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The aquaculture market is witnessing a radical transferral towards longevity and viability in the global market place. The emerging need for innovative solutions for the food and beverage sector has resulted in the widespread concept of precision farming concepts across the world. Aquaculture is one of the modified arrangements for breeding, rearing, and harvesting the fish, algae, shellfish, and other such organisms in all types of water environments. The aquaculture remains a critical business area to cater to the increased global demand in food sectors and to address the agricultural challenges in the global market place.
The manufacturers, producers, and growers are capitalizing on promoting the growth of aquaculture across the globe to utilize fish, shellfish, seaweed, shrimps, and other seafood. The Food and Agriculture Organisation (FAO) 2016 report states that the global aquaculture production including aquatic plants, was 110.2 million tonnes with an estimated value of US$ 253 billion in 2016, which is further expected to increase in the foreseeable years.
Key Market Driver -
Robust Growth of Marine and Associated Sectors, Growing Demand for Organic Food Products, and Expanding Agricultural Sectors across the Globe
Key Market Restraint -
High Cost of Production and Stringent Government Regulations for Organic Farming
The rising demand for seafood, and yield growth promoters among the growers are one of the significant growth promoters for the aquaculture market. The consumers are inclining their food preferences towards innovative and organic seafood-based food products, which is encouraging manufacturers and producers to expand their aquaculture business in the global market place. The increasing utility of aquatic animals and substances in food services sectors has assured the future expansion of the aquaculture market during the forecast period (2019-2026).
Some of the primary key players that are operating in the global aquaculture market include Nireus SA, Ltd., Tongwei Group Co., P/F Bakkafrost, Stoly Sea Farm SA, Thai Union Group PCL, Dainichi Corporation, MOWI ASA, Nippon Suisan Kaisha Ltd, Austevoll Seafood ASA, SalMar ASA, Cooke Aquaculture, Inc., Norway Royal Salmon ASA, Tassal Group Ltd, Multiexport Foods SA, Camanchaca SA, Kyokuyo Co., Ltd., Surapon Foods Public Company Limited, and Maruha Nichiro Corporation.
Fishes are one of the significant consuming seafood across the world and gaining massive popularity across several application sectors. The growers and animal feed manufacturers also utilize seaweeds for yield growth in the world. Liquid extracts of marine brown seaweed are majorly marketed and used for agricultural and horticultural purposes. The manufacturers are utilising such extracts for bio-agricultural inputs and bio-pesticides in the crop protection sector. The rising dependence on agriculture and the growing demand for organic food products are also driving the market for seaweed extracts across the globe.
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The Asia Pacific is emerging with an immense potential with the increased demand for seafood and aquatic plants. The fish and other aquaculture play a significant role in food, health, and agricultural security of rural, urban, and coastal populations across the region. The rising demand for seafood products and increasing westernization among Asian consumers are leading to a widened scope for the regional aquaculture market. On the other hand, Asia Pacific is an agricultural region and more than 60% of the population depends upon agricultural and associated activities for their source of livelihood. The increasing modernization and industrialization across the region have resulted in the decreased cultivable land; thus the producers and manufacturers are focussing on yield growth promoters to expand their crop production with higher returns on their investments. The agricultural biological manufacturers are utilizing a considerable quantity of seaweed in their product processing, which is further expected to increase the global demand for aquaculture in the forecast period (2019-2026).
By Water Environment
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