Global Aquaculture market to reach $42.16 Billion in 2025

The Global Aquaculture Market is valued at US$ 32.27 Billion in 2019 and is poised to grow at a CAGR of 6.9% in the forecast period (2019 – 2025) to reach a market size of US$ 42.16 Billion in 2025 primarily driven by factors such as Rising Awareness among populace, Advances of technology, Changing eating habits and Favourable Government Policies.

Definition / Scope
Market Overview
Market Risks
Top Market Opportunities
Market Trends
Industry Challenges
Technology Trends
Pricing Trends
Regulatory Trends
Other Key Market Trends
Market Size and Forecast
Market Outlook
Distribution Chain Analysis
Technology Roadmap
Competitive Landscape
Competitive Factors
Key Market Players
Strategic Conclusion
References

Definition / Scope

Aquaculture is the process of farming aquatic organisms, such as fish, mollusks, crustaceans, and other types of aquatic flora and fauna.

In order to increase production, farming involves specific interventions in the rearing process such as feeding, regular stocking, predator protection etc.

Depending on the requirements of the product; natural, marine and brackish water environments are some of the choices available used for aquaculture.

There are different kinds of aqua culture including fish farming, oyster farming, seaweed farming and shrimp farming.

The most common form of aquaculture is the fish farming. Fish are grown in tanks, ponds, and enclosures in the oceans, and are used mainly for food. Salmon, big eye, tuna, carp, catfish, cod and tilapia are often raised by fish farms.

Since its emergence in the 1970s, shrimp farming has exploded. Now it’s a global industry where almost all farmed shrimps are either white Pacific shrimps or tiger prawns.

The bulk of farmed shrimps are produced in Asian countries like Thailand and China. Prawn agriculture is similar to the shrimp farming. The principal species is the giant prawn on the river. It is a business which aims at raising and producing prawns for human consumption.

Seaweed farming is marine weed harvesting. Seaweed is frequently used in medicine , food and fertilizers.

Market Overview

The equipment segment is projected to account for the largest market share

Due to their high demand in marine culture, the Equipment segment is estimated to dominate the aquaculture market in 2018. Sea ranching, intensive aquaculture, and rack & line farming are among the various marine aquaculture methods.

Additionally, developments in feed systems are also increasing to meet the increasing demand for nutrient inclusion at an optimal level in aquatic animal diets. These equipments are vital to aquatic plant and animal production.

With the increasing demand for seafood and declining catch volume of fish, demand for such equipment is expected to increase.

By production, the small-scale segment is projected to grow at a higher rate

Small-scale farming is being adopted by developing regions such as Asia Pacific, South America, and Africa, due to the increasing demand for aqua-products for their protein-rich content.

In addition, these countries’ governments are taking various measures to help aqua-farming in those areas, as it is one of the major sources of employment.

The marine culture in the aquaculture market is projected to be the fastest growing segment

During the forecast period, the marine cultivation segment is projected to be the fastest-growing segment on the market due to the rising demand for seafood products and decreasing catch in ocean fishing landings.

The breeding of marine fish by ocean cages has stimulated the creation of new and creative cages to raise them in near-shore and offshore environments.

Additionally, technological advances such as water recirculation systems, along with the global rise in food demand, provide promising growth opportunities for the marine aquaculture system.

The Asia Pacific region is projected to account for the largest share in the aquaculture market

Asia Pacific held the largest market share. This is attributed to an increase in demand for advanced and latest aquaculture products which help to produce more quality production with available land for aqua-farming and enhance the efficiency of aquaculture activities.

Furthermore, aquaculture sectors are export-oriented in countries such as China , India , Vietnam, Indonesia and Thailand; the aquaculture sector is of paramount importance in these countries, as players here focus on technology adoption and automation which is expected to have a positive impact on the market in this region.

Market Risks

Porter’s five forces is used for analyzing the market risks in the Global Aquaculture Market and the inference of the analysis is as below

Threat of Substitutes

For input supply, the threat of substitutes comes from inputs that are used for the capture fisheries and traditional agriculture that can also be used in aquaculture.

The threat is high for the input supply sector because the industry is traditionally tied to the agricultural and fishery sectors. Therefore, many fishery and agricultural supply firms act as substitute suppliers.

Fingerlings that are caught from natural water bodies and fingerlings from government and private fish hatcheries are substitute products to the fish farming / input supply sector.

