[146 Pages Report] The aquaculture market is projected to grow from USD 30.1 billion in 2018 to USD 42.6 billion by 2023, recording a CAGR of 7.2% during the forecast period. This is attributed to the growing consumption of fish for its nutritional value. Furthermore, the rising trend of smart fishing and the increase in seafood trade is also propelling the demand for aquaculture products.

The equipment segment is projected to account for the largest market share during the forecast period.

The equipment segment is estimated to dominate the aquaculture market in 2018 due to their high demand in marine culture. The different methods of marine aquaculture include sea ranching, intensive aquaculture, and rack & line farming. Furthermore, advancements in feed systems are also growing to meet the rising demand for the inclusion of nutrients at an optimum level in the diets of aquatic animals. These equipment are vital for the production of aquatic plants and animals. With the growing demand for seafood and the decline in the volume of captured fishes, the demand for such equipment is expected to rise.

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

Owing to the growing demand for aquaproducts for their protein-rich content, small-scale farming is adopted by developing regions such as Asia Pacific, South America, and Africa. Furthermore, the governments of these countries are taking various initiatives to support aquafarming in these regions, 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 culture segment is projected to be the fastest-growing segment in the market during the forecast period, due to the increasing demand for seafood products and declining capture in fishery landings from the oceans. Ocean cage culturing of marine fish has encouraged the design of new and innovative cages for culturing them in near-shore and offshore environments. Furthermore, advancements in technology such as water recirculation systems, along with the global rise in food demand, is providing promising growth opportunities for the marine aquaculture system.

The Asia Pacific region is projected to account for the largest share in the aquaculture market during the forecast period.

Asia Pacific accounted for the largest share in the market. This is attributed to a rise in demand for advanced and latest aquaculture products that help in producing more quality output with available land for aquafarming and enhance the efficiency of aquaculture operations. Further, aquaculture sectors in countries such as China, India, Vietnam, Indonesia, and Thailand are export-oriented; the aquafarming sector is of prime importance in these countries, as players here are focusing on technology adoption and automation which is expected to have a positive impact on the market in this region.

Key Market Players

Key vendors in the global aquaculture market include Pentair plc. (US), AKVA Group (Norway), Xylem Inc. (US), Aquaculture Equipment Ltd. (UK), Aquaculture System Technologies, LLC, (US), Luxsol (Belgium), Pioneer Group (Taiwan), CPI Equipment Inc. (Canada), Asakua (Turkey), FREA Aquaculture Solutions (Denmark), Lifegard Aquatics (US), Tan International Ltd (UK), Reef Industries, Inc. (US), Aquafarm Equipment AS (Norway), and Aquaculture of Texas, Inc. (US).

Key Recent Developments

In August 2018, AKVA Group set up a feed conveyor concept by the name of flexible feeding, which would allow farmers to send and feed silo to any cage, making it easier to use different feed types and sizes.

AKVA Group entered into an agreement in June 2018 to acquire Egersund Net AS (Norway) to expand its product portfolio.

In June 2017, Pentair plc set up a new facility of 87,000-square feet for aquafarming at its Schmidt's brewery building in St. Paul, Minnesota, US.

In November 2016, Pentair Aquatic Ecosystems acquired Vaki Aquaculture Systems Limited (Iceland) to enhance its product portfolio of aquaculture systems, products, and services.

Aquaculture System Technologies, LLC, launched the Endurance filter for home and koi ponds in May 2016.

Key Questions Addressed by the Report

Who are the major market players in the aquaculture market?

What are the regional growth trends and the largest revenue-generating regions for the market?

What are the key regions and industries that are projected to witness significant growth in the market?

What are the major aquaculture product types that are projected to gain maximum market revenue and share during the forecast period?

Which are the types of aquafarming that are projected to account for the majority of the revenue generated over the forecast period?

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