PUBLISHER: 360iResearch | PRODUCT CODE: 1496740
PUBLISHER: 360iResearch | PRODUCT CODE: 1496740
[192 Pages Report] The Aquaculture Products Market size was estimated at USD 17.18 billion in 2023 and expected to reach USD 18.38 billion in 2024, at a CAGR 7.46% to reach USD 28.43 billion by 2030.
Aquaculture products are used to improve aqua farming practices and include the equipment and products required for better maintenance of ponds and cleansing of farms through chemicals and fertilizers. These products are intensively used as feed for the growth of aquatic animals and plants. Aquaculture products include a wide array of essential items, such as pharmaceuticals that protect aquatic life health, advanced nutrition feeds that bolster the growth and vitality of aquaculture species, fertilizers that increase the productivity of water bodies, and cutting-edge equipment designed to streamline operational processes. The increasing global demand for fish and seafood as a high-quality protein source significantly drives the need for enhanced aquaculture practices, boosting the market for aquaculture products. Technological advancements have improved aquaculture practices, including enhanced feed formulations and efficient disease management techniques. However, environmental and health concerns associated with using chemicals in aquaculture practices restrict the consumption of aquaculture products. Moreover, regulatory bodies' increased scrutiny and pressure to shift towards more eco-friendly treatment methods also contribute to the restraint. Developing specialized, eco-friendly drugs, including vaccines and antibiotics, ensures the well-being of aquaculture species and increases consumer trust in aquaculture products. Reformulating aquaculture feed and adopting environmentally sustainable options in developing aquaculture products provides lucrative expansion opportunities.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 17.18 billion |
Estimated Year [2024] | USD 18.38 billion |
Forecast Year [2030] | USD 28.43 billion |
CAGR (%) | 7.46% |
Regional Insights
The Asia-Pacific region represents a highly growing aquaculture products market owing to the presence of economies with primary fish production and consumption and significant investments in aquaculture projects. The government initiatives to boost fish production and enhance feed management practices develop potential demand for aquaculture products in the Asia-Pacific. The Americas focuses on eco-friendly and ethical aquaculture practices with investments in cold-water aquaculture innovation. The increasing consumption of seafood products in the developed American economies, including the United States and Canada, and new technologies for enhancing fish welfare have expanded the demand for aquaculture products in the Americas. Europe, the Middle East, and Africa observe well-established regulatory frameworks that promote sustainable aquaculture. The Middle East is leveraging technology to develop desert aquaculture, creating potential opportunities for novel aquaculture equipment to boost operational efficiencies with its harsh geographical conditions. Africa is witnessing increased activity in aquaculture to support food security and economic development, emphasizing community-based projects and international partnerships focusing on the adoption of aquaculture products to improve the overall production of seafood.
Market Insights
The market dynamics represent an ever-changing landscape of the Aquaculture Products Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
FPNV Positioning Matrix
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Aquaculture Products Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Aquaculture Products Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments
Merck Animal Health to Acquire Elanco's Aqua Business
Merck Animal Health announced a strategic acquisition of Elanco Animal Health Incorporated's aquaculture division for USD 1.3 billion in cash. The purchase includes an array of advanced medicines, vaccines, nutrition, and supplements tailored for aquatic species, bolstered by the inclusion of manufacturing facilities in Canada and Vietnam, along with a research lab in Chile. This strategic move enhances Merck Animal Health's product line for cold and warm water species, offering comprehensive solutions through a highly innovative portfolio. [Published On: 2024-02-04]
PCBL to Acquire Aquapharm Chemicals For INR 3,800 Crore
Philips Carbon Black Limited (PCBL) announced a strategic step, confirming its decision to acquire Aquapharm Chemicals Private Limited. As stated in an official exchange communication, the transaction is valued at an impressive sum of INR 3,800 crore. PCBL has laid out a financial strategy to support this acquisition, leveraging both internal resources and potential external financing to ensure a balanced approach to funding this significant expansion. [Published On: 2023-11-28]
Research Partnership Will Turn Power Plant Emissions Into Fish Feed
A USD 2 million grant from the Department of Energy is propelling a pioneering partnership between UC Santa Cruz's ecological aquaculture research team and Global Algae Innovations. This collaboration explores the potential of utilizing microalgae Spirulina, cultivated with carbon dioxide extracted from power plant emissions, as a novel feed ingredient for farm-raised rainbow trout. This collaborative endeavor seeks to refine Spirulina's production for aquaculture applications, moving towards a sustainable, alternative protein source for fish feed, aligning with environmental benefits, and supporting the aquaculture industry's growth. [Published On: 2023-09-27]
Strategy Analysis & Recommendation
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Aquaculture Products Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Aquaculture Products Market, highlighting leading vendors and their innovative profiles. These include Aqua Logic, Inc., Aquaculture Equipment Ltd., Aquaculture Systems Technologies, LLC, Aquafarm Equipment AS, Aquaintech Inc., AquaMaof Aquaculture Technologies Ltd., Archer Daniels Midland Company, Avanti Feeds Limited, BIOFERA LLC, Cargill, Incorporated, CPI Equipment Inc., Egersund Group AS, Finar Chemicals by Actylis, FREA Solutions ApS, Green Plains Inc., Industrial Netting, Kemin Industries, Inc., Lifegard Aquatics, Luxsol, Merck & Co., Inc., Nandini Gears, Pentair PLC, Pioneer Group, Polytank, Inc., Prilabsa, Purina Animal Nutrition LLC by Land O'Lakes, Inc., QB Labs, LLC, Red Ewald, Reef Industries, Inc., Siemens AG, Skretting by Nutreco N.V., Star Milling Co., Tan International, The Waterbase Limited, Turbo Blower Manufacturer, Vee Excel Drugs and Pharmaceuticals, Virbac S.A., Wilbur-Ellis Holdings, Inc., Xylem Inc., and Zeigler Bros., Inc..
Market Segmentation & Coverage
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