However, fish farmers who perform their own breeding and hatchery activities (fish farming/ input supply) face low threats of substitutes because there are only a few accredited fish hatcheries.

The main substitute to fish farming is capture fisheries. Other protein sources, such as chicken and beef, may also be substitutes for fish. The threat of substitute products is currently high for fish farming.

However, as wild capture supply declines so does the threat. The declining threat of substitutes for fish farming could entice new entrants to join the sector

Threat of established rivals

The threat of established rivals is high for the input supply sector. Aquaculture equipment is mostly sourced from established firms that provide the same harvest and fishing equipment to commercial fishermen, and provide irrigation and greenhouse equipment to horticulturists.

Government and private fish hatcheries constitute established rivals to the fish farming / input supply sector.

The threat of established rivals is generally medium for the fish farming / input supply sector but high for those fish farmer / input suppliers in close proximity to large scale fish hatcheries.

The threat to fish farming is high because established farmers have higher efficiencies in production, operate on larger scales of production, and have established markets. The input supply and fish farming sectors particularly require substantial investments in equipment and technological skills to achieve the efficiency.

For fish marketing, the threat is also high because of the relationship based nature of contract marketing. Traders that have been operating for longer periods have established stronger ties with suppliers and consumers.

Threat of new entrants

There is a high threat of new entrants but there are opportunities for existing agricultural shops to diversify into the supply of aquaculture products. There are many new entrants to the fish production sector.

The threat is medium to the fish marketing sector because of low entry and exit barriers.

There are high procurement costs due to declining quantities from the wild capture fisheries, and quality issues of farmed fish, which appears to scare off many potential new entrants.

Bargaining power of suppliers

The bargaining power of suppliers for input supply and fish farming / input supply is high because good quality inputs are sourced internationally and prices are determined on the global market. There is, therefore, no price negotiation.

However, the bargaining power of suppliers is high for fish farming because input suppliers and fish farmer/input suppliers supply raw materials to fish farmers and these are established sectors and often have some control on the prices they charge to the fish farming sector.

Fish marketing usually includes traders of wild caught as well as farmed fish. However, farmed fish constitutes a small portion of fish products on the market; the majority is wild caught fish.

Because farmed fish quantities are limited in markets, the main input suppliers for fish marketing are large-scale wholesalers and middle men that bring the fish from the lake and farms.

Suppliers appear to be in better negotiating positions with their customers due to the absence of formal contracts to the fish marketing sector. The high procurement costs that fish suppliers incur are passed on to fish marketers, which negates some of the positive effects of the low entry and exit barriers.

Bargaining power of customers

The bargaining power of customers of fish marketing and fish farming is dependent on the size of the market and the location. The customers of fish farmers typically live in the same community as the farmers.

Small portions of farmed fish make it to formal markets, to other small-scale fish processors, restaurants, hotels and institutions, or final consumers.

Customers of fish farmers in large market areas and provinces where wild capture fish is readily available have more bargaining power than those in small rural areas.

Due to the absence of formal promotion and the fact that fish is a homogenous product, customers have freedom to demand and negotiate for lower prices. In this way, customers are considered to have high bargaining power in the fish marketing sector and medium power in the fish farming sector.

Top Market Opportunities

Organic Aquaculture

Organic Aquaculture is the farming of marine species in line with organic principles. It aims is to establish sustainable marine environments with consideration for naturally occurring ecosystems, use of pesticides and treatment of aquatic life.

The demand for organic shrimp, organic salmon and organic trout is witnessing significant growth. Export-oriented fish production can tap into this segment to meet the ever-growing demand from health-conscious consumers.

Rice-fish culture

Rice-fish culture has been considered as the key growing opportunity of this market. This technique is considered a good way to cumulatively develop rice and fish because fish get a safe living environment in dense rice plants. Fish, in turn, protect the rice from insects and disperse oxygen throughout the plant.

While Rice is being cultivated as the primary crop and Fish production as the secondary crop, this helps in improving the soil fertility minimizing the use of pesticides, etc. while adding an extra source of income.

Market Trends

Growing awareness that seafood is a heart-healthy-form of protein

It is recognized that aquaculture provides food rich in proteins, and is more effective than the production of any other crop. Fishes have the enhanced capacity to turn nitrogen from aquafeed into tissue protein, making it a more efficient source of protein than beef or chicken.

Seafood accounts for almost 16 percent of all animal protein consumption worldwide, and this ratio is expected to increase along with consumers increasing demand for seafood with a high nutritional value.

