Aquaculture Market Witnessing a Radical Shift toward Sustainability and Longevity-
The urging need for innovative solutions in food production has led the widespread penetration of precision farming concepts, which rely on technologies such as drones, IoT connectivity, and autonomous tractors. A sister industry that is equally imperative for the global food security and less permeated by technological advances is ‘aquaculture’. However, recent surge in the popularity and acceptance of data-driven management platforms, which integrate data from myriad sources into unified cloud platform, and encapsulate complete dynamics of the aquaculture farm environment in real time, will favor growth of the aquaculture market.
TMR’s research finds that the aquaculture market was valued at over US$ 750 Mn in 2018, and is estimated to record a 2.4% Y-o-Y growth in 2019. Aquaculture remains a profitable business for not only combating the global food demand, but also helping rehabilitate the oceans. Leading operators in the aquaculture market continue to leverage the viability of three key areas, namely, seaweed & bivalve aquaculture systems, offshore aquaculture systems, and on-land aquaculture systems. The study opines that the fish industry will witness a radical transformation in the foreseeable future; and with the depletion in ocean’s fisheries vis-à-vis rising demand from the global demographic, aquaculture continues to forestall challenges entailed by these and bring more farmed fishes to plates globally.
According to the study, limited abilities in extracting more seafood from oceans has been driving the need for boosting aquaculture production to meet rising demand and protect wild fish stocks. Global sales of aquaculture products were in excess of US$ 750 Mn in 2018. Overfishing has put pressure on wild fish stocks, which has provided an impetus to aquaculture production in recent years. As concerns regarding environmental repercussions prevail, have driven the shift toward sustainability and longevity of aquaculture.
The Future of Fish Farming is ‘Indoor’
Advances in water circulation and filtration have meant that indoor fish farms will grow at an unprecedented rate, both in terms of production and size. TMR estimates global sales of aquaculture-produced fish to exceed US$ 480 Mn in 2019, accounting for a sizeable 60% market share. Fish farming has traditionally been touted as efficient solution for the production of animal protein, and indoor aquaculture plays a vital role in meeting the requirement of swelling global population. Although environmental risks prevail in the indoor approach as well, however the fact that risks associated with land-based systems is significantly smaller, than that of outdoor systems, continues to propel adoption of indoor fish farming.
Positive influences of aquaculture production is not limited to fish, but extends to crustaceans, molluscs, and seaweed – in descending order. Emergence of semi-intensive and intensive farms, along with professionalization and modernization practices have made the crustaceans an attractive segment of the aquaculture industry in the recent past. According to the study, crustaceans hold over 30% value of the aquaculture market, marked by major iterations to farm designs, water processing ponds, and nurseries, by leveraging better data genetics to prevent EMS outbreaks.
Production of crustaceans through aquaculture will grow unabated, as the industry moves toward digital transformation for strategic improvements in supply planning, purchases and sales, meanwhile improving real-time business and optimizing profits. The study finds that crustaceans supply currently exceeds demand, making the market players to lower prices and compete amid tight margins. However, this paves an opportunistic pathway for innovative players toward value creation with new products.
Aquaculture Producers in Asia Focusing on Maximizing Investment Growth while Minimizing Ecological Impact
Asia-Pacific continues to remain an attractive market for aquaculture, with over US$ 650 Mn opportunity estimated in 2019 by TMR. Aquaculture producers in the region are increasingly leveraging the popular trend of recirculating aquaculture systems (RAC), which acts as an effective enabler of reducing pollution as well as consumption of water, while mitigating risks of ailments entailed by water pumped from rivers in proximity. Key producers in Asia-Pacific are currently investing in automation systems, along with RAS, to raise yields and enhance production reliability. Technology providers in the Asia-Pacific aquaculture market are focusing on including facility management systems led by artificial intelligence in their offerings, as these hold potential in unlocking yields for fish and shrimp farmers.
Aforementioned trends allude ever-increasing environmental footprint of aquaculture industry in Asia-Pacific, with Greater China and Japan leading the way even as accounting for greater market value. This has led the aquaculture producers to shift away from inland freshwater to offshore, complemented by government efforts to crack down on illegal aquaculture operations. This is particularly prevalent in Greater China, and Vietnam is following the suit by considering merits of extensive instead of intensive aquaculture, in light of the former’s lower impacts on mangrove and riverine habitats, although they produce lower yields.
Aquaculture Market Moves toward a Community and Network-based Landscape for Faster, More Sustainable Growth
According to TMR, competition in the aquaculture market has been intense, with collaborations and partnerships between potential investors and innovative businesses who focus on creating a community and network-based industry to work together for more sustainable growth in seafood sector. With technology at the fore, leading players in the aquaculture market are leveraging predictive solutions, real-time monitoring systems, and advanced sensors to maintain a competitive edge in this sustainability-driven, dynamic landscape. The study states that the moderately fragmented nature of the aquaculture market is here to stay, with the occupancy of numerous players – both large and small, who continuously focus on strengthening their distribution.
