The new aquaculture market research from Technavio indicates Negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Aquaculture Market 2020-2024 (Graphic: Business Wire)
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"One of the primary growth drivers for this market is the Growing Awareness About Nutrition of Aquaculture Products," says a senior analyst for Industrials at Technavio.
The growing awareness about the nutrition content of aquaculture products is one of the key factors fueling the market growth. With the increasing deficiency of micronutrients, individuals, especially women and children, have the need to add nutrient-dense foods to their daily diet. The consumption of aquaculture products that are rich in nutrients prevents and alleviates a plethora of diseases while playing a key role in brain development and reproduction. Such advantages will drive the demand for aquaculture products such as shrimps and salmon, fueling aquaculture market growth.
As the markets recover Technavio expects the aquaculture market size to grow by USD 48.88 billion during the period 2020-2024.
Aquaculture Market Segment Highlights for 2020
The aquaculture market is expected to post a year-over-year growth rate of 5.31%.
Conservation efforts of freshwater fish species in their natural habitats are driving aquaculture market growth by the freshwater fish segment.
The aquaculture market share growth by the freshwater fish market will be slower than the growth of the market by the crustacean market and the others segment.
70% of the growth will originate from the APAC region.
APAC was the largest aquaculture market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period.
Economic labor and strong government support and the development of viable commercial farming practices will significantly drive the aquaculture market growth in this region over the forecast period.
China and India are the key markets for aquaculture in APAC. Market growth in this region will be slower than the growth of the market in North America, Europe, and South America.
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The aquaculture market size is expected to accelerate at a CAGR of almost 5% during the forecast period.
The aquaculture market is segmented product (freshwater fish market, crustacean market, mollusks market, diadromous fish market, and others), environment (freshwater aquaculture market, marine water aquaculture market, and brackish water aquaculture market), culture (net pen culture market, floating-cage culture market, pond culture market, rice-field culture market), and geography (APAC, Europe, MEA, North America, and South America).
The market is fragmented due to the presence of many established vendors holding significant market share.
The research report offers information on several market vendors, including Blue Ridge Aquaculture Inc., Cooke Aquaculture Inc., Eastern Fish Co., Huon Aquaculture Group Ltd., Mitsubishi Corp., Mowi ASA, NIREUS AQUACULTURE SA, Norway Royal Salmon ASA, Stolt-Nielsen Ltd., and Tassal Group Ltd.
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