Advances in technology

Aquaculture R&D is continuously leading to improvements in the aquaculture production system, resulting in improved productivity in processing, higher consumer product quality and more sustainable industry.

Recent advances such as genetic improvement in finfish, control of fish reproduction, chromosome modification in shellfish and control of parasitic diseases in fish are boosting the global aquaculture industry. Advances in offshore and open ocean aquaculture technology are also expected to supplement the growth.

Changing eating habits

Changing eating habits, increasing consumer awareness of the health benefits of aquatic animals and organism consumption are factors which boost target market growth.

In the recent past, there has been a steady increase in the worldwide consumption rate of seafood due to increased awareness of health benefits and nutritional value associated with seafood.

Favorable Government policies

Government initiative and favourable policies play an important role in creating an appropriate environment for aquaculture entities. This further provides the key players operating in the aquaculture market with a lucrative opportunity.

For Instance, The Government of India has developed the Central Funded Scheme ‘Creation of Inland Fisheries and Aquaculture’ to establish room for the production of fisheries for ricers & canals, ponds & reservoirs, lakes and other water bodies to support food security. It also provides employment opportunities and creates a socio-economic status for fishermen and other entities present in the field.

Oman’s Ministry of Agriculture and Fisheries has been making large-scale investments valued at USD 1.0 billion across 15,000 hectares of land for the development of the aquaculture sector. The country is expected to produce 200,000.0 metric ton of fish between 2030 and 2040.

Moreover, the Saudi Ministry plays a key role in expanding the aquaculture sector only to meet domestic demand, but also to produce surplus fish for exports. In 2017, the total fish production in Saudi Arabia reached 60,000.0 metric ton with an aim to surpass 100,000.0 metric ton in 2020 and 600,000.0 metric ton in 2030.

Therefore, the supportive government policies towards the objective of expanding the aquaculture industry, are further expected to drive the market, during the forecast period.

Impact of climate change

The effect of climate change, such as rising sea level and temperature, changes in monsoon weather patterns, and extreme climatic events, is disrupting the ecological balance of water bodies around the world.

Global warming and its eventual rise have a detrimental effect on aquaculture in temperate areas, as such an increase may surpass the optimum temperature range of currently grown species.

These impacts can affect the cycles of reproduction of various fish species. This adverse condition is expected to curb growth in the market.

Water Pollution

The effluent from intensive fish production systems contains high levels of nutrients that are normally discharged to the environment, contributing to pollution.

Solid wastes, chemicals, and therapeutics from aquaculture activities can cause the changes of nutrients and organic matters, such as ammonia and nitrite that will influence the salinity and electrical conductivity of water. High concentration of nitrate in river water is potentially harmful to human and animal health.

Aquaculture is the main contributor of ecosystem pollution due to the discharging of aquaculture waste into the receiving water. The high concentration of nutrients in a fish pond farm is due to the accumulation of feed residue and fish excreta.

This leads to increased environmental degradation and biodiversity loss and hence affects the uptake of aquaculture.

Overfishing

Overfishing occurs when more fish are caught than the population can replace through natural reproduction. More than 30% of the Global Fisheries have been pushed beyond their biological limits and are in need of strict management plans to restore them.

Several important commercial fish populations (such as Atlantic bluefish tuna) have declined to the point where their survival as a species is threatened. Target fishing of top predators, such as, groupers, is affecting marine communities.

Industry Challenges

Disease Management

Intensively cultivated fish and shellfish are naturally suspectable to bacterial, fungal and parasitic infections, particularly at times of stress. Diseases pose a major threat to Aquaculture. A loss to the tune of 10-15% of production cost may be incurred due to the diseases.

The major disease problems that occurs in aquaculture ponds are parasitic, fungal, and bacterial in origin.

Important disease problems that are generally encountered are argulosis, lerneasis, protozoan diseases caused by Trichodina, Costia, Ichthyobodo, Myxosporidean diseases, gill flukes such as saprolegeniasis, branchiomycosis, Epizootic ulcerative syndrome, bacterial diseases such as aeromoniasis (fin and tail rot) / red disease, edwardsiellosis and columnaris.

Besides these algae blooms is a major problem that depletes the dissolved oxygen in the pond.

Though the prevalence of diseases affects the quality of the catch which is a challenge for the segment, the urge to identify the medicine for the disease is a major challenge affecting the Aquaculture industry as a whole.

