At 4.3% CAGR, the Aquaculture market is estimated to accumulate US$ 357,903.27 million by 2028, says The Insight Partners

According to our latest market study on “Aquaculture Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Culture Environment (Freshwater, Marine Water, and Brackish Water) and Product Type (Fish, Aquatic Plants, Crustaceans, Mollusca, and Others),’’ the market was valued at US$ 267,423.64 million in 2021 and is projected to reach US$ 357,903.27 million by 2028 and is expected to grow at a CAGR of 4.3% from 2021 to 2028.

Aquaculture is the practice of raising, harvesting, and breeding fish, shellfish, algae, and other organisms in different water environments, including freshwater, marine water, and brackish water. Aquaculture is significantly contributing to fish production, and the adoption of aquaculture is growing at a steady rate. The increase in the demand for fish for human consumption is majorly met by aquaculture, marine fisheries, and inland fisheries.

The high growth in population and growing awareness among consumers about seafood as a healthy protein source has fueled the aquaculture market. According to the Food and Agriculture Organization (FAO), fish consumption by humans is expected to increase by 50% in the coming 15 years. Additionally, the increase in purchasing power of people in developing nations has supported the market growth. Wild fisheries are not sufficient to meet the global demand for seafood. Technology has made it feasible to produce seafood in coastal marine waters, the open ocean, and other aquatic environments. Aquaculture is a sustainable solution for fish farming to provide the future generation with environmentally friendly protein alternatives.

The key players operating in the global aquaculture market include Cermaq Group AS; P/F Bakkafrost; Blue Ridge Aquaculture, Inc.; Danish Salmon A/S; Farallon Aquaculture Group; Cooke Aquaculture, Inc.; Leroy Seafood Group ASA; Stolt-Nielsen Limited; Mowi ASA; and Thai Union Group PCL.