Aquaculture Market Report: Industry Growth Factors, Drivers & Future Trends Projections Till 2027 With Key Players Such as Bakkafrost,Blue Ridge Aquaculture, Inc.,Cermaq Group AS,Cooke Aquaculture Inc

The global aquaculture market accounted for US$ 264,470.0 Mn in 2018 and is expected to grow at a CAGR of 7.7% during the forecast period 2019 - 2027, to account to US$ 509,743.0 Mn by 2027.

The Asia Pacific region held the largest market share in the global aquaculture market. The production and consumption rate of seafood is expanding rapidly with China and India being the major markets for the aquaculture industry. The Asia Pacific has evolved as the largest consumers and exporter of aquaculture products. Fisheries and aquaculture production highly contributor to national economies across the Asia-Pacific region over the past few years. The Asia Pacific market is characterized by the presence of players such as Bakkafrost, Cermaq Group AS, Farallon Aquaculture Group, Lerøy, Mowi ASA, Stolt-Nielsen Limited, and Tassal Group, among others.

Market Insights

Implementation of RAS technology provides an opportunity for the aquaculture market growth

Recirculating Aquaculture Systems (RAS) is a technique that reuses the water several times that passes the water through treatment processes to eliminate waste and restore the quality of water. It is a technology that is used for the farming of fishes and other aquatic species by reusing the water for production. The technology is based on the usage of biological and mechanical filters. The advantages such as the control over the pH and carbon dioxide degassing have proven to be beneficial for the growth of the fishes. Thus, the aforementioned benefits associated with the adoption of RAS technology in fish production is driving the global aquaculture market.

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Leading Aquaculture Market Players: Bakkafrost,Blue Ridge Aquaculture, Inc.,Cermaq Group AS,Cooke Aquaculture Inc,Danish Salmon A/S,Farallon Aquaculture Group,FIFAX AB,HESY Aquaculture B.V,Lerøy,Mowi ASA,NIRI AS,Selonda Aquaculture SA,Stolt-Nielsen Limited,TASSAL,Thai Union Group PCL

Application of fish oil in several industries is expected to boost the demand for aquaculture:

The high growth in demand for fish oil is generating a need for more fish production, thus, boosting the demand for aquaculture in the near future. Fish oil is largely used as a dietary supplement, healthcare, pharmaceutical, and food industry. It is an efficient source of vitamin A and D and is considered the most significant source for human consumption after wild fish. Currently, fish oil accounts for the small percentages of total edible oil production.

Species Insights:

On the basis of species, the global aquaculture market has been segmented into aquatic plants, fish, crustaceans, molluscs, and others. Under the species segment, the fish market led the global aquaculture market. Moreover, the aquatic plant's segment is anticipated to register the fastest CAGR over the projected period. Aquatic plants are used as food and raw materials for building materials, industrial processes, and manure in agriculture. These plants absorb minerals and enrich the water with oxygen produced during photosynthesis. These property of aquatic plants are beneficial as they assist in the maintenance of clean water and also help in preventing water pollution. They are also a source of bioenergy, biomass, and human & animal food.

Cultural Environment Insights:

The global aquaculture market on the basis of cultural environment is segmented into freshwater, brackish water, and marine. The marine segment accounted for the largest share in the global aquaculture market. Marine aquaculture involves the cultivation of marine organisms for food and other products in the open ocean or in tanks and ponds which are filled with seawater. The different type of fishes raised in the marine aquaculture includes finfish and shellfish like prawns, or oysters and seaweed in saltwater ponds. Non-food products produced by include fish meal, nutrient agar, jewelry, and cosmetics.

GLOBAL AQUACULTURE MARKET SEGMENTATION

By Species:

Aquatic plants
Fish
Crustaceans
Molluscs

By Nature

Land based
Offshore

By Culture Environment:

Fresh water
Brackish water
Marine

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By Geography

North America
Europe
Asia Pacific
Middle East and Africa (MEA)
South America
Strategic Insights

Mergers and acquisition were observed as the most adopted strategies in global aquaculture market. Few of the recent developments in the global aquaculture market are listed below:

2019: Bakkafrost purchased all outstanding shares of North Landing Ltd. In order to form a base of operation in the US and enhance their abilities to serve our customers.

2019: Cooke acquired Farallon Aquaculture de Nicaragua, which is a vertically integrated farmer and a supplier of frozen shrimp across Asia, Europe and the US.

2018: Cooke Inc., acquired the Seajoy Seafood Corporation group which is considered to be one of the largest vertically integrated and premium shrimp farms in Latin America.

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This release was published on openPR.