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Precision Aquaculture Market 2024-2033: Size, Share, and Industry Growth Insights
Precision Aquaculture Global Market Report 2024
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According to The Business Research Company's, The precision aquaculture market size has grown rapidly in recent years. It will grow from $0.47 billion in 2023 to $0.53 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The growth in the historic period can be attributed to growing demand for seafood, rising awareness of the environmental impact, government support and regulations, rising operational costs, and improvements in fish health management.
The precision aquaculture market size is expected to see rapid growth in the next few years. It will grow to $0.87 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%. The growth in the forecast period can be attributed to increasing focus on food safety and quality, rising investments in aquaculture innovations, expansion of aquaculture operations, rising population, and rising middle-class income. Major trends in the forecast period include the adoption of artificial intelligence (AI) and machine learning, advancements in remote sensing technologies, integration of blockchain for traceability, development of advanced data analytics platforms, and enhanced farm management software.
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Market Drivers and Trends:
Growing global demand for seafood is expected to propel the growth of the precision aquaculture market going forward. Seafood refers to any form of edible marine life that is harvested from oceans, rivers, lakes, or other bodies of water. Seafood demand is high due to its health benefits, including being rich in proteins and omega-3 fatty acids, along with growing consumer interest in sustainable and nutritious food options. Precision aquaculture enhances seafood production by optimizing farming practices, ensuring sustainable resource management, and improving the overall health and quality of aquatic species. For instance, in December 2023, according to the Department of Agriculture, Fisheries, and Forestry, an Australia-based government department, Australians consumed approximately 350,000 tones of seafood in 2021-22, averaging 13.8 kilograms per person. The value of fishery and aquaculture imports also rose by 2% to $2.19 billion, primarily due to an increase in prawn imports. Therefore, the growing global demand for seafood is driving the growth of the precision aquaculture market.
Major companies operating in the precision aquaculture market are focused on developing innovative products such as artificial intelligence (AI)-based aquaculture cameras to gain a competitive edge in the market. AI-based aquaculture cameras are advanced imaging systems integrated with artificial intelligence (AI) algorithms, specifically designed for monitoring and managing aquaculture environments. For instance, in July 2024, ReelData AI, a Canada-based software company, launched ReelVision, a camera developed for AI applications in aquaculture, such as behavioral analysis, feeding rates, and fish health and welfare. ReelVision is an advanced AI camera system designed specifically for fish farms. This data-driven approach enables farmers to make more informed decisions around feeding, stocking density, and health management. This helps optimize production, reduce waste, and minimize environmental impact.
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Major Key Players of the Market:
Signify N.V., Pentair PLC, Nofima AS, Cermaq Group AS, Skretting, Grieg Seafood ASA, AKVA Group ASA, ScaleAQ, Benchmark Holdings PLC, In-Situ Inc., InnovaSea Systems Inc., Biomar Group, INVE Aquaculture, Eruvaka Technologies, BioFishency Ltd., Ace Aquatec, OxyGuard International A/S, Planet Lighting Ltd., AquaMaof Aquaculture Technologies Ltd., SNRAS Systems Private Ltd.
Precision Aquaculture Market 2024 Key Insights:
• The precision aquaculture market size is expected to see rapid growth in the next few years. It will grow to $0.87 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%.
• Rising Global Demand For Seafood Fuels Growth In The Precision Aquaculture Market
• Innovative AI Solutions Transforming Precision Aquaculture
• Asia-Pacific was the largest region in the precision aquaculture market in 2023
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