Illegal, unreported and unregulated fishing

Illegal, unreported and unregulated (IUU) fishing remains one of the major threats to marine ecosystems due to its potential ability to undermine national and regional efforts to manage fisheries sustainability as well as endeavors to conserve marine biodiversity.

IUU fishing takes advantage of corrupt administrators and exploit weak management regimes, in particular those of developing countries lacking the capacity and resources for effective control, monitoring and surveillance (CMS).

iUU fishing is found in all types and dimensions of fisheries. It occurs both on the high seas and in areas within national jurisdiction, it concerns all aspects and stages of the capture and utilization of fish, and it may sometimes be associated with organized crime.

Fisheries resources available to bona fide fishers are removed by IUU fishing, which can lead to the collapse of local fisheries, with small-scale fisheries in developing countries proving particularly vulnerable. Products derived from IUU fishing can find their way into overseas trade markets thus throttling local food supply.

Technology Trends

There are several technologies evolving for the aid of Aquaculture some of which are

Pen and Cage Culture

Pen and Cage Culture involves the rearing the fish in fixed or floating net enclosures supported by frameworks made of bamboo, wood or metal and set in sheltered, shallow portions of lakes, bays, rivers and estuaries.

The wider popularity of cage culture as compared to pen culture may be due its greater flexibility in terms of siting the structures.

For example, cages may be installed in bays, lagoons, straits and open coasts as long as they are protected from strong monsoonal winds and rough seas.

Floating cages may also be set up in deep lakes and reservoirs, and in rivers and canal systems, and even in deep mining pools which could not be used otherwise for culture due to harvesting difficulties.

Yields from pen and cage culture are generally high, with or without supplemental feeding depending on the natural productivity of the water body.

In the Philippines, for example, the yields of milkfish from fish pens in Laguna de Bay were as high as 4 t/ha/crop (compared to a national milkfish pond average of 1 t/ha/y).

Big Data technologies for monitoring of fisheries

With mounting data heaps created on Fisheries monitoring, Control and Surveillance, Big Data can help in sorting out data from new technological tools.

Big Data serves as an alternative to database software and request tools. Today data is created and processed on the cloud and displayed in near real-time on mobile devices.

Big Data comprises customer transaction records, production databases, web traffic logs, automation, satellites, sensors and IoT. Big Data can help in sorting the information especially in case of vessel traffic intensity.

For example, new web-based technology platform e.g. Global Fishing watch was launched by Oceana, Skytruth, Google in 2015 combining data from AIS sources (terrestrial and satellite) with powerful algorithms to isolate suspect vessel behaviors.

Pricing Trends

The introduction of semi-intensive and intensive farming methods, in which producers actively influence the increasing condition of the fish, was the key driver for the growth of aquaculture. Control of the biological production process has enabled a number of innovations improving productivity.

These developments have lowered the cost of production, increasing the product selection and reduced consumer prices. This has made aquaculture products competitive against, for example, meat and fish products captured in the wild.

prices are expected to remain keen for aquaculture feed manufacturers, in the range of $1,100 to $1,500 per tonne.

Some of the key pricing trends witnessed in the Aquaculture market include

New species will have significantly reduced production costs, be more sustainable to grow and have better nutritional profiles for consumer health
Increasing price of fish meal and fish oils
Costs of aquaculture inputs are increasing overall
Seafood prices will rise
Aquaculture prices will rise more than catch fisheries
Aquaculture will become increasingly more efficient and profitable

Regulatory Trends

Laws governing aquaculture practices vary greatly by country, some of them include

Regulation in USA

Aquaculture in the United States is regulated at both the federal and state level. At the federal level, leading agencies include the Food and Drug Administration (“FDA”), the Department of Agriculture (“USDA”), and the Environmental Protection Agency (“EPA”).

These agencies regulate the part of the aquaculture industry that falls within the scope of their mandated duties. For example, the EPA is responsible for wastewater permitting across all industries, while the FDA covers food safety regulations and drug approvals.

Additionally, there are several other agencies and programs at the federal level involved more indirectly in aquaculture activities.

These include the National Oceanic and Atmospheric Administration (“NOAA”) in the Department of Commerce, the Center for Veterinary Medicine within the FDA, the Animal and Plant Health Inspection Service in the USDA, and the U.S. Fish and Wildlife Service (“FWS”) of the Department of the Interior.

