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Aquaculture Products Market Size, Deep Analysis, Growth Statistics, Share, Trends And Forecast To 2033
Aquaculture Products Market Share
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According to The Business Research Company's, The aquaculture products market size has grown strongly in recent years. It will grow from $31.81 billion in 2023 to $34.28 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to demand for fish farming, advancements in fishing technology, government initiatives for aquaculture, rise in seafood consumption, development of mariculture, and increased awareness of sustainable practices.
The aquaculture products market size is expected to see strong growth in the next few years. It will grow to $46.48 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to the growth of aquaculture in emerging markets, technological innovations in aquatic farming, increased investment in sustainable practices, rising demand for high-protein diets, expansion of offshore aquaculture, and government support for sustainable fishing. Major trends in the forecast period include increased automation in aquaculture, rise in integrated fish farming, adoption of smart sensors in aquatic farms, growth in demand for eco-friendly aquaculture equipment, use of ai in fish health monitoring, expansion of recirculating aquaculture systems (Ras).
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Market Drivers and Trends:
The growing global demand for seafood is expected to propel the growth of the aquaculture products market going forward. Seafood refers to any form of edible marine life that is harvested from oceans, rivers, lakes, or other bodies of water. The global demand for seafood is rising due to increasing awareness of its health benefits, population growth, and shifting dietary preferences toward protein-rich, sustainable food sources. Aquatic products are used in seafood production to enhance the farming, harvesting, and processing of fish, shellfish, and other marine species for consumption. 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 2021-2022, averaging 13.8 kilograms per person. The value of fishery and aquaculture imports also rose by 2% to $2.19 billion, primarily due to increased prawn imports. Therefore, the growing global demand for seafood is driving the growth of the aquaculture products market.
Major companies operating in the aquaculture products market are increasing their focus on developing innovative natural mineral aquaculture products to improve water quality, enhance fish health, and promote sustainable farming practices. Natural mineral aquaculture products refer to mineral-based substances used in aquaculture to enhance water quality, improve the health of aquatic species, and support sustainable farming practices. For instance, in January 2024, Refit Animal Care, an India-based aquaculture company, launched a new aquaculture product called Ziobind - Zeolite, aiming to revolutionize fish farming practices in India. Ziobind utilizes zeolite, a natural mineral known for its ability to absorb harmful substances from water, such as ammonia. This product maintains optimal water conditions that can help reduce stress on fish and promote better growth rates.
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Major Key Players of the Market:
Xylem Water Solution, Merck Animal Health, Marine Harvest, Pentair PLC, Thai Union Group PCL, Lerøy Seafood Group, Cooke Aquaculture Inc., Cermaq Group, Nueva Pescanova, Bakkafrost, AKVA group, Stolt-Nielsen, Huon Aqua, Reef Industries Inc., Pioneer Group, Eastern Fish Company, CPI Equipment Inc., ASAKUA, Blue Ridge Aquaculture Inc., Frea Aquaculture Solutions ApS, Tan International, Aquaculture Systems Technologies LLC, luxsol.ru, Aquafarm Equipment AS
Aquaculture Products Market 2024 Key Insights:
• The aquaculture products market size is expected to see strong growth in the next few years. It will grow to $46.48 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.
• Rising Global Demand For Seafood Fuels Growth In The Aquaculture Products Market
• Innovation In Natural Mineral Aquaculture Products To Enhance Water Quality And Fish Health For Sustainable Farming
• Asia-Pacific was the largest region in the aquaculture products market in 2023, and is expected to be the fastest-growing region in the forecast period
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