Key players operating in the aquaculture market, as profiled in the study, include MOWI ASA, Nippon Suisan Kaisha Ltd, Austevoll Seafood ASA, SalMar ASA, Cooke Aquaculture, Inc., Norway Royal Salmon ASA, Tassal Group Ltd, Campania Pesquera, Multiexport Foods SA, Camanchaca SA, Dainichi Corporation, P/F Bakkafrost, Stoly Sea Farm SA, Nireus SA, Tongwei Group Co., Ltd., Kyokuyo Co., Ltd., Thai Union Group PCL, Surapon Foods Public Company Limited, and Maruha Nichiro Corporation.
Transparency Market Research in its report titled “Aquaculture Market – (Product Type- Fish, Molluscs, Crustaceans, Seaweed; Culture Type- Marine Water, Fresh Water) Global Industry Size, Share, Growth, Trends, Forecast, 2019-2027” provides in-depth research and detailed insights on the global aquaculture market for the forecast period 2019-2027. The report covers untapped growth opportunities for manufacturers, important factors along with the developments and trends shaping the aquaculture market dynamics and other key insights on various segments in aquaculture market.
The report also identifies driving factors and challenges affecting the growth of the aquaculture market. Latest and changing trends are also incorporated and analyzed in the report to provide exclusive information to the clients about the aquaculture market to help in the decision making process. The report also includes both micro and macro-economic factors that affect the growth of the aquaculture market directly and indirectly.
The report offers detailed analysis on market share of the aquaculture market on the basis of key manufacturers. The section also highlights region-wise and country-wise analysis of the aquaculture market. It provides outlook on the aquaculture market for 2019-2027 and sets the forecast within the context of the report. The report also focuses on the activities and key developments by the prominent market players operating in the aquaculture market.
To understand the insights on the aquaculture market, the report is split under six sections: market analysis by product type, by culture type, by form, by nature, by end-use, and by region. The report analyzes the aquaculture market in terms of market volume and market value.
The report provides an overview of the aquaculture market and also includes analysis of drivers, key trends, and challenges from the demand and supply perspective. The report also includes impact analysis of the growth drivers and challenges based on the weighted average model to better understand the market and help in planning future strategies.
The following section of the report provides analysis of the aquaculture market based on the product type. The aquaculture market based on the product type is segmented into
The next section analyzes the market based on the culture type and provides forecast in terms of the value and volume. Based on the culture type, the aquaculture market is segmented into
- Fresh water
- Marine water
Another section in the report is based on the form in the aquaculture market, this section is segmented on the basis of
The report includes the section on the end-use in the aquaculture market and provides value and volume share of each segment. Based on the end-use, the aquaculture market is segmented into
The next section focuses on regional analysis of the aquaculture market. this section is segmented into
- North America
- Latin America
- Asia Pacific
The aforementioned sections in the report are the key segments and also includes sub-segments to provide better understanding of the aquaculture market.
To estimate the market size, the report focuses on average selling price of different types of aquaculture products across regions. Moreover, information from primary sources have been included to provide appropriate market estimations. The forecast offered in the report provides the revenue that is projected to be generated across the aquaculture market. During market forecast development, sizing up the current market forms the basis on how market will perform in the coming years. We also provided the outcome based on the analysis results which is based on both demand and supply side.
It is important to note that in an ever-fluctuating economy globally, we not only provide forecasts in terms of CAGR, but also analyze the market based on key factors, such as Year-on-Year growth, to help players identify the growth opportunities in the aquaculture market. In order to get a better idea on key segments in terms of performance and growth of the aquaculture market, Transparency Market Research provides market attractiveness index. This index should help manufacturers identify real growth opportunities in aquaculture market.
The report also sheds light on the competitive landscape in the aquaculture market along with the dashboard view of the leading market players. Company market share and aquaculture industry structure has also been analyzed in this report. The market share of various companies operating in the aquaculture market is provided on the basis of sales across the globe. Sources referred to provide data and insights include investor presentations, company annual reports, press releases, and analyst presentations. Some of the key players in the aquaculture market are:
- Nippon Suisan Kaisha Ltd
- MOWI ASA
- SalMar ASA
- Austevoll Seafood ASA
- Norway Royal Salmon ASA
- Cooke Aquaculture, Inc.
- Campania Pesquera
- Tassal Group Ltd
- Camanchaca SA
- Multiexport Foods SA
- P/F Bakkafrost
- Dainichi Corporation
- Nireus SA
- Stoly Sea Farm SA
- Kyokuyo Co., Ltd.
- Tongwei Group Co., Ltd.
- Surapon Foods Public Company Limited
- Thai Union Group PCL
- Maruha Nichiro Corporation