“The aquaculture products market is projected to grow at a CAGR of 7.2% in terms of value between 2018 and 2023.”
The aquaculture products market is projected to grow at a CAGR of 7.2% from 2018, to reach USD 42.56 billion by 2023 from USD 30.10 billion in 2018. Aquaculture products are equipment and raw materials that act as inputs for rearing and farming of aquatic animals and plants. These products enhance regular stocking and feeding of aquatic animals and plants and offer protection from predators. Some of the equipment and supplies considered in this study include containment equipment, water management equipment, chemicals, pharmaceuticals, and fertilizers.
The demand for the aquaculture products industry is projected to be on the rise, owing to factors such as decline in the amount of captured fish, increasing population, and rise in consumption due to the nutritional value of fish.
“The pharmaceuticals segment in the aquaculture products market is projected to grow at the highest rate through the forecast period.”
A wide range of antibiotics, anti-microbial, including antibacterials (antibiotics), hormonal vaccines, anesthetics, pigments, minerals, and vitamins are used to avoid or control diseases in aquaculture. The increasing R&D in the pharmaceuticals segment has facilitated higher acceptance of drugs, medicated feed, and vaccines into the regional markets, specifically in developed countries such as the US and Canada. The global market for pharmaceutical usage in aquaculture is also witnessing some key trends. For instance, in the US, the usage of extra-label drugs is permitted in aquaculture under the guidance and supervision of a licensed veterinarian. There has been a growing adoption of in-feed medication for fish to prevent the large-scale spread of diseases. The main aim here is to medicate healthy fish and prevent any kind of contact with infected fish. The demand for medicated aquafeed is increasing in organized fish farms across Europe, given the limited use of antibiotics across the region.
“The Asia Pacific market is projected to dominate the aquatic animals segment in the aquaculture products market during the review period.”
The aquatic animals segment in the aquaculture products market, by species, is segmented into crustaceans, mollusks, finfish, and others. As per the FAO, Asia was the largest producer of aquatic animals in the world with a volume of 71.5 billion tonnes (about 89.4% of the world) in 2017. According to the same source, Asia has the largest inland and marine culture cultivation of aquatic plants, with freshwater culture acquiring more than 50% and marine water acquiring more than 30% of the total aquatic animal cultivation globally. Such factors have prompted several aquaculture product manufacturers to invest in the region, thus increasing the industrialization of aquaculture. These factors are driving the market growth in Asia Pacific for aquatic animal production.
Break-up of primaries:
- By Company Type: Tier 1–35 %, Tier 2–25%, Tier 3–40%
- By Designation: C level–25%, Director level–30%, Others–45%
- By Region: Asia Pacific–38%, North America–25%, Europe–23%, South America-11%, and RoW–4%
The market for aquaculture products is dominated by key players such as Pentair plc, (US), AKVA Group (Norway), Xylem Inc. (US), Aquaculture Equipment Ltd. (UK), Aquaculture System Technologies (US), Luxsol (Belgium), Pioneer Group (Taiwan), CPI Equipment Inc. (US), Asakua (Turkey), FREA Aquaculture Solutions (Denmark), Lifegard Aquatics (US), Tan International Ltd. (UK), Reef Industries Inc. (US), Aquafarm Equipment AS (Norway), and Aquaculture of Texas, Inc. (US).
The global aquaculture products market has been segmented based on rearing product type, culture, species, production type, and region. In terms of insights, this research report has focused on various levels of analyses?industry analysis, market ranking analysis of top players, and company profiles?which together comprise and discuss the basic views on the competitive landscape, emerging & high-growth segments of the aquaculture products market, high-growth regions, countries, and their respective regulatory policies, government initiatives, drivers, restraints, opportunities, and challenges.
Reasons To Buy this report:
To get a comprehensive overview of the aquaculture products market with specific reference to equipment (water pumps and filters, containment equipment, water circulating and aerating equipment, cleaning equipment, feeders, and others), chemicals, fertilizers, pharmaceuticals, freshwater, marine, brackish water, aquatic animals and plants, and small-scale, medium- & large-scale production
- To gain a wide range of information about the top players in this industry, their product portfolios and the key strategies adopted by them.
- To gain insights into the major regions/countries in which the aquaculture products industry is flourishing