The Aquaculture Products Market Is Estimated To Record a CAGR of Around 7.54% During The Forecast Period
Evolve Business Intelligence has published a research report on the Global Aquaculture Products Market, 2023–2033. The global Aquaculture Products market is projected to exhibit a CAGR of around 7.54% during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global Aquaculture Products Market: Cooke Aquaculture Inc, Marine Harvest ASA (now Mowi ASA), Cermaq Group AS (a subsidiary of Mitsubishi Corporation), Thai Union Group PCL, Lerøy Seafood Group, Grieg Seafood ASA, SalMar ASA, Maruha Nichiro Corporation, Austevoll Seafood ASA, Charoen Pokphand Foods.
Market Highlights
The Global Aquaculture Products market is projected to be valued at USD 68.74 Billion by 2033, recording a CAGR of around 7.54% during the forecast period. Aquaculture products refer to a wide range of aquatic organisms that are cultivated and harvested in controlled aquatic environments for commercial purposes. These products include fish, shellfish, and aquatic plants that are specifically bred, reared, or cultivated to meet the demand for food, ornamental purposes, and other applications. Aquaculture plays a vital role in meeting global seafood demand, providing a sustainable alternative to wild-caught fisheries. Aquaculture products contribute to the global food supply, support livelihoods in coastal communities, and help conserve wild fish populations by reducing pressure on natural resources. They include various species of fish, such as salmon, tilapia, and catfish, as well as shellfish like oysters, mussels, and shrimp. Additionally, aquatic plants like seaweed and microalgae are cultivated for various purposes, including food additives, biofuel production, and water filtration. The aquaculture industry continues to innovate and adopt sustainable practices to ensure the production of high-quality aquaculture products while minimizing environmental impacts.
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The COVID-19 pandemic had a significant impact on the Aquaculture Products market. The global lockdowns, travel restrictions, and disruptions in the supply chain caused by the pandemic severely affected the aquaculture industry. The closure of restaurants, hotels, and catering services resulted in a decline in demand for seafood products, leading to reduced prices and financial challenges for aquaculture producers. Moreover, the closure of international borders and restrictions on transportation hindered the export and import of aquaculture products, affecting both global and domestic markets. However, the pandemic also highlighted the importance of local food production, leading to increased interest in sustainable and resilient food systems, including aquaculture. As the situation improved and market dynamics shifted, the aquaculture industry adapted by exploring new distribution channels, strengthening online sales, and prioritizing biosecurity measures. Despite the initial disruptions, the long-term prospects for the Aquaculture Products market remain promising as the demand for sustainable seafood and food security continues to drive growth in the industry.
Segmental Analysis
The global Aquaculture Products market has been segmented based on Product Type, and Application.
Based on Product Type, the Aquaculture Products market is segmented into Aquaculture Equipment, Fertilizers, Chemicals, and Pharmaceuticals. The Aquaculture Equipment segment is expected to have a larger market share throughout the forecast period.
Based on Application, the global Aquaculture Products market has been divided into Aquatic Animals, Aquatic Plants. The Aquatic Animals segment is anticipated to dominate the market.
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Regional Analysis
The Aquaculture Products market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, & Africa. The aquaculture industry in North America, particularly in the United States and Canada, focuses on a diverse range of products, including finfish (such as salmon and trout), shellfish (such as oysters and clams), and ornamental fish. The region emphasizes sustainable practices, research and development, and technological advancements in aquaculture production. Europe has a long history of aquaculture and a diverse range of aquaculture products. Countries like Norway, Scotland, and Spain are significant players in the industry, particularly in salmon and trout production. European aquaculture also includes shellfish farming, such as mussels and oysters, as well as freshwater fish farming and the production of high-value species like turbot and seabass. The Asia-Pacific region dominates the global aquaculture market, accounting for a significant share of aquaculture production. Countries like China, India, Vietnam, and Indonesia are major contributors, with diverse aquaculture products such as carp, tilapia, shrimp, and seaweed. This region is known for its intensive and large-scale aquaculture operations. South America has a growing aquaculture industry, with countries like Chile, Brazil, and Ecuador playing important roles. Salmon farming is a key sector in South America, particularly in Chile, which is one of the largest producers globally. Additionally, other fish species, including tilapia and tambaqui, are farmed in the region. The aquaculture industry in the Middle East and Africa region is developing, driven by factors such as favorable climatic conditions, available water resources, and growing demand for seafood. Countries like Saudi Arabia, Egypt, and Nigeria have active aquaculture sectors, focusing on fish species such as tilapia, catfish, and shrimp.