Global Statistics Representing Aquaculture Market Scenario
Aquaculture, commonly known as aquafarming, is the farming of fish, crustaceans, mollusks, aquatic plants, algae, and other organisms. It plays a critical role in food and nutrition security, providing livelihoods to millions of people. Aquaculture involves the farming of aquatic plants and animals in freshwater, brackish water, and saltwater. Different species of fish are cultivated and harvested in aquaculture. Awareness regarding the benefits of seafood consumption is encouraging aquaculture activities. In regions such as inland areas where natural fishing habitats are absent, aquaculture comes to the rescue by regularly supplying seafood to consumers. Thus, despite the absence of fishing habitats, the aquaculture market is on the rise.
Innovation in farming infrastructure is critical; sensors and related data derived services are targeting farm efficiency. For instance, UmiGarden by Umitron, an IoT-based aquaculture management software, analyzes the behaviour patterns of fish using computer vision. Algorithms help detect when fish are hungry and accordingly release food for them. Similarly, Aquabyte is a machine learning-based software tool used to monitor lice counting, biomass estimation, appetite detection, and feed optimization, which results in increased efficiency and greater profits for aquaculture activities. Automation, fish processing, species selection, and seafood product making, packaging, and shipping are a few other innovations bolstering the aquaculture market.
Apart from providing a prominent food source, the aquaculture market encounters substantial demand from aquariums, indoor waterfalls, and other water-based systems that showcase various types of attractive sea organisms.
The global aquaculture market was valued at USD 134 billion in 2018 and is projected to reach a value of USD 250.98 billion by 2026, registering a CAGR of 8.16% during the forecast period, 2019–2026.
Escalating Demand for Marine Water Fish to Drive Growth of the Segment
Based on environment, the market is segmented into marine water, freshwater, and brackish water. The marine water segment is expected to hold a considerable share in the global product market during the forecast period (2019–2026) due to the growing demand for marine water fish. According to the Food and Agriculture Organization of the United Nations, in 2016, total aquaculture production accounted for 80 million tons – Inland (51.3 million tons) and marine (28.7 million).
Prolific Demand for Crab Species Due to their Rich Nutritional Content
Based on fish type, the market is segmented into crabs, crustaceans, mackerel, milkfish, mollusks, salmon, sea brass, sea bream, trout, & others. The global supply of crab species accounted for 11,000 thousand tons in 2016 and is projected to reach 22,000 thousand tons by 2030. Crabs are primarily consumed due to their high protein, omega -3 fatty acid, and riboflavin content.
Geographically, the product market is segmented into North America, Europe, Asia-Pacific, and Latin America and the Middle East and Africa (LAMEA).
North America is a new entrant in the aquaculture market. Channel catfish and salmons are the two most popular species in the region. The governments of Canada and the United States of America support aquaculture and promote industry development. In Europe, access to highly advanced tools and technologies is expected to provide impetus to market growth. Asia-Pacific is home to countries such as China, India, Indonesia, Vietnam, Japan, and Thailand, which dominate the aquaculture market. The region is expected to flourish during the forecast period with advanced aquaculture products that facilitate more efficient aquaculture operations. In LAMEA, the aquaculture market is expected to witness steady growth during the forecast period.
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.).
Future Developments Expected to Influence the Aquaculture Market
Aquaculture Market Segmentation
By Environment Type
By Product Type