Aquaculture Market is Expected to have a CAGR of 7.5% during the Forecast Period, Increasing demand for Seafood

According to Precision Business Insights (PBI), latest report, the global aquaculture market was valued at USD 84,324.2 million in 2022 and is expected to grow at a 7.5% CAGR during the forecast period 2023 to 2029. The aquaculture market is driven by various factors, including the demand for aquaculture feed and aquaculture vaccines. Aquaculture feed plays a crucial role in the growth and development of farmed fish and other aquatic species. With the increasing global population and the rising preference for quality seafood, there is a growing demand for aquaculture feed that can provide the necessary nutrients for healthy and sustainable fish production. As a result, companies are investing in research and development to formulate specialized feeds that enhance growth rates, improve feed conversion ratios, and optimize the overall health of farmed fish. Similarly, the development and use of aquaculture vaccines are vital drivers in the aquaculture market.

The discharge of excess nutrients, chemicals, and waste from aquaculture facilities can lead to eutrophication and negatively affect water quality. Additionally, the escape of farmed fish into the wild can disrupt local ecosystems and threaten native species. These environmental concerns often lead to stricter regulations, increased scrutiny, and which can restrain the growth of the aquaculture industry.

View the detailed report description here - https://www.precisionbusinessinsights.com/market-reports/global-aquaculture-market

The aquaculture market is segmented based on product type, species type and geography.
Based on the Product, the market is segmented into the following:
• Feed Type
• Feed Additives Type
• Diagnostic kit
• Vaccine Type

Based on the Species, the market is segmented into the following:
• Salmon
• Seabass & Sea Bream
• Tilapia
• Trout
• Turbot
• Carp
• Shrimp
• Cat Fish
• Others

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

The Aquafeed segment in the global aquaculture market:
The Aquaculture market segment is divided into Products and Species. The growth in the global aquafeed has continued to be significant due to the growing aquaculture industry. Global aquaculture production has grown rapidly during the past decades, contributing significant quantities to the world's fish and seaweed supply for human and animal consumption. Aquaculture is an important part of the economic development of many countries and has been received positively by several governments seeking to boost their countries' economic performance; many policies have been the introduction of policies in support of the sector. Companies are increasingly adopting strategies such as the launch of newer products, Collaboration, and partnership to improve market revenue share. For instance, In September 2021, The Conservation Fund's Freshwater Institute and Cargill partnered to improve feeds for land-based salmon farming. This partnership builds on recent efforts between the two groups that validated the effectiveness of Cargill's new diet for Atlantic salmon grown in land-based RAS.

Asia Pacific Aquaculture Market:
The global aquaculture market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Asia Pacific has emerged as the dominant market for Aquaculture specifically for Aquafeed. In 2022, Asia Pacific accounted for 71.2% of market share in the aquafeed sector and is projected to grow at 6.7% CAGR over 2023 - 2029. The availability of abundant water resources and suitable climatic conditions allows for the cultivation of various aquaculture species. Asia Pacific is home to a large population with a growing appetite for seafood. The increasing demand for fish and seafood products has driven the expansion of the aquaculture industry in the region. Many countries in the Asia Pacific region such as China have implemented supportive policies and initiatives to promote aquaculture development. Governments provide financial incentives, subsidies, and favorable regulations to encourage investment in the aquaculture sector. These measures contribute to the growth and dominance of the aquaculture market in the region.

Request Sample: https://www.precisionbusinessinsights.com/request-sample/?product_id=59696

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players.
The Global Aquaculture Market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, Collaboration, and long-term alliances to improve market revenue share and gain significant geographic presence across the region.

Key players in the global aquaculture market report are Cargill, Incorporated, Archer Daniels Midland Company (ADM), Alltech inc, Purina Animal Nutrition LLC, BioMar Group, Skretting, Ridley Corporation Limited, Merck Animal Health, Phibro Animal Health Corporation, Zoetis, Novozymes, and Biomin GmbH

Contact:
Mr. Satya
Precision Business Insights | Toll-Free: +1 866 598 1553
Email: sales@precisionbusinessinsights.com
Kemp House, 152 - 160 City Road, London EC1V 2NX
Website: https://precisionbusinessinsights.com/ | D U N S® Number: 852781747

About Precision Business Insights:
We are a market research company that strives to provide the highest quality market research insights. Our diverse market research experts are enthusiastic about market research and therefore produce high-quality research reports. We have over 500 clients with whom we have a good business partnership and capacity to provide in-depth research analysis for more than 30 countries. In addition to deliver more than 150 custom solutions, we already have accounts with the top five medical device manufacturers.

Precision Business Insights offers a variety of cost-effective and customized research services to meet particular research requirements. We are a leading research service provider because of our extensive database built by our experts and the services we provide.

This release was published on openPR.