Market Overview:
The Aquaculture Market will obtain a USD 237.3 billion value and a CAGR of 5.71% between 2022-2030. The controlled process of breeding, rearing, harvesting, and producing fish, shellfish, algae, and other aquatic creatures is aquaculture, also known as fish farming. It is typically carried out in on-land tanks, freshwater ponds, rivers, and coastal ocean waters. This helps with food production, habitat restoration, the population recovery of threatened and endangered species, and aquarium construction. It also reduces waste production by generating fish and shellfish feed, giving the aquatic population a secure and natural breeding environment, and making the best use of agricultural and natural resources. Producing ornamental fish is another aquaculture aspect that supports commercial and recreational marine fisheries.
One of the main factors fueling the market's expansion is the increased demand for seafood and the expansion of aquaculture. The Aquaculture Market Research is expanding due to the rising demand for fish oil across numerous industries, including food and beverage, medicines, and nutraceuticals. They are also adopting high-tech tools to manage facility operations, monitor the water, and study fish behavior. Accordingly, substantial research and development initiatives, such as genetic enhancements for finfish species, restrictions on fish reproduction, and monitoring of parasitic infections in aquatic animals offshore,
Segmentation:
The Aquaculture Market is divided into different segments.The market is divided into three categories based on offerings: services, software, and hardware. A sizable market share belongs to the hardware industry. Due to the widespread use of automated aquaculture farm monitoring devices, hardware components like sensors, monitoring and control devices, smart feeding systems, underwater remotely-operated vehicles, and climate control systems are anticipated to hold the largest market share during the forecast year.
The market is divided into cage-based and RAS segments depending on Farm Type. The RAS sector dominates the market. During the projection period, increasing awareness of the advantages of RAS-based Aquaculture Market Report farming, such as the need for less water than conventional systems and environmentally friendly methods, is driving the market's expansion.
Regional analysis:
Due to growing government initiatives to promote the health of aquatic animals and sustainable farming practices, the industry in Asia-Pacific is anticipated to dominate the worldwide aquaculture market over the forecast period. Sustainable aquaculture and aquatic resource management are being promoted in the region by groups like the Network of Aquaculture Centers in Asia-Pacific. However, due to the rising number of market participants in the region and the strong institutional support for aquaculture provided by the government to promote industrial expansion, the market in North America is anticipated to experience the highest growth rate during the projected period.
Recent developments:
SusGlobal Energy Corp., the creator of SusGroTM, an innovative, award-winning, pathogen-free organic liquid fertilizer, has announced that its wholly owned subsidiary, SusGlobal Energy Canada Corp., has signed a non-binding letter of intent for the acquisition of a developer of soil media, plant nutrients, and amendments specifically engineered for producing high-quality fruit and flowering crops.
February 2022: Del Pacific Sea foods, the sole producer of fair trade-certified wild-caught Mexican shrimp, announced the launch of new retail items at the Seafood Expo North America shows March 13–15 in Boston.
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