DUBLIN, March 29, 2023 /PRNewswire/ -- The "Aquaculture Products Market by Rearing Product Type (Equipment, Chemicals, Pharmaceuticals, Fertilizers), Culture (Freshwater, Marine, Brackish Water), Species (Aquatic Animals, Aquatic Plants), Production Type and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global aquaculture products market is estimated to be valued at USD 39.7 Billion in 2022. It is projected to reach USD 56.2 Billion by 2027, recording a CAGR of 7.2% during the forecast period.
Asia Pacific is projected to witness the growth of 7.5% during the forecast period making it the fastest-growing market.
The aquaculture products market in Asia Pacific is growing at a CAGR of 7.5%. The Asia Pacific region consists of a rising population, some of the world's fastest-growing economies, and a growing preference for seafoods, which is expected to thrive the aquaculture products market in the region.
Moreover, major players are expanding their sales presence and manufacturing plants in the region, pumping the aquaculture products market's ecosystem in the fastest growing region.
The freshwater segment by culture dominates the aquaculture products market.
The freshwater aquaculture market has experienced significant growth in recent years, and this trend is expected to continue in the coming years. The increasing demand for freshwater fish, driven by population growth, urbanization, and rising incomes, is a major driver of this growth.
In addition, advances in aquaculture technology and production methods have made it easier and more cost-effective to cultivate freshwater fish, which has further fueled the growth of the market. Some of the most popular species of freshwater fish cultivated for commercial purposes include tilapia, catfish, trout, and carp.
The market for these species has grown rapidly in recent years, especially in Asia and North America. Despite the challenges that freshwater aquaculture faces, such as environmental concerns and disease outbreaks, the market is expected to continue its growth trajectory, driven by increasing demand for sustainable sources of protein.
Product pricing is a crucial factor in capturing and targeting consumers. To target consumers in developing markets, where per capita income is still rising, and overall awareness and regulatory stringency are low, inorganic aquaculture products-based food and feed items can be sold easily. Thus, price is an important factor that is considered an advantage to the sales of aquaculture products, driving the market.
Rise in trend of smart fish farming is creating opportunities in the aquaculture products market.
Smart fish farming is an emerging concept in aquaculture that involves the use of technology to optimize the production of fish and improve the efficiency of farming operations.
This includes the use of sensors and data analytics to monitor water quality, feed consumption, and fish behavior, as well as the use of automated systems for feeding, harvesting, and processing fish. Smart fish farming can help farmers to reduce costs, improve productivity, and enhance the sustainability of their operations by reducing the environmental impact of aquaculture.
For example, by monitoring water quality in real-time, farmers can adjust feeding rates and water circulation to maintain optimal conditions for fish growth and health, which can reduce the risk of disease outbreaks and improve the efficiency of feed utilization. As technology continues to evolve, the potential benefits of smart fish farming are likely to grow, and it is expected to play an increasingly important role in meeting the growing demand for seafood in a sustainable way.
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