Global Aquaculture Products Market Overview, Trends and Forecast by 2027

The global aquaculture products market, valued at USD 39.7 billion in 2022, is projected to reach USD 56.2 billion by 2027, with a CAGR of 7.2% during the forecast period. Aquaculture products are integral to the cultivation of aquatic animals and plants, serving as vital protein sources in various food and animal feed applications. The demand for these products is escalating within aquaculture industries due to the heightened consumption of fishmeal for both human food and animal feed, owing to its rich protein content.

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Pharmaceuticals: A Growing Segment

Among the product types, pharmaceuticals for rearing aquatic species are anticipated to exhibit the highest CAGR during the forecast period. The burgeoning aquaculture industry has spurred the demand for aquatic animal health products. This surge is attributed to the industry's rapid expansion to meet the escalating demand for seafood. Pharmaceuticals play a pivotal role in maintaining aquatic animal health, preventing diseases, and mitigating economic losses. The market has witnessed a spectrum of pharmaceutical developments, including vaccines, antibiotics, probiotics, and parasiticides, enhancing overall health and productivity while addressing food safety and environmental sustainability concerns.

Innovations Driving Growth: A Case Study

In 2022, FeedVax from Argentina secured funding from Conservation International Ventures for its innovative oral vaccine, aimed at eliminating the need for animal handling. Initial deployment targets tilapia farmers in Brazil, showcasing a shift towards innovative and sustainable solutions in aquaculture.

Seaweed: A Dominant Force

Seaweed, categorized as marine macroalgae, is poised to dominate the aquatic plant segment over the forecast period. Recognized for its high nutritional value, versatility, and environmental benefits, seaweed has transcended traditional consumption patterns, finding applications in various cuisines and industrial sectors. Its nutritional richness, coupled with environmental advantages such as carbon dioxide absorption and water quality improvement, underscores its appeal as a sustainable food source and a candidate for biofuel and pharmaceutical production.

Finfood: Leading the Charge

The finfishes segment, commanding an estimated value of USD 1,869.2 million in 2022, remains a frontrunner in the aquaculture products market. Factors propelling its growth include increasing global population, heightened demand for protein-rich foods, advancements in aquaculture technologies, and rising awareness of the health benefits associated with fish consumption.

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Regional Dynamics: Asia Pacific's Ascendancy

Asia Pacific emerges as the fastest-growing region in the aquaculture products market, fueled by robust growth in countries like China, India, Japan, and Vietnam. Accelerated investments, particularly in China and India, coupled with heightened seafood consumption and health consciousness, are propelling market expansion. Recent government initiatives further bolster market prospects, with the COVID-19 pandemic accentuating the importance of protein-rich diets, particularly in the wake of health concerns.

Key Market Players

Prominent players in the aquaculture products market include Pentair PLC (US), AKVA Group (Norway), Xylem Inc. (US), Aquaculture Equipment Ltd (UK), and Aquaculture System Technologies LLC (US), driving innovation and shaping the industry landscape.

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