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The key highlights of the report include:
Market Overview (2017-2027)
- Forecast CAGR (2022-2027): 6%
Rising fish consumption, depleting fish stocks, and poor farm economy have led to an increased focus on the production of fish in cages. Several small farmers are considering alternatives to conventional agricultural crops. Aquaculture is a fast-expanding industry and offers opportunities even on a smaller scale. Cage culture also provides farmers with the opportunity to use existing water resources, which would most likely be unusable or have limited use for other purposes. Such factors are expected to drive the demand for aquaculture cages. Fish consumption is expected to increase significantly in developing and developed countries due to rapid growth in population, growing affluence, and urbanisation in emerging nations. The rising demand for fish protein is expected to stimulate the market for aquaculture cages.
Industry Definition and Major Segments
Cage culture is an intensive form of aquaculture that has several advantages, including the use of a wide range of water resources, including ponds, strip pits, lakes, streams, and rivers; low initial investment; ease of sampling, feeding, observation, and harvesting; and the use of water resources for other purposes, such as stock watering or recreational fishing.
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By type, the market is segmented into:
- Coastal Aquaculture
- Freshwater Aquaculture
By application, the market is divided into:
On the basis of region, the market is segmented into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Aquaculture production systems have witnessed a shift towards a grouping of existing cages, advancements, and usage of more intensive cage-farming systems. The need and search for apposite sites have led the cage aquaculture subsector to access and expand into novel, untapped open-water culture domains, like lakes, reservoirs, rivers, and coastal brackish and marine offshore waters. These factors are expected to contribute to global market growth. Additionally, a rise in demand for low-cost aquaculture, coupled with an increase in government initiatives in emerging economies, will augment market growth. The rising demand for vegan products is projected to drive product innovation and launches in various regions.
Key Market Players
The major players in the market include AKVA Group, Selstad, Badinotti, Aquamaof, Garware Fibres, Hunan Xinhai, and Zhejiang Honghai, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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