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Aquaculture Market Key Trends And Strategies For Expansion 2024-2033
Aquaculture Market Key Trends
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According to The Business Research Company's, The aquaculture market size has grown strongly in recent years. It will grow from $249.75 billion in 2023 to $264.17 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to increased cultivation of aquatic animals, strong economic growth in emerging markets, rise in disposable income, growth in government initiatives and need for restoration of threatened and endangered species populations. .
The aquaculture market size is expected to see strong growth in the next few years. It will grow to $340.3 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to rising demand for seafood, growing number of health-conscious consumers, increasing demand for fish oil across various industries and global population growth and urbanization. Major trends in the forecast period include iot connectivity, technology advancement, use of aquaculture drones, research and development, use of artificial intelligence, climate change-resistant species and open-ocean aquaculture. .
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Market Drivers and Trends:
The rising demand for seafood is expected to propel the growth of the aquaculture market going forward. Seafood refers to edible aquatic animals, including both freshwater and ocean creatures, such as lobsters, mussels, crabs, and sometimes other sea creatures. The rise in demand for seafood helps to increase the prominence of aquaculture in total fish supply. For instance, according to the Organization for Economic Cooperation and Development (OECD), a France-based intergovernmental economic organization, 90% of the fish produced will be consumed by humans, with consumption anticipated to increase by 16.3% by 2029. Therefore, the rising demand for seafood will drive the growth of the aquaculture market.
IoT connectivity is a key trend gaining popularity in the aquaculture market. IoT has been used in aquaculture to gather data, monitor fish and water quality, and forecast diseases and outbreaks. In 2022, the Aquaculture UK exhibition, R3-IoT introduced its brand-new Connected Seafarm system. It attempts to address the difficulties in digitizing remote aquaculture operations and sites because it was created expressly for the aquaculture sector. The Scottish business claims that its Connected Seafarm is a complete end-to-end data services solution that wirelessly and effortlessly connects smart devices from all over the world, including sensors and analytics platforms. It has also been developed to be swiftly and readily installed with automatic, continuous data collecting, regardless of the available connectivity infrastructure, and without the need for specialized internal technical expertise.
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Major Key Players of the Market:
Virtu Financial Inc, IG Group Holdings Plc, FXCM Group, London Stock Exchange Group Plc, Trade Station, Software AG, Wyden (Algo Trader AG), Symphony Fintech Solutions Pvt Ltd, MetaQuotes Software Corp, 63 Moons Technologies Limited, iRage Capital, AlphaGrep, Kivi Capital, Mansukh Securities, Algoji, Tickeron, Inc, 1000pip Climber Robot, Build Alpha, Coinrule, Trality, IntoDarkness, Hugh, Curate, Avaloq Blockchain, Glencore (GLEN), Barclays, Prudential, Lloyds Banking Group, DTI Algorithmic, BitOasis, Gath3r, MidChains, HAYVN, XTX Markets, ActiveViam, Redline Trading Solutions, Inc, J.P. Morgan, Capital Group, Goldman Sachs, Zen Trading Strategies, SmarttBot, ATOM S/A, Ultrapar Participacoes, Banco Bradesco S.A, Itau Unibanco, Interactive Brokers, AVAtrade, eTORO, Arabeya Online, CalBank PLC, Plus500, XTB, Saxo Bank, City Index
Aquaculture Market 2024 Key Insights:
• The aquaculture market size is expected to see strong growth in the next few years. It will grow to $340.3 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Growing Appetite For Seafood Fuels Expansion Of The Aquaculture Market
• IOT Revolutionizes Aquaculture Operations With Connected Seafarm System
• Asia-Pacific was the largest region in the aquaculture market in 2023
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