North America 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)              

North America 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 North America is expected to grow from US$ 20,110.26 million in 2021 to US$ 27,343.81 million by 2028. It is estimated to grow at a CAGR of 4.5% from 2021 to 2028.

Aquaculture is significantly contributing to the production of fish and other aquatic animals. The uptake of aquaculture is rising at a steady rate. The increasing demand for fish for human consumption is majorly met by aquaculture, marine fisheries, and inland fisheries. However, a surge in fish production by inland and marine fisheries results in overfishing which negatively impacts the environment and marine ecosystem.

Aquaculture owns huge potential for future expansion and is a great source of fish production. Various government initiatives and favorable policies play an important role in generating a suitable environment for entities involved in aquaculture. It includes research, legal framework, and infrastructure for aquaculture. The Food and Agriculture Organization of the United Nations (UN FAO) has acknowledged a gap between seafood supply and demand for the future. It is forecasted that the demand for seafood will exceed 260 million tons and the estimated supply by the current production rate will be 210 million tons by 2030. Thus, aquaculture is considered a capable source to meet the increased demand for seafood. Also, there are few certifications and standards associated with the seafood production for the sustainable environment.

The World Wildlife Fund for Nature (WWF) and the Dutch Sustainable Trade Initiative (IDH) have come up with the Aquaculture Stewardship Council (ASC), initiated in 2010. The goal of this council is to transform the world’s seafood markets to promote social aquaculture performance.

Based on product type, the North America aquaculture market is segmented into fish, aquatic plants, crustaceans, mollusca, and others. The fish segment accounted for the largest market share in 2020. Fish farming is a method in which different types of fish are raised in ponds, tanks, and ocean enclosures. It is the most common form of aquaculture. Various types of fishes, are raised and produced. Salmon, big eye, tuna, carp, catfish, cod, and tilapia are often raised and produced by fish farms at commercial level.

As the demand for fishes has increased in developed economies, technology has made it possible to grow food in coastal marine waters and the open ocean. Currently, about half the fish consumed are raised in artificial environments. Of late, fish production in North America has expanded significantly. According to the United Nations Food and Agriculture Organization (UN FAO), finfish production in inland aquaculture and marine and coastal aquaculture in 2018 accounted for 54 million tons.

The demand for fish is driven by an increase in awareness about the health benefits associated with seafood. For instance, fish is a rich source of vitamins, minerals, and proteins and provides numerous health benefits. Fish provides fatty acids that help reduce the risk of cardiovascular diseases and contribute to brain and vision development. The growth in population and extensive availability of different species of fish are expected to boost the market during the forecast period. Additionally, other factors such as changing lifestyles, rise in disposable income, and consumer preferences for diet are also expected to support this market over the coming years.

The US recorded the highest number of COVID-19 confirmed cases, followed by Mexico and Canada. The crisis adversely affected the aquaculture sector in the region due to supply chain disruptions, the shutdown of manufacturing units, and border restrictions, among others. Disruptions in manufacturing processes and research and development activities restrained new developments in the aquaculture market. However, the situation is far better than the initial pandemic period. The governments announced the relaxation of restrictions, and manufacturers have started their operations with full capacity. Moreover, the demand for packaged seafood products increased significantly across the region, which is expected to provide lucrative opportunities for the North America aquaculture market in the years to come.

The North America 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 North America 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 North America aquaculture market. Bakkafrost; Blue Ridge Aquaculture, Inc.; Cermaq Group AS; Cooke Aquaculture, Inc.; JBS S.A.; Leroy Seafood; Mowi ASA; Stolt-Nielsen Limited; and Thai Union Group PCL are among the key players operating in the North America aquaculture market.

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