Asia Pacific Aquaculture Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Aquatic Plants, Fish, Crustaceans, Mollusca, and Others) and Culture Environment (Fresh Water, Brackish Water, and Marine Water)              

Asia Pacific Aquaculture Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Aquatic Plants, Fish, Crustaceans, Mollusca, and Others) and Culture Environment (Fresh Water, Brackish Water, and Marine Water)              

The aquaculture market in APAC is expected to grow from US$ 1,85,110.64 million in 2021 to US$ 2,48,205.92 million by 2028. It is estimated to grow at a CAGR of 4.3% from 2021 to 2028.

Aquaculture is an efficient method for fish production, which is ecologically effective and requires less costs as these ventures can be operated at large as well as small-scale. Currently, aquaculture has few shortcomings, such as water pollution and adverse impact on the environment, and it creates a threat to the coastal ecosystem as well. However, imminent advancements, such as disease management, environmental management, and enhancement in technologies, are likely to mitigate the impact of these shortcomings in the years to come.

The high growth in demand for fish oil is generating a need for more fish production, thus, boosting the demand for aquaculture in the near future. Fish oil is largely used as a dietary supplement, healthcare, pharmaceutical, and food industry. It is an efficient source of vitamin A and D and is considered the most significant vitamin source for human consumption after wild fish. Currently, fish oil accounts for a small percentages of total edible oil production. However, it is expected to increase in the coming years due to its health benefits. Fish oil is considered as the fastest-growing protein source in food supply chain. It is widely replacing genetically modified (GM) plant oil due to health and nutritional benefits of this oil for human consumption. Thus, the increasing demand for fish oil is boosting the aquaculture market in APAC substantially.

Fish oil contains omega-3 fatty acids which have several health benefits. Fish oil widely used in dietary supplements. It is considered as a viable source of omega-3 fatty acid, which is not made using human body and is essential part of human diet. It also reduces the level of triglyceride in the body and minimizes the chances of heart diseases and stroke. Fish oil is also used in cosmetic industry as it helps to overcome skin disorders, such as dermatitis, skin cancer, and allergies. In medical applications, fish oil helps to protect heart health, mental disorders, aids weight loss, enhance eye health, support healthy skin, and reduce symptoms of depression. Thus, numerous benefits of fish oil and its rising application across different industries is generating ample growth opportunities for the APAC aquaculture market.

Based on culture environment, the aquaculture market is categorized into freshwater, marine water, and brackish water. The marine water segment held the largest market share in 2020. Marine aquaculture involves the cultivation of marine organisms for food and other products in the open ocean or tanks and ponds, which are filled with seawater. Different type of fishes raised in the marine aquaculture includes finfish and shellfish, such as prawns, oysters, and seaweed, in saltwater ponds. Non-food products include fish meal, nutrient agar, jewelry, and cosmetics.

Marine aquaculture has rapidly expanded over the past few years due to improvements in formulated feeds, new technology, growing biological understanding of farmed species, increased water quality within closed farm systems, and greater demand for seafood products. Fish cultivated by marine aqua-culturists are also perceived to be of higher quality than fish raised in ponds or tanks.

Marine aquaculture is projected to become an important producer of aquatic food in coastal areas, and a good source of income and employment for many coastal communities over the coming years. Well-planned and managed coasts can also contribute positively to coastal environmental integrity.

A variety of species, rearing techniques, and husbandry methods are involved in marine aquaculture. Extensive marine aquaculture involves the farming of finfish or shellfish in a natural habitat with no supplementary food added. This system has a minimum impact on the environment. In the US, marine aquaculture produces clams, mussels, oysters, shrimp, salmon, and small amounts of cod, barramundi, Moi, yellowtail, seabass, and seabream. New technologies, such as recirculating aquaculture systems, help in reducing, reusing, and recycling water and waste, which can support some type of marine species. However, many countries with the highest potential are not producing large quantities of marine products at present.

The COVID-19 pandemic severely affected many industries across APAC, including the food & beverages industry. Due to the shutdown of manufacturing units, disruption of supply chains, and labor shortage, the APAC aquaculture industry got severely hampered. Moreover, APAC is one of the leading exporters of seafood to different international markets. Due to border restrictions, the seafood product export also declined during the initial months of the pandemic. However, China was the first in the APAC countries to recover from losses due to rapid vaccination and effective government regulations. This is projected to positively impact the growth of the aquaculture market over the next few years. As manufacturers are permitted to operate with full capacity now, the production and supply of seafood products are likely to increase significantly as well, driving the aquaculture market across APAC during the forecast period.

The APAC aquaculture market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the APAC aquaculture market with respect to all the segments of the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, and to gain more analytical insights into the topic. Participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the APAC aquaculture market. Bakkafrost; Cermaq Group AS; Cooke Aquaculture, Inc.; JBS S.A.; Leroy Seafood; Mowi ASA; Stolt-Nielsen Limited; and Thai Union Group PCL are the key players in the aquaculture market in the region.

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