Yahoo Finance Global Aquaculture Market to Garner $378.00 Billion by 2027: Allied Market Research
Increase in fish production to meet food supply and changes in lifestyle, rise in demand for protein-rich diet, and expanding food & beverage and retail market drive the growth of the global aquaculture market. The market across Asia-Pacific dominated in 2019, accounting for nearly two-thirds of total revenue. At-home consumption of fish products has increased during the lockdown in several countries.
Portland, OR, April 27, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global aquaculture market is expected to reach $285.35 billion in 2019, and is projected to reach $378.00 billion by 2027, growing at a CAGR of 5.8% from 2021 to 2027.
Increase in fish production to meet food supply and changes in lifestyle, rise in demand for protein rich diet, technological advancements in the sector of aquaculture, and expanding food & beverage and retail market drive the growth of the global aquaculture market. However, rise in act of animal cruelty in animal farms and slaughterhouses, adoption of veganism, and increase in temperature and water pollution hamper the market growth. On the contrary, evolution in inland fishing and use of more sustainable technology in aquaculture are expected to open lucrative opportunities for the market players.
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Covid-19 scenario:
The Covid-19 outbreak significantly affected the demand for seafood. The market witnessed drastic decline in sales of fish products due to supply chain disruption and reduction of out-of-home consumptions as restaurants and hostels were closed.
However, at-home consumption of fish products has increased during the lockdown in several countries. Moreover, restaurants and hotels are reopened, which is expected to help the market get back on track.
The global aquaculture market is segmented on the basis of environment, fish type, and region. Based on environment, the market is classified into marine water, fresh water, and brackish water. The fresh water segment held the lion’s share in 2019, accounting for nearly three-fourths of the market. Moreover, the segment is expected to manifest the highest CAGR of 5.9% during the forecast period.
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On the basis of fish type, the market is divided into carps, mollusks, crustaceans, mackerels, sea bream, and others. The mollusks segment held the lion’s share in 2019, contributing to around one-fifth of the market. In addition, the segment is expected to portray the highest CAGR of 6.2% during the forecast period.
The global aquaculture market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific dominated in 2019, accounting for nearly two-thirds of total revenue, and is estimated to register the highest CAGR of 6.0% during the forecast period.
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The global aquaculture market report includes an in-depth analysis of the prime market players including WH Group, Smithfield Foods, JBS S.A., Danish Crown, Triumph Foods, Tönnies, Tyson Foods Inc., Vion Food Group Ltd., Yurun Group, and Shuanghui Development.
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