Investments on Aquaculture by US Government

The US Department of Agriculture (USDA) and National Oceanic and Atmospheric Administration (NOAA) are the lead US government agencies overseeing aquaculture, and combined they provide $0.80 (€0.71) of every $1 (€0.89) awarded by the federal government for aquaculture research.

The USDA and NOAA together have invested US$ 1 Billion (€891.9 million) in grants for aquaculture research in the past 25 years, and these grants had an estimated 37-fold return on investment since 2000.

Regulation in China

The Bureau of Fisheries, falling under the Ministry of Agriculture, is the main administrative body governing the fisheries and aquaculture sector.

The major functions assigned to the Bureau are to formulate plans, strategies, policies and programmes for fisheries development, to guide fisheries economic reform, to implement and monitor fisheries laws, regulations and international/bilateral fisheries agreements, to strengthen fisheries management so as to ensure proper utilization of fisheries and aquatic resources and to protect the fisheries environment, to support fisheries education and scientific research and to administer the fisheries processing industry.

Investments on Aquaculture by Chinese Government

China is planning a series of investments in aquaculture sector abroad as part of its economic strategy included in “One Belt, One Road” (OBOR) program. Following a model that led to investments totalling $180 billion (€155 billion) in overseas agriculture and fisheries across 140 countries up to 2016, mostly in beef and soybean production, the Chinese seafood sector could increase its financial support in businesses abroad.

Other Key Market Trends

Some of the significant trends witnessed in the Aquaculture market include

Urbanisation will allow new production, distribution and sales paradigms
Consumers demanding more information on sustainability, nutrition, safety and social issues
Food safety performance and consumer perceptions need improvement
Demand for healthy foods are increasing thus creating growth opportunities for aquaculture products
The rising middle class in developing countries will be the major consumer group
Increasing consumer technology adoption will provide new opportunities in sales and marketing

Market Size and Forecast

The Global Aquaculture Market is poised to grow from USD 32.27 Billion in 2019 to USD 48.16 Billion in 2025 growing at a CAGR of 6.9% in the forecast period (2019 to 2025).

The Global Aquaculture demand in Volumetric terms is expected to be 109,859 Kilo tons in 2019 and is projected to grow at a CAGR of 6% to reach a volume of 155,837 Kilo tons in 2025.

Market Size based on Product

Based on Products, Carp is one of the major product segments in this market. Carps are grown in freshwater habitats and are one of the most commonly grown aquatic species on this market, due to their versatility with less favorable environmental conditions.

Carps hold a market share of 35% and generating revenue of US$ 11.29 Billion in 2019.

Molluscs hold a market share of 25% and have an estimated market size of US$ 8.06 Billion in 2019.

Crustaceans hold a market share of 10% and projected to hold a market size of US$ 3.3 Billion in 2019.

Salmon is holding a market size of US$ 2.25 Billion in 2019 with a market share of 7% in 2019.

Milkfish held a market share of 3% and generating a market size of US$ 968 Million in 2019.

Trout is another product segment in the Global Aquaculture Market which holds a market share of 5% and generating revenues to the range of US$ 1.61 Billion in 2019.

Mackrels, Sea Bream, Sea Bass are the other significant product categories in the Global Aquaculture Market, they collectively hold a market share of 5% and generating revenues to the tune of US$ 1.61 Billion in 2019.

The others segment held a market share of 10% and is projected to hold a market size of US$ 3.3 Billion in 2019.

Market Size based on Environment

Fresh Water segment is leading the Global Aquaculture market on the basis of environment. It holds a market share of 50% and generating revenues to the tune of US$ 16.13 Billion in 2019.

Marine Water is the fastest growing segment holding a market share of 35% and market size of US$ 11.3 Billion in 2019.

Brackish Water is the other significant segment that generates revenue to the level of US$ 4.8 Billion in 2019 and holding a market share of 15%.

China is the leading market for aquaculture and is expected to witness rapid growth due to cheap labor, appropriate climatic conditions, and availability of natural resources in this region.

China accounts for 60% of the total global aquaculture market generating revenue to the level of US$ 19.36 Billion in 2019.

Asia Pacific (excluding China) accounts to be the second largest market and is expected to boost demand for aquaculture owing to technological innovations in this region. The market size of the APAC Aquaculture market is estimated to be US$ 4.84 Billion in 2019.

Aquaculture industry in North America is projected to witness a significant growth on account of the strong support from both the U.S. and Canadian governments for its expansion. The market size of the North American Aquaculture market is estimated to be US$ 3.2 Billion in 2019.

