The aquaculture products market is driven by the decline in the amount of captured fish, increasing population, and rise in consumption due to the nutritional value of fish. To fill the gap in demand and supply of fish and seafood products, aquafarming of fish and crustaceans is rising, which, in turn, is leading to the rise in the demand for aquaculture products. The rising trends in smart fish farming and seafood trade is also facilitating demand.
The aquaculture products market is projected to grow at a CAGR of 7.2% in terms of value between 2018 and 2023
The aquaculture products market is projected to grow at a CAGR of 7.2% from 2018, to reach USD 42.56 billion by 2023 from USD 30.10 billion in 2018. Aquaculture products are equipment and raw materials that act as inputs for rearing and farming of aquatic animals and plants. These products enhance regular stocking and feeding of aquatic animals and plants and offer protection from predators. Some of the equipment and supplies considered in this study include containment equipment, water management equipment, chemicals, pharmaceuticals, and fertilizers.
The demand for the aquaculture products industry is projected to be on the rise, owing to factors such as decline in the amount of captured fish, increasing population, and rise in consumption due to the nutritional value of fish.
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The pharmaceuticals segment in the aquaculture products market is projected to grow at the highest rate through the forecast period
A wide range of antibiotics, anti-microbial, including antibacterials (antibiotics), hormonal vaccines, anesthetics, pigments, minerals, and vitamins are used to avoid or control diseases in aquaculture. The increasing R&D in the pharmaceuticals segment has facilitated higher acceptance of drugs, medicated feed, and vaccines into the regional markets, specifically in developed countries such as the US and Canada. The global market for pharmaceutical usage in aquaculture is also witnessing some key trends. For instance, in the US, the usage of extra-label drugs is permitted in aquaculture under the guidance and supervision of a licensed veterinarian. There has been a growing adoption of in-feed medication for fish to prevent the large-scale spread of diseases. The main aim here is to medicate healthy fish and prevent any kind of contact with infected fish. The demand for medicated aquafeed is increasing in organized fish farms across Europe, given the limited use of antibiotics across the region.
The Asia Pacific market is projected to dominate the aquatic animals segment in the aquaculture products market during the review period
The aquatic animals segment in the aquaculture products market, by species, is segmented into crustaceans, mollusks, finfish, and others. As per the FAO, Asia was the largest producer of aquatic animals in the world with a volume of 71.5 billion tonnes (about 89.4% of the world) in 2017. According to the same source, Asia has the largest inland and marine culture cultivation of aquatic plants, with freshwater culture acquiring more than 50% and marine water acquiring more than 30% of the total aquatic animal cultivation globally. Such factors have prompted several aquaculture product manufacturers to invest in the region, thus increasing the industrialization of aquaculture. These factors are driving the market growth in Asia Pacific for aquatic animal production.
