Aquaculture Market Witnessing a Radical Shift toward Sustainability and Longevity-
The urging need for innovative solutions in food production has led the widespread penetration of precision farming concepts, which rely on technologies such as drones, IoT connectivity, and autonomous tractors. A sister industry that is equally imperative for the global food security and less permeated by technological advances is ‘aquaculture’. However, recent surge in the popularity and acceptance of data-driven management platforms, which integrate data from myriad sources into unified cloud platform, and encapsulate complete dynamics of the aquaculture farm environment in real time, will favor growth of the aquaculture market.
TMR’s research finds that the aquaculture market was valued at over US$ 750 Mn in 2018, and is estimated to record a 2.4% Y-o-Y growth in 2019. Aquaculture remains a profitable business for not only combating the global food demand, but also helping rehabilitate the oceans. Leading operators in the aquaculture market continue to leverage the viability of three key areas, namely, seaweed & bivalve aquaculture systems, offshore aquaculture systems, and on-land aquaculture systems. The study opines that the fish industry will witness a radical transformation in the foreseeable future; and with the depletion in ocean’s fisheries vis-à-vis rising demand from the global demographic, aquaculture continues to forestall challenges entailed by these and bring more farmed fishes to plates globally.
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According to the study, limited abilities in extracting more seafood from oceans has been driving the need for boosting aquaculture production to meet rising demand and protect wild fish stocks. Global sales of aquaculture products were in excess of US$ 750 Mn in 2018. Overfishing has put pressure on wild fish stocks, which has provided an impetus to aquaculture production in recent years. As concerns regarding environmental repercussions prevail, have driven the shift toward sustainability and longevity of aquaculture.
The Future of Fish Farming is ‘Indoor’
Advances in water circulation and filtration have meant that indoor fish farms will grow at an unprecedented rate, both in terms of production and size. TMR estimates global sales of aquaculture-produced fish to exceed US$ 480 Mn in 2019, accounting for a sizeable 60% market share. Fish farming has traditionally been touted as efficient solution for the production of animal protein, and indoor aquaculture plays a vital role in meeting the requirement of swelling global population. Although environmental risks prevail in the indoor approach as well, however the fact that risks associated with land-based systems is significantly smaller, than that of outdoor systems, continues to propel adoption of indoor fish farming.
Positive influences of aquaculture production is not limited to fish, but extends to crustaceans, molluscs, and seaweed – in descending order. Emergence of semi-intensive and intensive farms, along with professionalization and modernization practices have made the crustaceans an attractive segment of the aquaculture industry in the recent past. According to the study, crustaceans hold over 30% value of the aquaculture market, marked by major iterations to farm designs, water processing ponds, and nurseries, by leveraging better data genetics to prevent EMS outbreaks.
Production of crustaceans through aquaculture will grow unabated, as the industry moves toward digital transformation for strategic improvements in supply planning, purchases and sales, meanwhile improving real-time business and optimizing profits. The study finds that crustaceans supply currently exceeds demand, making the market players to lower prices and compete amid tight margins. However, this paves an opportunistic pathway for innovative players toward value creation with new products.
Owing to the surging demand for aquaculture products, major farmers and harvesters are looking out for solutions, technology and have been looking out for ways on improving their production capacity in order to meet the increasing demand for various types of fish, shellfish, and aquatic plants. As a result, several farmers and harvesters have been using better nutrition and feeding technologies for the better growth of species.
The product type segmentation form a significant raise in the fish prices per year, and are being expected to grow at a significant rate over the forecast period. The overall aquaculture provides farmers and harvesters huge opportunities at the global level as it provides high revenues in the market. The market is also acting as an employment generator across the world. Due to these results, several key organizations and government of the particular region together have been taking necessary steps such as adopting latest technologies, improving rural aquaculture market and solutions to improve the quantity as well as the quality of the species, products and related food. They are also making use of intensively closed farming and harvesting systems for export production to increase the overall export market.
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Aquaculture Producers in Asia Focusing on Maximizing Investment Growth while Minimizing Ecological Impact
Asia-Pacific continues to remain an attractive market for aquaculture, with over US$ 650 Mn opportunity estimated in 2019 by TMR. Aquaculture producers in the region are increasingly leveraging the popular trend of recirculating aquaculture systems (RAC), which acts as an effective enabler of reducing pollution as well as consumption of water, while mitigating risks of ailments entailed by water pumped from rivers in proximity. Key producers in Asia-Pacific are currently investing in automation systems, along with RAS, to raise yields and enhance production reliability. Technology providers in the Asia-Pacific aquaculture market are focusing on including facility management systems led by artificial intelligence in their offerings, as these hold potential in unlocking yields for fish and shrimp farmers.
Aforementioned trends allude ever-increasing environmental footprint of aquaculture industry in Asia-Pacific, with Greater China and Japan leading the way even as accounting for greater market value. This has led the aquaculture producers to shift away from inland freshwater to offshore, complemented by government efforts to crack down on illegal aquaculture operations. This is particularly prevalent in Greater China, and Vietnam is following the suit by considering merits of extensive instead of intensive aquaculture, in light of the former’s lower impacts on mangrove and riverine habitats, although they produce lower yields.
Aquaculture Market Moves toward a Community and Network-based Landscape for Faster, More Sustainable Growth
According to TMR, competition in the aquaculture market has been intense, with collaborations and partnerships between potential investors and innovative businesses who focus on creating a community and network-based industry to work together for more sustainable growth in seafood sector. With technology at the fore, leading players in the aquaculture market are leveraging predictive solutions, real-time monitoring systems, and advanced sensors to maintain a competitive edge in this sustainability-driven, dynamic landscape. The study states that the moderately fragmented nature of the aquaculture market is here to stay, with the occupancy of numerous players – both large and small, who continuously focus on strengthening their distribution.
Key players operating in the aquaculture market, as profiled in the study, include MOWI ASA, Nippon Suisan Kaisha Ltd, Austevoll Seafood ASA, SalMar ASA, Cooke Aquaculture, Inc., Norway Royal Salmon ASA, Tassal Group Ltd, Campania Pesquera, Multiexport Foods SA, Camanchaca SA, Dainichi Corporation, P/F Bakkafrost, Stoly Sea Farm SA, Nireus SA, Tongwei Group Co., Ltd., Kyokuyo Co., Ltd., Thai Union Group PCL, Surapon Foods Public Company Limited, and Maruha Nichiro Corporation.
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This post was originally published on Space Market Research