On the back of global urbanization, there is a considerable rise in the purchasing power of people across the world, which can be easily fathomed from the growth in the per capita income. According to the World Bank, the world per capita income experienced a growth rate of 5% during 2017-18 and attained a value of $11,297 in 2018. The rising income levels, from the past two decades, has instigated the people to invest in healthy food habits and consequently paved the way to consume high nutritious and protein-rich food. Seafood, being a primary source of essential, fats, nutrients, vitamins, proteins, and minerals, is thus gaining momentum. Moreover, seafood provides numerous health benefits such as an ample amount of proteins vital for muscle strengths, antioxidants such as astaxanthin and carotenes that fight cancer, omega 3 fatty acids for heart and brain health, and potassium and selenium minerals for thyroid glands. These factors have led to the high consumption of fish and other products and resulted in hefty demand for seafood. Aquaculture, a practical option to confront the issues related to seafood demand, is thus gaining prominence at an alluring rate. The aforementioned factors are considered to be the prime impetus for the growth of the aquaculture products market. Moreover, the world population is soaring at a radical speed, and it is estimated that, as of 2018, 55% of the total population lives in urban areas and it is projected to reach 68% by 2050, according to the United Nations Organization (UNO). The growing worldwide population, along with increasing urbanization, is eventually creating a significant gap between food demand and supply. Therefore, the food production sectors throughout the globe are struggling to meet the increased demand for food. In need of an hour, aquaculture emerged as a prominent way to bridge the supply-demand gap while being one of the great sources of healthy food. Thus the increasing aquaculture practices are inevitably propelling the growth of the aquaculture products market.
As of 2018, the global aquaculture products market was estimated to attain a value of $197 billion and the demand in the market is poised to propel at a standard CAGR of 5.2% during the forecast period 2019-2025.
Marine Aquaculture Segment Creating Maximum Revenues to the Aquaculture Products Market—
On the basis of culture, the aquaculture products market is bifurcated into freshwater, marine, and brackish water. Among these, the marine culture segment is reckoned to be the key segment that is anticipated to generate maximum revenues to the aquaculture products market. The advancements in technology, such as water recirculation systems, are creating lucrative opportunities for the marine aquaculture system. Moreover, the ocean cage culturing of marine fish is alluring the fisherman to prefer marine culture among the other types, as it facilitated the design of new and innovative cages for culturing the fish in offshore and near-shore environments. Additionally, fish grown by marine culture are perceived to be of higher quality than fish raised by other types. Another potential benefit of marine culture is that it promotes the culture of a more diverse choice of species. Thus the key application segment is poised to propel at a CAGR of 5.1% during the forecast period.
Growing Appetite for Seafood in Emerging Economies of Asia Pacific, Specifically, India and China, Creating a Demand Influx in the Aquaculture Products Market—
Geographically, Asia Pacific is considered to be the prominent marketplace for the global aquaculture products market having a substantial share of 56% in the global demand share in 2018, and it is anticipated to secure its dominance during the forecast period. This is mainly attributed to the rapid development of aquaculture in the highly populous countries in this region such as China and India, to meet the incessantly increasing food demand. India, with a huge aquatic resource, clocked a phenomenal growth in fisheries production with 12.60 million metric tons during 2017-18, according to the National Fisheries Development Board (NFDB). Moreover, being second in aquaculture production and third in fisheries in the world, India earned about $450 billion through exports in 2017-18. The perpetually the growing aquaculture sector is eventually aiding the growth of aquaculture products market in this region. With the expanding urbanization and increasing income levels in the emerging economies of this region, the appetite of fish is growing continually. For instance, the per capita consumption of seafood products, in 2016, in China, increased to 7.5 Kg in the rural areas and 14.8 Kg in the urban sector, wherein, the consumption in both areas increased significantly from the previous year, according to the National Bureau of Statistics (NSB). The prerequisite to meet the rising demand for seafood in this region, has facilitated the adoption of innovative and advanced technologies such as genetic improvement in finfish, manipulation of chromosomes set in shellfish, monitoring fish reproduction, and controlling of parasitic diseases in fishes, that help in enhancing the yield with available resources and fortifying the efficiency of the aquaculture operations. These aforementioned factors have rendered Asia-Pacific with maximum market share.
Aquaculture Products Market Company’s Strategies—
Major companies in the global aquaculture products market include Grupo Farallon Aquaculture, Cooke Aquaculture Inc., Cermaq Group AS (Mitsubishi Corporation), Leroy Sea Food Group, P/F Bakkafrost, Marine Harvest ASA, Tassal Group Limited, Stolt Sea Farm, Selonda Aquaculture S.A., and Thai Union Group Public Company Limited. These companies are continuously investing in research and development activities to invent innovative aquaculture products to enhance the productivity to meet the globally rising demand for seafood products. Simultaneously, these companies are engaging in strategic collaborations, partnerships, acquisitions, and mergers to expand their presence in the market and thereby stay ahead of their competitors.
· In May 2018, AKVA Group developed a feeding system named Flexible Feeding, which facilitates the farmers to send and feed any feed silos to any cage automatically without any manual handling. Moreover, this system simplifies the usage of different feed types and sizes and aids in the easy expansion of existing feed systems with more feed lines.
· In August 2018, AKVA Group announced the acquisition of Egersund Net AS (Norway). This acquisition is intended to expand its product portfolio.
· In June 2017, Pentair plc, a pioneer in sustainable water solutions, and aquaponics farming announced the opening of a new 87,000-square feet aquafarming facility in St. Paul, Minnesota. This facility can develop 475,000 pounds of organic produce and culture 275,000 pounds of fish annually.
· In 2016, Pentair Aquatic Ecosystems acquired a leading aquaculture equipment manufacturer, Vaki Aquaculture Systems Limited. This acquisition is intended to enhance the range of its aquaculture systems, products, and services.
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