The global aquaculture market is fragmented and competitive, based on a report published by Transparency Market Research, Albany, N.Y.
Rising demand for seafood across the globe is projected to drive the global aquaculture market to grow at a healthy rate. The global aquaculture market is expected to grow at a CAGR of 2.3% over the forecast period 2019-2027. The global aquaculture market is projected to reach an estimated value of $173.3 million by the end of 2019, as compared to 2018.
Farmers and harvesters are investing in advanced technologies to improve the growth of aquatic plants and animals, and are improving better feed without pesticides to grow quality and hygienic products.
On the basis of geography, the global aquaculture market is projected to be ruled by North America during the forecast period. Growth can be attributed to growing aquaculture activities and market. However, the fish segment is projected to dominate the global aquaculture market from 2019-2027.
Demand for canned seafood to surge
Due to rising demand for convenience, packed food and processed fish products are likely to surge the global aquaculture market. Such increasing demand for ready-to-eat products are predicted to come from developed and developing countries. Alternatively, governments are supporting aquaculture farming in fresh water or marine water to save endangered species from extinction.
Moreover, increased purchasing power among consumers is predicted to boost the global aquaculture market to grow at a healthy rate. Continuous advancements in technologies in fisheries and sustainable solutions in farming and harvesting aqua animals and plants also have contributed to the growth of aquatic plants and animals. Furthermore, the farmers and harvesters feed these aqua animals with organic feed. Thus, the global aquaculture market is expected to grow at a steady rate during the forecast period.
Export production to boost growth
Farmers and harvesters are using closed harvesting and farming systems to increase export production, thus driving the global aquaculture market during the forecast period. An increasing number of retail chain stores, restaurants and fast food service providers are likely to meet the immediate demand for seafood cravings.
The factors that are projected to restrain the global aquaculture market are high cost to establish technological advancements. Small players in the market may not be able to bring in the latest technology in aquaculture farming. Additionally, changes in climatic conditions such as hurricanes, storms and cyclones are also projected to restrain the global aquaculture market during the forecast period.
Despite the restraints though, the global aquaculture is projected to grow due to government support and investments in various aquaculture farming and harvesting projects across the globe.