Global aquaculture market witnesses growth as protein demand rises
by CM Staff
The market is expected to garner $415.82 billion in revenue by 2030 from $284.63 billion in 2021, an uptick at a compound annual growth rate (CAGR) of 4.3%.
SAN ANTONIO — The rising world population and growing protein demand drive the global aquaculture sector. The industry is a sustainable means to supply and feed the population with environment-friendly protein products. Frost & Sullivan’s recent analysis, Global Aquaculture Market Growth Opportunities, finds that innovation in aquaculture technologies and smart farming methodologies are revolutionizing the sector and generating additional revenue streams. The market is expected to garner $415.82 billion in revenue by 2030 from $284.63 billion in 2021, an uptick at a compound annual growth rate (CAGR) of 4.3%.
“The aquaculture industry has fully recovered from the pandemic after facing the most intense impact in the first half of 2020,” said Akheela Dhiman, Chemicals, Materials & Nutrition Research Analyst at Frost & Sullivan. “Further, the reopening of hotel, restaurant, and café (HORECA) in the second half and recovery in global household demand revived the industry.”
Dhiman added: “Increasing investment in smart farming and other technologies will provide detailed information on the nutrition, health, and environment of the species on the farm and will generate additional revenue streams. Additionally, the development and adoption of many of these technologies across all supply chain components have led to robust farmed seafood production.”
To take advantage of the expanding global aquaculture market, explore these growth opportunities:
- Market participants should develop and provide farmers with low-cost sustainable solutions and technologies to help increase the overall productivity of their fish stocks.
- Aquaculture companies must develop and install innovative solutions, such as low-cost solar drying tents and solar-powered freezers, to address issues related to post-harvest fish loss and wastage.
- Fishing organizations should find alternative fishmeal sources, such as insects and algae. This will reduce the farming costs for companies and increase their profitability.