Aquaculture Market overview
The aquaculture market was valued at USD 157.95 billion in 2023 and is expected to experience steady growth over the coming years. The market is projected to increase from USD 160.9 billion in 2024 to USD 262.09 billion by 2032, reflecting a compound annual growth rate (CAGR) of 6.29% during the forecast period from 2024 to 2032.
Aquaculture is a term used to define the activity of fish farming. This farming procedure involves interventions in the rearing process to enhance production, such as regular stocking, feeding, and protection from predators. Aquaculture farming involves 580 species present worldwide, representing a wealth of genetic diversity both within and among species. It is practiced by some farmers in developing countries and by multinational companies that can hold ownership of the stock being cultivated. Fish provides great nutrition and also gives cultural value to many cultures. The analysis of COVID 19 depicts many markets registering losses during the time, and the aquaculture market is one of them. Due to less number of fishermen and lockdown orders diminished the market growth. The recent changes in the food consumption pattern of people worldwide. The expansion of the retail market and easy availability of the product through various sales channels make it convenient for consumers to purchase packaged aquaculture driving the Aquaculture Market. The rise in the adoption of veganism and stringent laws against animal cruelty can hinder the market growth in the forecast period. The growing food demand and supply of disease-free and good fishes and aquatic animals is creating major growth opportunities for the development of the market. Newmarket players will observe all the growth factors and restrains and improve the market likewise.
Market segmentation
The Aquaculture Market is segmented into type and environment. The market is fragmented into fishes, Mollusca, crustaceans, and others based on the segment type. The market environment is divided into marine water, freshwater, and brackish water. Each segment will increase the market growth in the forecast. The marine water segment is anticipated to register the highest market share as marine water is the more useful in this market.
Regional analysis
The Aquaculture Market is studied in key regions like Asia Pacific, Europe, North America, and the rest of the world. North America is anticipated to register a high growth rate, and the region is fragmented into Canada, the US, and Mexico. Europe is analyzed in regions such as Italy, Spain, France, Germany, the UK, and the rest of the world. Asia pacific parts are china, India, Australia, Japan, New Zealand, and the rest of the area. The Asia Pacific will hold more CAGR in the forecast period due to the rising demand for aquatic plants and seafood. The aquatic things play a major role in the health, food, and agricultural security of rural and urban areas. The increasing westernization among the Asian population will increase market growth in the future. The recent increase in modernization and industrialization will create new opportunities, and new market players will also invest.
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Industry news
At the Prevention and control of disease on fishery products in the 2022 conference, organized by the Ministry of Agriculture, Vietnam’s Department of Animal Health presented a report that outlined progress on biosecurity and disease prevention measures for its aquaculture sector.