South America is one of the fastest growing hot-spots in the Global Aquaculture Market holding a market size of US$ 1.93 Billion in 2019.

Europe holds a market size of US$ 2.58 Billion in the Global Aquaculture Market in 2019.

MEA is the fastest growing region in the Global Aquaculture Market, growing significantly at the rate of 8.2% and generating revenue to the tune of US$ 1.29 Billion in 2019.

Market Outlook

The Market Size of the Global Aquaculture Market is estimated to be US$ 32.27 Billion in 2019 and is poised to grow at a CAGR of 6.9% in the forecast period (2019 to 2025) to reach a market size of US$ 48.16 Billion in 2025 mainly driven by factors such as advances in technology, Government initiatives to promote Aquaculture as a viable employment opportunity, rising awareness among populace and changing eating habits.

The Global Aquaculture demand in Volumetric terms is expected to be 109,859 Kilo tons in 2019 and is projected to grow at a CAGR of 6% to reach a demand volume of 155,837 Kilo tons in 2025.

Carps were the largest product segment, accounting for 29,462.8 kilo tons in 2020. Mollusks were the second largest product segment, with market demand exceeding 19,619.6 kilo tons in 2020.

Asia-Pacific was the largest market for aquaculture, leading the global aquaculture production in 2019. The domination of this region in the global market is due to large scale aquaculture industry in China.

China is the world’s largest producer, consumer and exporter of fin fish and shellfish. It produces more than one-third of global fish supply from its ever-expanding aquaculture sector.

In 2019, China contributed approximately 60% of the global aquaculture volume and roughly half of global aquaculture revenue.

Technology Roadmap

The Technology Roadmap for the Aquaculture Market is laid on advancements in technology, there are several technologies evolving which are directly contributing to the growth of the segment some of which include

Blockchain Technologies

A Blockchain is a continuously growing list of records, called block, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data.

The first implementation of Blockchain for the Aquaculture industry was initiated in 2017. Three companies partnered in order to create the first dedicated blockchain system for origin data and tracking for the international sea food industry – The Earth Twine-Stratis Platform.

This platform combines collaborative technologies (Earth Twine, Sparkl, Stratis) and will provide the means to increase traceability for fish products, directly targeting IUU fishing products mixed within the value chain of legal products.

This option is still hypothetical as a competitor will not freely share commercial data. Therefore, a critical mass of interest group needs to be fostered for further application and implementation.

Drones (also named as un-manned vehicle)

The growing use of fully or partly unmanned vehicles, or drone, is one of the prominent fields of application of new technology for sustainable fisheries

Three main types of drone may be distinguished

UAV – unmanned aerial vehicle
USV – unmanned surface vehicle
UAS – unmanned aircraft system

USV and UAS are typically used to monitor fisheries and they provide an advanced view on the state of the fisheries.

Distribution Chain Analysis

The Distribution Chain of the Global Aquaculture Market is as a result of collaboration among several processes which are as discussed below

Stage 1: Pre-production inputs. This first stage happens even before fish are caught or framed. It includes the collection and analysis of information that is critical to the sustainable management of fisheries or fish farms. It also encompasses advances in the materials that go into fishing and farming.

Stage 2: Actual capture of wild fish at sea or production of fish and shellfish on farms.

Stage 3: Purchase and collection of seafood at the docks or farms.

Stage 4: Preparation of value-added products. This is where whole fish are filleted, breaded, canned, or otherwise packaged into appealing consumer products.

Stage 5: Distribution and logistics – getting fresh and frozen seafood products to customers.

Stage 6. Sales. This final stage is what is visible for the consumers: the seafood on plates, in restaurants, or on the shelves in supermarket.

Competitive Landscape

Aquaculture market demand is driven primarily by the domestic trends in fish consumption. Individual companies’ profitability depends on effective measures considered for the operation and protection of the disease and death of stocks fish.

Big giants have an advantage from breeding to packaging over the integrated operational cycle. Another aspect that may impact the market is policy on exports and imports. Owing to different nation-wide export-import policies, this may generate an advantage for one region and threaten some other region.

Competitive Factors

The winning strategies described are a result of the analysis performed on company profiles of key players in the market.

Product launch: Due to the advancement of technology, different companies evolve the new or differentiated services to gain a competitive advantage.

