The global aquaculture products market is projected to be worth USD 56.2 Billion by 2027, growing at compound annual growth rate (CAGR) 7.2 per cent during the forecast period.
According to this year’s Aquaculture Products Market study by MarketsandMarkets, the global revenue impact company, the growth of the aquaculture products market is attributed to the rise in protein consumption and overall consumer health consciousness.
“In recent times, lifestyle-related ailments have been acknowledged as a significant concern by most countries. Consequently, there has been a surge in consumer awareness regarding healthy food options, leading to a rise in demand for seafood and its derivatives,” says the study in part.
Aquaculture products are the necessary inputs for rearing and farming aquatic animals and plants, including equipment and raw materials. These products improve production by facilitating regular stocking, feeding, and protection from predators.
In considering a range of supplies such as containment equipment, water management equipment, chemicals, and fertilizers, the study also indicated that overfishing and environmental degradation are expected to restrain market growth to a certain extent.
Nonetheless, expansions and other business developments would offer lucrative opportunities for market players in the coming years, notes the study.
During the forecast period, aquaculture products market is expected to be dominated by equipment, classified by product type with small-scale farms anticipated to continue to hold their leading position in the aquaculture products market.
Freshwater is also expected to be the leading segment in the aquaculture products market.
Key drivers impacting growth
According to the study, some of the various factors expected to spur sector growth during the review period include population growth, increase in health consciousness and environmental awareness and technological advancements in aquaculture products.
With the world’s population consistently increasing, the demand for fish is also on the rise, a trend expected to continue as urbanization expands, says the study.
Additionally, due to the unsustainable nature of meat and poultry, and the health risks associated with the consumption of red meat, consumers are increasingly turning to fish as a healthier and sustainable alternative.
The Asia Pacific region is expected to experience the highest growth in seafood and seaweed-based plant protein.
Sector technology advancement
The global aquaculture products market has undergone significant advancements due to innovations in aquaculture technology and the introduction of new species.
The study indicates that these advancements have affected various aspects of the market positively towards meeting the growing demand for the latest and energy-efficient equipment.
The introduction of new species, for instance, has provided valuable scientific and commercial information that supports the development of new technologies and supporting products.
Automation is another, playing a crucial role in sector development given it has been prioritized by industry players in their production processes to improve energy efficiency and sustainability.
According to the study, by embracing technology, producers can more effectively address the challenges such as shortage of skilled labor, climate change, and changing eating habits.
Internet of Things (IoT)
In leveraging the advantages of the Internet of Things (IoT) and smart manufacturing, the industry can optimize their processes by utilising analytics from smart machines that provide valuable insights on efficiency and safety levels.
The MarketsandMarkets study also suggests that integration of sensors enables better communication between smart pumps and valves.
The Smart pumps contribute to reducing energy waste, resulting in significant cost savings for companies over time.
Introduction of an oral vaccine delivery system can also reduce the laborious and stressful process of administering vaccines to fish through hand injections.
In this, micro-encapsulation or bio-encapsulation oral vaccine delivery system where medicines are delivered in tiny particles or within living host organisms, offers new possibilities for better delivery methods.
Restraints and challenges
The study also indicates that resource exploitation due to overfishing and increase in consumer appetite for vegan diets are some of the current pressing challenges the sector is experiencing.
The problem of overfishing, for example, has been rapidly deteriorating over the last six decades, especially in tropical oceans, as the mass of captured fish has increased fourfold, says the report.
In 2020 alone, people consumed around 178 million tons of fish, which means an average of 20.2 kg (44.5 pounds) per person, with an additional 22 million tons used for fishmeal and fish oil products.
The Indo-Pacific region accounted for approximately 70% of the total fish caught.
People noticing the benefits of vegetarian or vegan diet is also on the rise climate change and animal welfare. They are increasingly choosing eco-friendlier options, a factor that poses a long-term challenge to the seafood industry.
The Good Food Institute reports that plant-based food sales grew three times faster than overall food sales in 2021.
