Aquaculture, also called as aqua-farming is the cultivation of fishes, crustaceans, mollusks, and other aquatic organisms under controlled conditions. It involves breeding, rearing, and harvesting of different fish species in different types of water atmospheres. Aqua-farming is contributory in regenerating & restoring rare fish species and creating healthier marine habitats.
The most common form of aquaculture is fish farming. Fishes are raised in ponds, tanks, and ocean enclosures and are mainly used for food consumption. Salmon, tuna, big eye, carp, tilapia, cod, and catfish are often raised by fish farms.
COVID-19 Impact on the Global Industry
The global aquaculture market is projected to witness a downfall in the growth rate due to the COVID-19 pandemic. The supply chains and international trade are limited in the pandemic due to closures & restrictions by global industry. As the aqua products consumption & sales mainly depend on supply chains & international trade, the global market is estimated to get affected in a negative way.
However, the key players of the global industry are implementing various business growth tactics to increase their market share in the COVID-19 pandemic. For instance, in March 2020, a Norwegian seafood company, Mowi collaborated with Google parent company, Alphabet’s Tidal to develop efficient underwater technologies for monitoring real-time growth of salmon in their aqua farms. The advanced software analysis platform is developed by Tidal with a focus on ocean health and sustainability. The underwater sensing technology gathers real-time intelligence on salmon growth, feeding control, weight distribution, and performs sea lice counting automatically.
Key Developments in the Global Market
The major industry players are implementing several growth strategies such as technological advancements, mergers & acquisitions, and novel product launches to obtain a strong position in the overall market, which is ultimately supporting the aquaculture market to grow at a significant pace.
For instance, in November 2016, Pentair Aquatic Ecosystems completed the acquisition of Vaki Aquaculture Systems Limited in order to enhance its product portfolio by broadening its range of aquaculture systems, products, and services in the growing market space.
In May 2018, AKVA Group launched a feed conveyor concept namely, ‘Flexible Feeding,’ which allow the farmers to send feed from any feed silo to any cage without any manual efforts. The aquaculture system makes it easier to use various feed sizes and types, and enables easy expansion of current feed systems with more feed lines.
In November 2018, a salmon farming company, Pure Salmon announced to launch re-circulating aquaculture system (RAS) facility in Japan with an aim to release the environmental impact on oceans across the globe caused by the antibiotics and chemicals.
Forecast Analysis of Aquaculture Market
Global aquaculture market is anticipated to observe a strong growth over the forecast period due to continuously surging productivity of numerous commercial species such as salmon, trout, and carps through intensification techniques. The continuous technological advancements in the aquatic animals farming is predicted to play a vital role in creating massive growth opportunities in the global market. However, strict government regulations regarding fish catching is a major factor expected to hinder the market growth in the near future.
A surge in the consumption of fish across the globe owing to the benefits it provides is a major factor estimated to boost the growth of the global aquaculture market by 2027. Research Dive in its published report anticipates that the aquaculture market will grow at a CAGR of 3.9% during the forecast period. The Asia Pacific region is projected to dominate the global aquaculture market throughout the forecast period owing to the presence of advanced aqua farming techniques and the existence of highest fish consumption countries in the region. The key players functioning in the global industry include P/F Bakkafrost, Mowi, NISSUI, Stolt-Nielsen, Maruha Nichiro Corporation, Leroy, SELONDA SA, Thai Union Group PCL, TASSAL GROUP, and Cargill, Inc.