Aquaculture Products Market worth $56.2 billion by 2027 - Exclusive Report by MarketsandMarkets™

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Mar 02, 2023, 05:30 ET

CHICAGO, March 2, 2023 /PRNewswire/ -- The Aquaculture Products Market is estimated to be valued at USD 39.7 billion in 2022. It is projected to reach USD 56.2 billion by 2027, recording a CAGR of 7.2% from 2022 to 2027 according to a new report by MarketsandMarkets™. Some macroeconomic and microeconomic elements that have been prevalent in some important countries have had an impact on the global aquaculture products market. In terms of value sales, this would be strong enough to significantly influence the market during the predicted period. The rise in consumer awareness, health consciousness, demand for high protein diets, changing lifestyles, and consumption patterns drive the demand in the aquaculture products market.

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The small scale production drives the major demand for aquaculture products in developing countries.

The rise in seafood consumption in developing nations is driving the growth of small-scale aquaculture production. This is supported by government initiatives to improve nutrition and reduce poverty, as well as public-private partnerships. Small-scale production is prevalent in fragmented aquaculture industries in Asian and African countries such as China, India, Thailand, and South Africa. It serves as a means of income and household food availability for many farmers. The cage culture method is particularly popular among the poor and landless in South Africa, where it is also being adopted by commercial ventures. Small-scale aqua farmers are fulfilling the growing demand for protein-rich food and creating opportunities for their livelihoods. As the number of aquafarms and commercialization of aquaculture products increase globally, there will be further opportunities for small-scale producers.

The equipment segment by rearing product type in the aquaculture products market holds the largest market share.

To meet the increasing demand for seafood and provide the necessary nutrients to aquatic animals, feed systems are advancing to optimize their diets. These systems are crucial for the production of aquatic plants and animals, especially as the volume of captured fish declines. The demand for such equipment is particularly high in marine culture, which includes sea ranching, intensive aquaculture, and rack & line farming. Intensive aquaculture is a labor-intensive method in which animals are farmed in cages or pens, and external feed is provided by farmers. Rack & line farming involves placing juveniles in plastic mesh bags that are suspended from lines between wooden and plastic posts in the intertidal region of the seashore. The equipment segment is expected to dominate the aquaculture products market throughout the forecast period.

During the forecast period, the water pumps and filters segment by equipment type is expected to have the largest market share.

For a sufficient supply and filtration of water, water pumps and filters are used. To remove organic matter, dissolved solids, and suspended solids from water, it is filtered through a suitable medium. The demand for such equipment is anticipated to increase soon due to rising aquaculture standards and government-funded programs. The Fisheries Improved for Sustainable Harvest (FISH) Project in the Philippines, the Management of Aquatic Ecosystems through Community Husbandry (MACH) Project in Bangladesh, and the SUCCESS fisheries management programmes in three West African countries are just a few examples of government programmes funded by the United States Agency for International Development (USAID) that have increased the productivity of fisheries worldwide. This is further driving the market for water pumps and filtration systems which is projected to have the largest market share during the forecast period.

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By species, aquatic animal segment is the fastest-growing segment in the aquaculture products market during the forecast period

The sales of fish products have seen a spike since the last two decades globally. One of the main drivers of this growth is the increasing demand for seafood due to its high protein content and health benefits. Additionally, the rise in global population and food security has led to an increase in demand for seafood items. Technological advancements in aquaculture practices have also enabled the cultivation of a wider variety of aquatic animals, including high-value species such as shrimp, salmon, and tuna. These trends indicate a bright future for the aquatic animal market, with increasing demand and new opportunities for growth.

By Culture, marine segment is projected to grow at the fastest rate during the forecast period

Marine aquaculture can be beneficial for both ecosystems and humans if it is managed within a broader framework that takes into account its impact on different ecosystem services, such as regulating, provisioning, habitat, and cultural services. Marine aquaculture includes a variety of activities and objectives, such as large-scale food production, specialized operations aimed at improving environmental outcomes or producing multiple species for various benefits, and the restoration of native species. By focusing on habitat restoration, creating jobs, and increasing food security, aquaculture can have a positive impact on ecological, economic, and social needs. Therefore, actively developing aquaculture to provide ecosystem services may generate more significant benefits.

In recent years, there have been several significant acquisitions and mergers in the marine aquaculture market. In 2019, Thai Union, one of the world's largest seafood producers, acquired a 45% stake in the Canadian lobster firm, Clearwater Seafoods, for USD 1 billion, expanding its presence in North America. These acquisitions and mergers reflect the growing importance of the marine aquaculture market and the interest of large corporations in investing in this sector.

Asia Pacific is estimated to dominate the aquaculture products market in 2022.

The Asia Pacific region has been experiencing significant growth in the aquaculture products market in recent years. This is due to several factors, including the region's large population and increasing disposable income, which is driving demand for seafood. In addition, the Asia Pacific region has favorable geographic conditions for aquaculture, with a long coastline, large rivers, and favorable weather conditions. The region is the largest producer of aquaculture products globally, accounting for over 90% of global aquaculture production. China is the largest producer of aquaculture products in the region, followed by India, Indonesia, and Vietnam. In recent years, there has been a shift towards higher value aquaculture products, such as shrimp, salmon, and tilapia, driven by changing consumer preferences and increasing health consciousness. As a result, the aquaculture products market in the Asia Pacific region is expected to continue its growth trajectory, offering significant opportunities for investors and businesses in this industry.

The key players in this market include Pentair PLC (US), AKVA Group (Norway), Xylem Inc. (US) Aquaculture Equipment Ltd. (UK), and Aquaculture System Technologies LLC (US).

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