Portland, OR, April 27, 2021 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the aquaculture market is expected to reach $ 285.35 billion in 2019 and $ 378.00 billion by 2027, with a CAGR of 5.8% from 2021 to 2027.
The increase in fish production to meet the food supply and lifestyle changes, the increase in demand for a high protein diet, technological advancements in the aquaculture sector and the Food and beverage and retail market expansion are driving the growth of the global aquaculture market. However, increasing acts of cruelty to animals in animal farms and slaughterhouses, adoption of veganism, and increasing temperature and water pollution are hampering the growth of the market. On the contrary, the evolution of inland fisheries and the use of more sustainable technologies in aquaculture should open lucrative opportunities for market players.
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- The Covid-19 epidemic has drastically affected the demand for seafood. The market has seen a drastic decline in sales of fishery products due to the disruption of the supply chain and reduced consumption outside the market. home with the closure of restaurants and inns.
- However, domestic consumption of fishery products increased during the lockdown in several countries. In addition, restaurants and hotels are reopened, which should help the market get back on track.
The global aquaculture market is segmented on the basis of environment, type of fish, and region. Based on the environment, the market is categorized into seawater, freshwater, and brackish water. The freshwater segment held the lion’s share in 2019, accounting for nearly three quarters of the market. Additionally, the segment is expected to post the highest CAGR of 5.9% during the forecast period.
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Based on the type of fish, the market is divided into carp, molluscs, crustaceans, mackerel, sea bream and others. The shellfish segment held the lion’s share in 2019, contributing around a fifth of the market. Furthermore, the segment is expected to exhibit 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 Asia-Pacific market dominated in 2019, accounting for nearly two-thirds of total revenue, and is expected to register the highest CAGR of 6.0% during the forecast period.
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Report on Global Aquaculture Market includes in-depth analysis of major market players including WH Group, Smithfield Foods, JBS SA, Danish Crown, Triumph Foods, Tönnies, Tyson Foods Inc., Vion Food Group Ltd., Yurun Group and Shuanghui Development.
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Allied Market Research (AMR) is a full-service market research and business advisory arm of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unsurpassed quality of “market research reports” and “business intelligence solutions”. AMR has a focused vision to provide business information and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
Pawan Kumar, CEO of Allied Market Research, leads the organization towards delivering high quality data and information. We have professional relationships with various companies, which helps us extract market data which helps us generate accurate research data tables and confirm the highest accuracy of our market forecasts. Each of the data presented in the reports we publish is extracted through primary interviews with senior officials of large companies in the field concerned. Our secondary data acquisition methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.