Aquaculture Products Market

According to Stratistics MRC, the Global Aquaculture Products Market is accounted for $39.7 billion in 2023 and is expected to reach $71.1 billion by 2030 growing at a CAGR of 10.2% during the forecast period. Products from aquaculture are mostly utilized to advance aquafarming techniques. These products include the tools necessary for better pond care, feeding, chemically cleaning farms, and disease prevention. The sites where aquaculture is carried out are heavily prepared using these products.



Market Dynamics:

Driver:

Rising health consciousness and environmental awareness

Fishmeal usage has significantly increased recently as a result of customers' growing health and environmental consciousness. Many aquatic animals' diets, including farmed fish, shrimp, and other aquaculture species, include fishmeal, a protein-rich feed ingredient made from wild fish. The demand for fishmeal as a dietary supplement has increased as individuals become more aware of the health benefits linked to ingesting fish-based protein, such as enhanced cardiovascular health and weight management. A growing number of people are also becoming aware of the benefits to the environment of using fishmeal as a feed ingredient because it is a renewable resource that helps the aquaculture industry grow while lowering the environmental impact of conventional livestock farming.

Restraint:

Increase in vegan population

The consumption of fish has decreased recently as a result of the rise of vegans. A lifestyle known as veganism aims to forgo using animal products on moral, environmental, or health grounds. As a result, a lot of vegans choose plant-based sources of protein over fish or any other animal-based foods. The fishing industry has been significantly impacted by this change in consumer behavior because there is less demand for fish products globally. Additionally, as people's understanding of the effects of fishing on the environment has grown, fewer people are consuming as much fish because they are thinking more carefully about the sustainability of their food choices.

Opportunity:

Increase in incorporation of fishmeal in animal diet

Because fishmeal is recognized as a valuable source of high-quality protein, necessary amino acids, and other crucial elements for animal growth and development, its use in animal diets has increased recently. Fishmeal is widely used in the production of animal feed, especially in the aquaculture sector, where it is a crucial part of the diets of fish, shrimp, and other aquatic animals. However, due to its advantageous effects on animal health and performance, fishmeal is also increasingly being used in the diets of other animals, such as pigs, poultry, and dairy cattle.

Threat:

Overfishing causing resource exploitation

Since overfishing causes fish populations to decline and marine ecosystems to deteriorate, it has become a serious environmental issue. When fishing pressure exceeds fish populations' capacity to regenerate, overfishing occurs, which reduces fish species' variety and abundance. Because many communities around the world rely on fishing for their livelihoods and food security, overfishing has serious economic and social repercussions. Overfishing, on the other hand, can result in decreased catches and the collapse of fish supplies, which can have detrimental effects on both human health and marine ecosystems.

Covid-19 Impact:

Due to the lockdown and subsequent quarantine brought on by the COVID-19 outbreak, a number of businesses were forced to either entirely suspend operations or drastically reduce output. This has a big impact on the business's capacity to turn a profit. However, despite the COVID-19 pandemic, the aquaculture industry will continue to grow rapidly due to the strong emphasis on innovations and R&D activities. Since the start of the SARS-CoV-2 epidemic, there has been an obvious rise in the number of corporate alliances, all of which have as their primary objective minimizing the financial harm brought on by the pandemic.

The aquatic animals segment is expected to be the largest during the forecast period

Aquatic Animals segment is expected to have largest share over the forecast period due to increasing growth of finfishes. Fish consumption has expanded as a result of the expanding worldwide population and the rising need for protein-rich diets. Fish is a healthy and sustainable source of protein. Additionally, improvements in aquaculture technology have made it simpler and more affordable to produce finfish, which has increased availability and lowered consumer prices. Furthermore, the industry has expanded as more people become aware of the positive health effects of eating fish, such as its high omega-3 content. Finally, the emergence of e-commerce and online marketplaces has facilitated customer access to a greater variety of finfish from around the world, contributing to the market's expansion.

The pharmaceuticals segment is expected to have the highest CAGR during the forecast period

Due to the growth of pharmaceuticals used for aquatic animal health, the pharmaceuticals category is anticipated to have the highest CAGR throughout the projection period. The aquaculture business, which is expanding quickly in response to the rising demand for seafood, is the main source of demand for aquatic animal health products. However, in order to maintain the health and well-being of aquatic animals as well as prevent and treat diseases that may result in large financial losses, medicines are essential in aquaculture.

Region with largest share:

With the help of nations like China, India, Japan, and Vietnam, the market for aquaculture products in the Asia-Pacific region is anticipated to expand rapidly. The region has witnessed a huge rise in overall investment over the past decade, especially in China and India. The current government investment has also substantially boosted market activity in China and India. The region has also seen a rise in seafood consumption in recent years. Additionally, the region's acceptance of seafood diets has considerably to do with the perceived advantages for people's health and the environment.

Region with highest CAGR:

Due to the region's rapid adoption of cutting-edge aquaculture technologies, large land available for aquaculture, favorable weather patterns, and affordable labor costs, Asia-Pacific commanded the global aquaculture products market with lucrative growth over the extrapolated period. Population growth, economic growth, and sociological variables like traditional fish consumption patterns all contribute to the demand for aquaculture firms in the Asia-Pacific region. Moreover, a gain in profitability has been attributed to the amount of efficient aquaculture technology currently available, and it is predicted that this trend will continue to fuel industry expansion.



Key players in the market

Some of the key players in Aquaculture Products market include Akva Group, Aquaculture Equipment, Aquaculture of Texas, Aquaculture System Technologies, Aquafarm Equipment, Asakua , CPI Equipment, Frea Aquaculture Solutions, Lifegard Aquatics, Luxsol, Pentair, Pioneer Groups, Reef Industries, Tan International and Xylem.

Key Developments:

In October 2021, Xylem expanded its regional footprint with the acquisition of Anadolu Flygt. The acquisition has enabled the company to serve a broader range of countries in the region and accelerate Xylem's growth in the Middle East market with an expanded suite of digital water solutions and proven systems for sustainable water use.

In September 2020, AKVA group and Vikings signed a design and cooperation agreement for the design of a number of land-based salmon farms in the Middle East AKVA group provides extensive experience in the design, construction, and operation of modern land-based fish farming.

In May 2020, Sperre was acquired by the AKVA Group. Sperre is located in the Norwegian subsea cluster Notodden. The company has extensive experience in developing and manufacturing a variety of advanced ROV solutions for aquaculture, oil service, and marine industries.

Rearing Product Types Covered:
• Equipment
• Fertilizers
• Chemicals
• Pharmaceuticals
• Other Rearing Product Types

Cultures Covered:
• Brackish Water
• Marine
• Freshwater
• Other Cultures

Production Types Covered:
• Medium & Large Scale
• Small Scale

Species Covered:
• Aquatic Animals
• Aquatic Plants

Sales Channels Covered:
• Traditional Retail
• Specialized Retailers
• Other Sales Channels

Distribution Channels Covered:
• Supermarkets and Hypermarkets
• Online Stores
• Other Distribution Channels

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026 and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

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