US TO DRIVE GROWTH IN GLOBAL AQUACULTURE MARKET
Farmers and harvesters are investing on advanced technologies to improve the growth of the aquatic plants and animals. They are also investing on better feed without pesticides to grow quality and hygienic products to capture over the competitive market of the global aquaculture market.
TMR says: “Rising demand for sea food across the globe is projected to drive the global aquaculture market to grow at a healthy rate. The global aquaculture market is expected to grow at a CAGR of 2.3% over the forecast period 2019 to 2027. The global aquaculture market is projected to reach an estimated value of US$173.3 Mn by the end of 2019 as compared to 2018.
“On the basis of geography, the global aquaculture market is projected to be ruled by North America during the forecast period. It is expected to be the most attractive market for aquaculture during this tenure. The growth can be attributed to growing aquaculture activities and market. The global aquaculture market is segmented into fish, molluscs, seaweeds, and crustaceans on the basis of product type. However, the fish segment is projected to dominate the global aquaculture market from 2019 to 2027.
“Due to rising demand for convenience, packed food, and processed fish products are likely to surge the global aquaculture market. Such increasing demand for ready to eat products are predicted to come from developed and developing countries. Alternatively, the governments are supporting aquaculture farming in fresh water or marine water. The reason for supporting aquaculture farming is to save endangered species from extinction.
“Moreover, increased purchasing power among consumers is predicted to boost the global aquaculture market to grow at a healthy rate. Continuous advancements in technologies in fisheries and sustainable solutions in farming and harvesting aqua animals and plants also have contributed to the growth of aquatic plants and animals. Furthermore, the farmers and harvesters feed these aqua animals with organic feed. Thus, the global aquaculture market is expected to grow at a steady rate during the forecast period.
“Farmers and harvesters are using closed harvesting and farming system to increase export production. Increase in export production is will directly surge the overall market. This acts as another factor that will drive the global aquaculture market during the forecast period. Increasing number of retail chain stores, restaurants, and fast food service providers are likely to meet the immediate demand for sea food cravings. Hence, the global aquaculture market is anticipated to expand in the upcoming years.”
US to drive growth in global aquaculture market