The aquaculture products market has experienced significant growth in recent years, projected to expand from $31.81 billion in 2023 to $34.28 billion in 2024 at a CAGR of 7.8%. This growth in the past period is largely driven by rising fish farming demand, advancements in fishing technology, government aquaculture initiatives, increasing seafood consumption, mariculture development, and greater awareness of sustainable practices.
The aquaculture products market is expected to grow to $46.48 billion by 2028, at a CAGR of 7.9%. This growth is attributed to the rise of aquaculture in emerging markets, technological innovations, increased investment in sustainable practices, demand for high-protein diets, offshore aquaculture expansion, and government support for sustainable fishing. Key trends include automation in aquaculture, integrated fish farming, smart sensors adoption, eco-friendly equipment, AI in fish health monitoring, and the growth of recirculating aquaculture systems (RAS).
Major Driver In The Aquaculture Products Market
The growing global demand for seafood is expected to enhance the aquaculture products market, driven by the rising awareness of seafood's health benefits and shifting dietary preferences towards sustainable food sources. For example, the Department of Agriculture, Fisheries, and Forestry reported in December 2023 that Australians consumed approximately 350,000 tonnes of seafood in 2021-2022, averaging 13.8 kilograms per person. As seafood consumption continues to rise globally, the aquaculture products market is poised for substantial growth through 2024 and into 2028.
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Aquaculture Products Market Competitive Landscape
Xylem Water Solution, Merck Animal Health, Marine Harvest, Pentair PLC, Thai Union Group PCL, Lerøy Seafood Group, Cooke Aquaculture Inc., Cermaq Group, Nueva Pescanova, Bakkafrost, AKVA group, Stolt-Nielsen, Huon Aqua, Reef Industries Inc., Pioneer Group, Eastern Fish Company, CPI Equipment Inc., ASAKUA, Blue Ridge Aquaculture Inc., Frea Aquaculture Solutions ApS, Tan International, Aquaculture Systems Technologies LLC, luxsol.ru, Aquafarm Equipment AS
Key Aquaculture Products Market Trend
Companies in the aquaculture products market are increasingly focusing on developing innovative natural mineral products to enhance water quality, improve fish health, and support sustainable farming practices. Natural mineral aquaculture products include mineral-based substances that enhance water conditions, improve aquatic species' health, and promote sustainable farming. For example, Refit Animal Care, an aquaculture company based in India, launched Ziobind – Zeolite in January 2024. This product uses zeolite, a natural mineral that absorbs harmful substances such as ammonia from the water. By maintaining optimal water conditions, Ziobind helps reduce stress on fish and promotes better growth rates.
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Global Aquaculture Products Market Segmentation
The aquaculture products market covered in this report is segmented –
1) By Type: Aquaculture Equipment, Fertilizers, Chemicals, Pharmaceuticals
2) By Production Type: Small Scale, Medium And Large Scale
3) By Culture Environment: Freshwater, Marine Water, Brackish Water
4) By Application: Aquatic Animals, Aquatic Plants
By Geography:The regions covered in the aquaculture products market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the aquaculture products market in 2023, and is expected to be the fastest-growing region in the forecast period.
The Aquaculture Products Global Market Report 2024 furnishes information about the global aquaculture products market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
