Visiongain has published a new report on Aquaculture Market Report to 2031: Forecasts by Product Type (Equipment (Feeders, Water Pumps and Filters, Water Circulating and Aerating Equipment, Containment Equipment, Cleaning Equipment, Others) Chemicals, Pharmaceuticals, Fertilizers), By Species (Aquatic Animals (Crustaceans, Finfishes, Mollusks, Trout, Mackerels, Salmon, Others), Aquatic Plants (Seaweeds, Microalgae and Other Aquatic Plants)), By Culture (Fresh Water, Brackish Water, Marine Water) PLUS Profiles of Leading Aquaculture Manufacturing Companies and Regional and Leading National Market Analysis, PLUS COVID-19 Recovery Scenarios.

Global Aquaculture market was valued at US$ XX billion in 2020 and is projected to reach a market value of US$ xx billion by 2031. Increasing global demand for protein rich food supply and increasing trade related to sea food is accelerating the demand for aquaculture market.

COVID-19 Impact on Aquaculture Market

Highly contagious characteristics of thee coronavirus has led most of the countries to initiate lockdown and social distancing norms. Most of the countries such as Malaysia, China, Myanmar, and Vietnam are highly dependent on fishes for their protein requirements in diets and the emergence of pandemic has severely impacted the supply and demand for seafood industries. U.S. and Europe shut down the restaurants and food services sales in March and April, which shrunk the purchase and imports of frozen tilapia and related products. The sales from China to the U.S. of the frozen tilapia declined by 30% to 40%. Additionally, most of the farmers have not started the new production cycles of due of COVID-19, which will increase the prices of these products. Moreover, measures are being undertaken to help boost the aquaculture industry after the pandemic. For instance, in October 2020, the US Department of Agriculture is pushing the producers to sign the ‘Coronavirus Food Assistance Programme (CFAP-2)’. The program aims to help producers compensate the disruptions caused due to the pandemic. The pandemic also gave the aquaculture companies time to innovate and invest in research and development of new technologies.

Market Drivers

Excellent growth witnessed by the aquaculture industry

The global production of fishes stood at 179 million tonnes in 2018 and the world’s appetite for fish is further growing exponentially, with major growth from the aquaculture segment. Global aquaculture production has witnessed a growth rate of 527% during the period 1990 to 2018. The global aquaculture production was all time high in 2018, with 114.5 million tonnes of production, with Asia contributing approximately 89% of the overall production. Moreover, aquaculture employed approximately 5, 95,09,000 people globally in 2018. Additionally, initiatives are being undertaken across the globe to boost the aquaculture industry, which is accentuating the overall demand. Seafood MAP / PAM is an initiative undertaken by IDH along with local and international producers, processors, traders and investors to develop and provide sustainability solutions for the aquaculture industry globally. The aquaculture industry is considered for being professionalized in most of the countries, thereby accentuating aquaculture market.

Developments in the aquaculture equipment to improve the productivity and efficiency

Companies in the aquaculture market are developing new products and technologies for efficient and productive aquaculture operations. Some of the key developments are listed below:
• In March 2020, MAT Filtration Technologies introduced the MAT PS 3000 protein skimmers / foam fractionators for recirculating aquaculture
• In November 2019, MAT launched fresh water aquaculture RAS filtration equipment to help the salmon farmers safely infuse ozone into the water column while providing optimum protein removal from the in fresh water
• In October 2016, VARD acquired Storvik Aqua AS, aquaculture feeding equipment, measurement and control solutions provider. This helped the companies to expand their business while improving and innovating their existing product portfolio.

Market Opportunities

Increasing initiatives for sustainable aquaculture practices

Sustainable aquaculture is the production of aquatic animals for commercial purposes by using methods that has positive environmental impact and contributes in the development of social community and also generates profits. The rapid advancement in the aquaculture industry has raised concerns over ‘Blue Revolution’ and thus several practices are being undertaken to sustainably develop aquaculture industry. In August 2020, the University of California – Santa Barbara, USA developed strategy for sustainable aquaculture and reduction of strain on the global food supplies. In August 2020, the Centre for the Environment and Fisheries and Aquaculture Science (Cefas) and University of Exeter jointly published paper that lays out blueprint for the sustainable aquaculture policies. Additionally, in May 2020, the Government of India launched the ‘Pradhan Mantri Matsya Sampada Yojana (PMMSY)’ with the investment of Rs. 200050 crore for sustainable and responsible development of the fisheries sector. In December 2018, the Government of Canada in partnership with various stakeholders across the aquaculture industry to ensure the economic viability and environmentally sustainable management of aquaculture. Initiatives like these will further proliferate the aquaculture market.

Technological advancement in the field of aquaculture

With the growth in the aquaculture industry research and development is being carried out for technological advancement and use of technologies such as artificial intelligence and block chain among others in improving the aquaculture. Drone technology is being used to monitor offshore fish farms and collect information that is further used for create algorithms and develop advanced technologies for application in aquaculture market. In August 2020, Aquaconnect, an aquaculture company developed Artificial Intelligence based technology for real-time culture analysis and monitoring of the farm operations. The company is funded by HatchFund, Norway and agritech venture capital, Omnivore and works with fish and shrimp aquaculture farms to improve their productivity and market linkage using AI and satellite remote sensing. Investments in various such technologies is expected to promote the growth of aquaculture market during the forecast period.

Competitive Landscape

Some of the companies profiled in the report include PentairAES, AquaBounty Technologies, Inc., Xylem, Aquaculture Systems Technologies, LLC., CPI Equipment Inc., Luxsol and Aquaculture Equipment Ltd. among others. These companies adopt strategies such as joint ventures, partnerships, geographic expansion and new product development to strengthen their position in the market. In August 2019, Gael Force Group signed a deal with Organic Sea Harvest, a Scotland based salmon farmer for supply partnership for two of its new site installations in 2020.

Notes for Editors
If you are interested in a more detailed overview of this report, please send an e-mail to sara.peerun@visiongain.com or call her on +44 (0) 20 7549 9987.

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