Introduction
The global aquaculture products market is on a trajectory of impressive growth, with a valuation of USD 39.7 billion in 2022 and a projected figure of USD 56.2 billion by 2027, reflecting a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period. This expansion is not merely the result of market forces but is also influenced by macroeconomic and microeconomic elements in key countries. In this article, we explore the factors driving this growth and the potential it holds for investors and businesses in the aquaculture industry.
Download PDF brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=2224024
Market Drivers
Several factors contribute to the robust growth of the global aquaculture products market. Consumer awareness and health consciousness are at an all-time high, driving demand for high-protein diets. Changing lifestyles and consumption patterns further fuel this demand. As a result, the industry is experiencing a surge in popularity, creating significant opportunities for market players.
The Rise of Asia Pacific
One region that has witnessed substantial growth in the aquaculture products market is the Asia Pacific. This is attributed to several factors, including the region’s large population and increasing disposable income. The demand for seafood is on the rise. Additionally, the Asia Pacific enjoys favorable geographic conditions for aquaculture, boasting a long coastline, large rivers, and ideal weather conditions. This region stands as the global leader in aquaculture production, accounting for over 90% of the world’s output. China leads the pack as the largest producer, followed by India, Indonesia, and Vietnam.
In recent years, there has been a shift towards high-value aquaculture products, such as shrimp, salmon, and tilapia, reflecting changing consumer preferences and heightened health consciousness. This trend is expected to continue, offering significant growth prospects in the Asia Pacific aquaculture market.
Key Players
Notable companies in this market include Pentair PLC (US), AKVA Group (Norway), Xylem Inc. (US), Aquaculture Equipment Ltd. (UK), and Aquaculture System Technologies LLC (US). Their presence and innovations contribute to the sector’s continual advancement.
Marine Aquaculture: Balancing Ecosystem and Human Needs
Marine aquaculture can play a pivotal role in maintaining ecological balance while meeting the needs of human populations. Managing marine aquaculture within a broader framework that considers its impact on various ecosystem services, such as regulating, provisioning, habitat, and cultural services, is essential. Activities in marine aquaculture can range from large-scale food production to habitat restoration and the production of multiple species. By actively focusing on ecosystem services, aquaculture can provide significant ecological, economic, and social benefits, including job creation and enhanced food security.
Mergers and Acquisitions
In recent years, the marine aquaculture market has witnessed notable acquisitions and mergers, demonstrating its growing importance and attracting investments from large corporations. For instance, in 2019, Thai Union, one of the world’s largest seafood producers, acquired a 45% stake in Canadian lobster firm Clearwater Seafoods for USD 1 billion, expanding its presence in North America.
Make an Inquiry: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=2224024
A Bright Future for Aquatic Products
The sales of fish products have experienced substantial growth over the past two decades. The demand for seafood is propelled by its high protein content and associated health benefits. Additionally, the increasing global population and concerns over food security have led to a surge in demand for seafood items. Technological advancements in aquaculture practices have broadened the spectrum of aquatic animals that can be cultivated, including high-value species such as shrimp, salmon, and tuna. These trends portend a promising future for the aquatic products market, offering opportunities for growth and innovation.
In conclusion, the global aquaculture products market is a dynamic and evolving industry. With sustained growth, a strong presence in the Asia Pacific, and a focus on ecosystem services, it is poised to offer significant opportunities for businesses and investors. As the world’s population continues to grow and dietary preferences shift towards healthier options, the aquaculture products market is well-positioned for a bright and sustainable future.
