Aquaculture, also called as aqua-farming is the cultivation of fishes, crustaceans, mollusks, and other aquatic organisms under controlled conditions. The COVID-19 pandemic has negatively impacted the global aquaculture market. The key players of the industry are implementing several strategies such as acquisitions and product launches, which is helping the global market to grow at a significant pace. Furthermore, the Asia Pacific region is predicted to hold a dominant position in the overall market during the forecast period.
New York, USA, Sept. 02, 2020 (GLOBE NEWSWIRE) -- According to Aquaculture Market analysis by Research Dive, the global market forecast will be $310,291.7 million by the end of 2027, at a 3.9% CAGR, growing from $274,671.2 million in the end of 2019.
Pre coronavirus pandemic, the global market was expected to generate $373,560.7 million by 2027 at a CAGR of 4.0%, due to increasing fish meal production globally. However, COVID-19 lockdown is expected to impact the global aquaculture market in a negative direction. The global lockdown implemented by several economies to curb the virus spread has resulted in logistical and marketing difficulties in aqua foods trading especially due to restriction on transportation and closed borders. This factor has ultimately impacted the aquaculture market growth during this time. Major manufactures are emphasizing on joint ventures & partnerships and new technologies to reinforce their footprint in the overall industry. For example, in recent times, Maruha Nichiro Corporation made a collaboration with Tokyo Artisan Intelligence Co., Ltd. to develop novel autonomous technology for fish monitoring through AI based technologies. This factor will boost the market growth in this crisis time.
Download Sample Report of COVID-19 Impact on Aquaculture Market
Aquaculture Market Drivers:
Aquaculture is growing at a faster rate in the food production industry across the globe due to increasing demand for nutrient, omega-3 oils and protein enriched aquatic animals including, carps, salmon, mackerel and other species. This increase in demand majorly owing to consumer awareness levels about advantages of aqua foods will boost the market growth in the forecast period. In addition, aquatic animals are more vulnerable to sudden environmental changes such as increasing water temperature as well as rise in the ocean/sea acidity levels that pose a threat to aquatic animals. In these conditions, there is requirement of controlled and managed climates to improve product quality, which will boost the market growth in the forecast time. However, limitations on fish catching in the oceans/seas is expected to be a major restraint for the growth of the market.
Aquaculture market for fresh water segment generated an evident market size; it registered for $177,798.9 million in 2019 and is anticipated to continue its trend during the projected time. This growth is majorly owing to wide utilization of fresh water environments for aquaculture across the globe. The market for brackish water is anticipated to rise at a second highest CAGR of 3.6% in environment segment and will account for $48,171.6 million till 2027.
The carps aquaculture market registered $64,683.8 million in 2019 and is estimated to retain its growth with a healthy CAGR of 4.3% in the forecast time. Besides carps segment, the market for salmon fish type will witness to rise at a 4.7% CAGR and is estimated to reach $38,787.8 million in 2027. Increasing consumption of salmon fish products owing to several health advantages including improves damaged tissues, help brain health, maintain thyroid function and other advantages. This factor will enhance the growth of the market in the upcoming time.
Asia-Pacific has dominated the global aquaculture market size in 2019 and is estimated to rise at a rate of 4.1% CAGR in the analysis period. This dominance over market is mainly owing to presence of major aqua products producing economies such as China and India. LAMEA accounted for subsequent position in the global market share in 2019 is projected to rise at a 3.1% CAGR throughout the estimated time. This growing mainly due to growing consumption of fish products across the Latin America and Middle East countries.
Download the sample report [80 pages] to delve into the Europe and North America share in the global Aquaculture Market: https://www.researchdive.com/download-sample/347
Top Key Players in Aquaculture Industry:
Maruha Nichiro Corporation
Thai Union Group PCL
These leading players are emphasizing on collaborations & partnerships and new product launches; these are most commonly opted strategies by manufacturers.
These players are hugely contributing to the growth of the market by undertaking activities such as new developments, mergers and acquisitions, geographical expansions, and many more. – Inquire and Download Top Companies Development Strategies Summary Report [75 pages]
Porter’s Five Forces Analysis for Aquaculture Market:
Bargaining Power of Suppliers: The aquaculture market contains high number of large suppliers and switching cost of aqua products is low. Thereby, trading control of suppliers is LOW.
Bargaining Power of Consumer: Increasing demand for aqua products and consumer may check the costs of aqua products produced from several manufacturers. This factor delivering trading power of consumer is HIGH.
Threat of New Participants: Aquaculture market needs low investments and rising fish meal demand to meet consumer demand, which is resulting in HIGH threat of new participants.
Threat of Substitutes: This market contains high number of alternative products and low brand dependency, thereby, HIGH risk of substitutes.
Competition Among Rivals: Aquaculture market has large number of key market players. These players are emphasizing on joint ventures and product launches to gain competitive edge in the global market. This factor is delivering HIGH competitiveness in the market.
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