Europe 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)              

Europe 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 Europe is expected to grow from US$ 35,433.63 million in 2021 to US$ 45,918.99 million by 2028. It is estimated to grow at a CAGR of 3.8% from 2021 to 2028.

Seafood, specifically fish, is the part of traditional food in many regions. It is considered as a good source of fatty acids, vitamins, minerals, protein, and essential micronutrients, and is largely consumed due to its nutrition and health benefits. The increase in disposable income and spending power of consumers has propelled their spending on animal proteins, such as seafood. Currently, the increased popularity of seafood as a healthy source of protein is fueling the growth of the Europe aquaculture market. Along with this, the rise in the purchasing power of people in developing nations is aiding the market as well.

Wild fisheries are not sufficient to meet the demand for seafood in Europe; aquaculture is. It is the practice of farming aquatic animals, such as fish, crustaceans, mollusks, and others, in a controlled environment in man-made tanks and ponds or water bodies in the coastal areas. It accounts for more than half of the seafood that is consumed by humans.

Overfishing in the oceans has created a need for the development of alternative methods to produce required amount of seafood to feed the planet’s highly growing population. Aquaculture is a sustainable solution over wild fishing to provide future generation with eco-friendly protein alternatives. It also has reduced greenhouse gas emissions compared to other types of farming.

Aquaculture is a controlled process of farming of aquatic organisms in inland and coastal areas, carried out by both multinational companies and small-scale fisheries. The Food and Agriculture Organization (FAO) has predicted that fish consumption by a human is expected to increase by 50% in the coming 15 years. The rise in the Europe fish consumption is driving the growth of the aquaculture market in this region.

Based on culture environment, the Europe aquaculture market is categorized into freshwater, marine water, and brackish water. 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 in tanks and ponds which are filled with seawater. The different type of fishes raised in the marine aquaculture includes finfish and shellfish like prawns, or oysters and seaweed in saltwater ponds. Non-food products produced by 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 grown by marine aquaculture 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, as well as a good source of income and employment for many coastal communities. Well- managed and planned coastal can also contribute positively to coastal environmental integrity. Marine aquaculture involves a variety of species, rearing techniques, and husbandry methods. Extensive marine aquaculture involves the farming of finfish or shellfish in a natural habitat with no supplementary food added. Furthermore, this system has a minimum impact on the environment. In the US, marine aquaculture produces clams, mussels, oysters, shrimp, salmon and lesser amounts of cod, barramundi, Moi, yellowtail, seabass, and seabream. New technologies such as recirculating aquaculture systems help to reduce, reuse, and recycle water and waste can support some type of marine species. However, many countries with the highest potential are not currently producing large quantities of marine aquaculture.

In Europe, France, Russia, the UK, Italy, and Germany are among the worst-hit countries by the COVID-19 pandemic. These countries suffered severely from economic downfall due to restrictions on industrial activities because of lockdowns and border restrictions. The demand for seafood products declined significantly due to various restrictions imposed by the governments. Moreover, with business shutdowns, there was a shortfall in production and supply, which hampered the aquaculture industry across the region. However, the regional market is witnessing a positive recovery with the rising vaccination rates. With the relaxation of border restrictions, the companies relying on exports are gradually recovering.

The Europe aquaculture market size has been derived using both primary and secondary sources. To begin the research process, 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 Europe aquaculture market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The 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 Europe aquaculture market. Bakkafrost; Cermaq Group AS; Cooke Aquaculture, Inc.; Danish Salmon; JBS S.A.; Leroy Seafood; Mowi ASA; Stolt-Nielsen Limited; and Thai Union Group PCL are among the key players operating in the aquaculture market in the region.

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