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The increasing consumption of seafood and rising consumer spending on fish and fish products such as fish oil and fishmeal is anticipated to drive the global market of aquaculture cage. For instance, according to the National Marine Fisheries Services (NOAA), in 2017, the estimated U.S. per capita consumption of shellfish and fish was 16.0 pounds. This total was an increase of 1.1 pounds from the 14.9 pounds consumed in 2016. Moreover, in 2017, U.S. consumers spent an estimated $102.2 billion for fishery products.
The declining stocks of wild fishes and the possible high production in the cage culture system is playing a major role in increasing the overall production of fish which is expected to increase the demand for aquaculture cage. The prominent players operating in the market are embarking upon the mergers& acquisitions activities, and investment in research and development of innovative cage material to fulfill the increasing demand for sustainable fishing tools.
Aquaculture is considered as a rapidly expanding industry and it offers opportunities even on a small scale. Fishing is the primary source of earning in many emerging countries which is predicted to upsurge the demand for fishing tools such as cage, hooks, and others. Moreover, the use of aquaculture cage is the least impact farming practice with great profits and least carbon release activity. The investment is low and needs very little or no land area, therefore, the use of aquaculture cage is ideal for small scale fisher folks as another income source which is predicted to increase the demand for aquaculture cage. The increasing utilization of high-density polyethylene (HDPE) cages due to the versatility of the material, comparatively low investment capital, and simplicity in the performance is expected to boost the sale of HDPF aquaculture cage. The technological improvements of high-density polythene cages are evolving with the availability of new materials which is predicted to boost the demand for HDPE aquaculture cage. Besides, the rising demand for floating aquaculture cages as they are easy to manage and require a minimal number of laborers is predicted to positively impact market growth.
Key Market Driver -
Increasing Trend of Smart Fish Farming
Key Market Restraint -
Strict Rules and Regulations about Over-fishing
The strict rules and regulations about the over-fishing and use of aquaculture cage due to the decreasing number of many species of aquaculture are predicted to restrain the market growth.
The prominent players operating in the global aquaculture cage market are Selstad AS, AquaMaof, Das & Kumars, Garware Technical Fibres, Hunan Xinhai, Qingdao Qihang Fishing Cage Co., Ltd, AKVA group, Badinotti Group S.p.A, and Others.
The use of aquaculture cage in the freshwater fishing is predicted to hold a significant share in the global market of aquaculture cage. Freshwater cage culture is practiced to a wide extend worldwide, especially as a substitute type of agriculture for limited-resource farmers. Freshwater cage culture also allows growers to utilize existing water resources that may not be used for other purposes. The rising adoption of aquaculture practices in canals, ponds, lakes, and other reservoirs is expected to increase the demand for aquaculture cage. Furthermore, offshore aquaculture is part of marine farming where the aquaculture cages are located further from the coastlines into deeper ocean areas. Offshore aquaculture helps to reduce the risk of accidents with marine traffic, increases the size of farms, and reduces the waste from a cage. The increasing practice of offshore aquaculture worldwide is predicted to increase the use of aquaculture cage in marine water fishing.
The aquaculture cage is extensively utilized for fishing owing to the increasing demand for fish and fish products worldwide. Globally, fish provides around 16.6 percent of animal protein supply and 6.5 percent of all protein for human consumption which is predicted to increase the demand for fish. Moreover, various government policies and subsidiaries to support and improve the fisheries sector is predicted to increase the sale of fishing tools such as cage, net, and many others.
Asia Pacific is anticipated to be a leading region in the global market of agriculture cage. The increasing demand for freshwater fish in countries such as India and China is expected to leverage the sale of fishing tools such as aquaculture cage within the region. Furthermore, the various supportive government policies along with the rising demand for low-cost aquaculture tools are predicted to drive the market in Asia Pacific. For instance, in year 2020-21, the Government of India has allocated approximately USD 74 Million for the continuation of ‘Blue Revolution Scheme’. The main motive of this allocated budget is to support various on-going fisheries development programs including marine fishery, mariculture, and aquaculture.
North America is anticipated to witness significant growth in the global agriculture cage market due to the increasing aquaculture industry. The tremendously growing aquaculture industry along with the increasing demand for fish and fish products within the region is predicted to positively impact the sale of fishing tools such as aquaculture cage. Moreover, in countries such as the United States and Canada, there is strong government and institutional support for the expansion of the aquaculture industry. For instance, the Department of Commerce announced a new aquaculture policy for the development of a sustainable aquaculture industry. The major purpose of this policy is to upsurges the production of aquaculture from the current USD 900 million to USD 5 billion by the year 2025.
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