Aquaculture Products Market Worth $42.56 Billion by 2023
Pune, India, September 10, 2018 /PRNewswire/ --
According to the new market research report "Aquaculture Products Market by Rearing Product Type (Equipment, Chemicals, Pharmaceuticals, Fertilizers), Culture (Freshwater, Marine, Brackish Water), Species (Aquatic Animals, Aquatic Plants), Production Type, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market is projected to grow at a CAGR of 7.2%, to reach USD 42.56 billion by 2023 from USD 30.10 billion in 2018. The market is driven by 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 equipment segment is projected to dominate the aquaculture products market through the forecast period
The equipment segment is projected to dominate the aquaculture products market in value terms, through 2023. The equipment used for rearing fish in aquaculture include containment equipment, feeders, water pumps and filters, water circulating and aerating equipment, and cleaning equipment.
Pumps are used to ensure that the fish have adequate fresh water. They fill the small ponds or lakes used for fish farming with fresh water from a larger nearby freshwater source.
Aeration devices provide fish with an adequate supply of oxygen. Most companies are now using RAS (Recirculating aeration systems) for efficient growth of fish. These aeration devices also make it easier to recycle the water after removing impurities.
Feeders are used for the inclusion of nutrients in aquaculture diets.
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The freshwater segment is estimated to account for the largest share of the aquaculture products market in 2018, in terms of culture
The freshwater segment dominated the global aquatic products market in 2018. The freshwater aquaculture production is usually carried out using traditional techniques. It is an important sector for several economies making a significant contribution to their GDP. Freshwater fishing is considered an ancient human profession. Freshwater is spread over the world in the form of rivers, lakes, man-made reservoirs, and dams. Freshwater fishing has continuously contributed to providing animal protein. Equipment and supplies used to produce freshwater species are normally restricted to freshwater ponds, tanks, raceways, and aquarium systems. The aquaculture production from the pond is increased beyond the level of extensive aquaculture with the application of equipment, disinfectants, fertilizers, and vaccines, allowing higher stocking density and production per hectare. Several open-air concrete tanks, raceways or earth ponds of different sizes and depths are applied to different growth stages of the aquatic animals.
The aquatic animals segment is estimated to account for a larger share of the aquaculture products market in 2018, in terms of species
The aquatic animals segment is estimated to account for a larger share in 2018. It is also projected to grow at the highest rate during the forecast period, since the production of fish is increasing to meet the ever-increasing demand for seafood across the globe. The gap in the supply and demand of fish favors the aquaculture production of fish, which, in turn, increases the demand of aquatic animals reared through aquaculture.
Asia Pacific is projected to dominate the aquaculture products market during the review period
In the global aquaculture products market, Asia Pacific is projected to be the largest region, in terms of value, between 2018 and 2023. This region comprises of economies such as China, India, Vietnam, Indonesia, Japan, and Thailand, which occupy a significant share in the global aquaculture products market. The rapid development of aquaculture in most of the countries in the region is improving the food supply and has also generated job opportunities. The increase in the middle-class population, especially in developing nations, and their increasing income are expected to drive the growth of the aquaculture industry in the coming years. The demand for aquaculture products is rising, as the farmers in the 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 aid the aquafarming industry. These factors exhibit the growth opportunities for aquaculture products in the region.
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The market for aquaculture products is dominated by key players such as 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).
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