Global Aquaculture Market is expected to demonstrate lucrative growth opportunities for the key players during the forecast period due to the technological advancements in aquatic farming and harvesting. Additionally, the wide applications of aquatic species in agriculture, pharmaceutical industry, and the personal care industry are further fueling the growth of the global aquaculture market which is projected to register a significant growth rate of 5.1% from 2019 to 2024 and reach a market value of USD 207 Billion by the end of 2024. However, the major challenges being faced by the aquaculture companies are the combating of diseases and water-quality management. Overall, by analysing the aquaculture market, it can be noticed that market players in the industry are adopting strategies such as acquisitions, partnerships and agreements, and regional expansions to increase the profitability and expand their market share.
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Some of the key players in the Global Aquaculture Market are American Abalone Farms (US), Dainichi Corporation (Japan), Blue Ridge Aquaculture Inc. (US), Nippon Suisan Kaisha Ltd. (Japan), Cermaq ASA (Norway), Austevoll Seafood ASA (Norway), Cargill, Incorporated (US), Sea Watch International Ltd. (US), Mowi ASA (Norway), Cooke Aquaculture (Canada), Grieg Seafood ASA (Norway), Charoen Pokphand Foods PCL (Thailand), Maruha Nichiro Corporation (Japan), Thai Union Group PLC (Thailand), and Tassal Group Ltd. (Australia).
Global Aquaculture Market has been segmented based on environment, type, and region.
The global aquaculture market has been segregated, by type, into fishes, crustaceans, Mollusca, and others. The fishes segment is expected to be the largest in terms of revenue due to the high global farming of various fishes such as anchovy, pomfret, tuna, and salmon, especially in Asia-Pacific. Currently, salmon fish has been gaining huge popularity in the aquaculture market owing to high nutritional value and its availability in the Indian Ocean and the Pacific Ocean. However, the Mollusca segment is expected to exhibit the highest growth rate and gain market dominance during the forecast period owing to the increasing widespread utility of MOLLUSKS as a source of food and their high nutritional value.
Global Aquaculture Market has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world.
The market in Asia-Pacific is expected to lead the global aquaculture market due to economic and population growth. Moreover, the high production and availability of aquatic species in the region are fueling the regional market growth.
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