The rising trend of smart fishing and the increase in seafood trade is also propelling the demand for aquaculture products.
The aquaculture market is projected to grow from USD 30.1 billion in 2018 to USD 42.6 billion by 2023, recording a compound annual growth rate (CAGR) of 7.2% during the forecast period. The major factors driving the growth of the aquaculture market include a decline in the amount of captured fish, rise in consumption of fish and other products due to their nutritional value, and growth in adoption of advanced technology and aquafarming methods.
Asia Pacific is projected to be the fastest-growing region in the aquaculture market during the forecast period due to the rapid development of aquaculture in most of the countries in the region in terms of improving the food supply. The demand for aquaculture products is rising, as the farmers in this region are investing in new technologies and innovations in order to meet the increasing food supply and nutrient food. The consumption of fish and shrimp is witnessing an upward trend in the region, which aids the aquafarming industry.
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Major vendors in the aquaculture market include Pentair Plc, (US), AKVA Group (Norway), Xylem Inc (US), Aquaculture Equipment Ltd (UK), Aquaculture System Technologies (US), Luxsol (Belgium), Pioneer Group (Taiwan), CPI Equipment Inc (US), Asakua (Turkey), FREA Aquaculture Solutions (Denmark), Lifegard Aquatics (US), Tan International Ltd (UK), Reef Industries Inc (US), Aquafarm Equipment AS (Norway), and Aquaculture of Texas, Inc (US).
The aquatic animals segment is further divided into crustaceans, mollusks, finfishes, and others. The growing demand for protein-rich food in developing countries such as India, Bangladesh, Indonesia, and Vietnam is driving the demand for aquatic animals. Additionally, the government support for aquafarming, specifically in Asia Pacific and Africa, is growing to mitigate poverty levels, as aquaculture is an important source of employment in the coastal regions of these countries; this has prompted several aquaproduct manufacturers to invest in this segment in these two regions.
The aquaculture market is segmented, on the basis of rearing product type, into equipment, chemicals, fertilizers, and pharmaceuticals. The equipment segment is projected to be a leading segment in the aquaculture market. This is attributed to the rising adoption of advanced feeding systems to meet the rising demand for the inclusion of nutrients at an optimum level in the diets of aquatic animals. Furthermore, the growth in demand for seafood and decline in the volume of captured fishes is prompting the farmers to use equipment for higher production.
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