In August 2019, AKVA Group launched a fully electric polarcirkel boat for aquaculture. The electric boat is equipped with capacity 100 Kwh and a battery pack of 1 hour operation.
In July 2019, AKVA Group released the new version of its cloud-based solution for the aquaculture industry.

Acquisition: Market leaders implement takeovers to enhance their reach to customers or to improve technical capabilities.

In March 2019, Innovasea Systems completed the acquisition of Nortek Akvakultur (Norway).

Agreement and Partnership: Leading players are signing partnerships to use each other’s facilities and technology sharing to capture significant market share and compete with others.

In March 2019, Steinsvik partnered with FishGlobe for providing the feeding and integration platform for closed cage aquaculture systems.

Geographical expansion: Top aquaculture market leaders are expanding their business to reach out to global customers to increase their business.

In November 2019, Pentair Aquatic Ecosystems acquired Vaki Aquaculture Systems Limited (Iceland) to enhance its product portfolio of aquaculture systems, products, and services.

Key Market Players

Some of the Key players in the Global Aquaculture Market includes

Blue Ridge Aquaculture (USA) is the worlds largest producer of tilapia using indoor recirculating aquaculture company located in Martinsville. It operates as a producer of tilapia. The Company offers services in areas of strategic growth plans, corporate structure, R and D, and aquaculture surrounding tilapia.

Cooke Aquaculture Inc. (Canada) processes and sells fish products. The Company offers fresh and smoked salmon, fish feeds, marine supplies, cages, net construction, and repairs services. Cooke Aquaculture serves customers internationally. The company operates in key business segments including Aquaculture and Fisheries. The company offers shrimp under the brands, SEAJOY and Wanchese.

Eastern Fish Company (U.S.A) was founded in 1985. The company’s line of business includes the wholesale distribution of fresh, cured, or frozen fish and seafood.

Huon Aquaculture Group Ltd (Australia) supplies fish products. The Company offers cutlets, portions, sashimi and sushi, whole salmon, smoked salmon, gravadlax, aswell as provides health and cooking programs.

Mowi ASA (Norway) operates as a seafood company. The Company supplies sustainably farmed salmon and processed seafood to more than 70 markets worldwide. The company is present in all major salmon farming regions in the world.

Nireus Aquaculture S.A’s (Greece) activities are in the aquaculture industry. The Company produces sea bream, sea bass and smoked, frozen and processed fish.

Maruha Nichiro Corp. (Japan) operates in key business segments including Fisheries & Aquaculture, Trading Segment, Overseas Business, Processed Foods, Logistics, Others. The company offers shrimp under the brand, Maruha Nichiro.

Mazzetta Co. LLC (U.S.A) offers various seafood products, such as Atlantic cod, Atlantic salmon, Chilean sea bass, lobster, shrimp, mussels, crab, and tilapia, for retail as well as private-label vendors. The company offers shrimp under the brand, Oishii.

Rich Products Corp. (U.S.A) offers various food products, such as toppings and icings, cakes and desserts, pizza, nut-free cookies, baker breads and rolls, and shrimp and seafood. The company offers shrimp under the brand, RICH’S.

Thai Union Group PCL (Thailand) operates in key business units including Ambient seafood, Frozen and chilled seafood and related business, and Pet food, value-added, and other business. The company offers shrimp under the brand, Chicken of the Sea.

Strategic Conclusion

The Global Aquaculture Market is witnessing significant growth Rate and is touted as a domain that offers immense employment opportunities specifically in the developing regions.

The market is driven by factors such as Growing Awareness that seafood is a heart-healthy-form of protein, Advances in technology, Changing eating habits and Favorable Government policies.

The challenges encountered in the market includes Disease Management, Illegal, unreported and unregulated fishing and muted growth due to seasonal nature of business.

Though growth bottlenecks exist in the Global Aquaculture Market, the market is expected to witness significant growth and attain a growth rate of 6.9% in the forecast period (2019 – 2025) to reach a market size of US$ 48.16 Billion in 2025.

References

Appendix

APAC – Asia-Pacific Countries
SMEs – Small and Medium Enterprises
R&D – Research & Development
IUU – Illegal, unreported and unregulated fishing
CMS – Control, Monitoring and Surveillance
IoT – Internet of Things
FDA – Food and Drug Administration
EPA – Environmental Protection Agency
UAV – unmanned aerial vehicle
USV – unmanned surface vehicle
UAS – unmanned aircraft system