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Integrated Recirculating Aquaculture System (RAS) Market Growth Drivers, Strategic Analysis, Market Share, Key Trends And Forecast To 2033
Integrated Recirculating Aquaculture System (RAS) Market Growth
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According to The Business Research Company's, The integrated recirculating aquaculture system (RAS) market size has grown strongly in recent years. It will grow from $4.31 billion in 2023 to $4.69 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to increasing demand for sustainable seafood, rising concerns over overfishing, increasing focus on water conservation, growth in land-based fish farming, and rising seafood consumption.
The integrated recirculating aquaculture system (RAS) market size is expected to see strong growth in the next few years. It will grow to $6.65 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to increasing demand for sustainable aquaculture practices, rising awareness of overfishing, rising demand for traceable and safe seafood, growth of organic and niche seafood, increasing popularity of land-based aquaculture, and growth in demand for disease-free fish. Major trends in the forecast period include the development of energy-efficient RAS, advancements in RAS water filtration technology, integration with renewable energy sources, implementation of advanced biosecurity measures, and the development of species-specific RAS systems.
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Market Drivers and Trends:
The growing demand for high-quality seafood products is expected to propel the growth of the integrated recirculating aquaculture system (RAS) market going forward. The rising demand for high-quality seafood products is fueled by increasing health awareness of their nutritional benefits and growing consumer interest in sustainably sourced options. Integrated recirculating aquaculture systems (RAS) are useful for producing high-quality seafood by ensuring sustainable farming, optimizing water use, and maintaining controlled conditions for better fish health and environmental protection. For instance, in March 2024, according to the Department of Agriculture, Fisheries, and Forestry, an Australia-based government agency, seafood production is projected to increase from 60% of total production value in 2023-24 to 64% by 2028-29, with the overall real value of aquaculture anticipated to reach $2.21 billion by 2028-29. Therefore, the growing demand for high-quality seafood products is driving the integrated recirculating aquaculture system (RAS) market.
Major companies operating in the integrated recirculating aquaculture system (RAS) market are focusing on developing innovative solutions, such as water quality management systems, to enhance fish health and improve sustainability. Water quality management systems are tools and processes designed to monitor and maintain the chemical, physical, and biological standards of water to ensure its safety and suitability for various uses. For instance, in May 2023, Evonik Industries AG, a Germany-based specialty chemicals company, launched VIGOROX Trident. This product is created to reduce waterborne fish pathogens in recirculating aquaculture systems (RAS) and ponds while fish are present, as it breaks down into harmless byproducts. VIGOROX Trident offers an effective and safe alternative to traditional water treatment methods, with no observable effect on salmon and similar finfish at concentrations below 3.5 mg/L. It provides aquaculture operators with a cost-effective solution to maintain water quality, meet compliance standards, and improve fish health without the need for additional steps to clean up chemical residues.
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Major Key Players of the Market:
Xylem Inc., Pentair plc, Veolia Water Technologies and Solutions, Kaeser Compressors Inc., Skretting, Innovasea Systems Inc., BioMar Group, Aqua BioTech Group, Stolt Sea Farm S.A., Sterner AS, Nocera Inc., Moleaer Inc., Blue Ridge Aquaculture Inc., BioFishency Ltd., OxyGuard International A/S, CM Aqua Technologies ApS, AquaMaof Aquaculture Technologies Ltd., Clewer Aquaculture Oy, Fox Aquaculture Inc., Hesy Aquaculture B.V., Integrated Aqua Systems Inc., Levapor India Pvt Ltd., MAT-KULING AS, AKVA Group ASA
Integrated Recirculating Aquaculture System (RAS) Market 2024 Key Insights:
• The integrated recirculating aquaculture system (RAS) market size is expected to see strong growth in the next few years. It will grow to $6.65 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%.
• Growing Demand For High Quality Seafood Drives Integrated Recirculating Aquaculture System (RAS) Market Growth
• Innovative Water Quality Management Solution For Integrated Recirculating Aquaculture System (RAS) Market
• Asia-Pacific was the largest region in the integrated recirculating aquaculture system (RAS) market in 2023
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