium), Pioneer Group (Taiwan), CPI Equipment Inc (U.S.), Asakua (Turkey), FREA Aquacultue Solution (Denmark), Lifegard Aquatics (U.S.). Tan International Ltd (U.K.), Reef Industries Inc (U.S.), Auqafarm Equipment AS (Norway), and Aquaculture of Texas, Inc (U.S.).
Aquaculture Market Segmentation
By Environment Type
By Product Type
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