South 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)

South 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 SAM is expected to grow from US$ 10,643.46 million in 2021 to US$ 14,101.39 million by 2028; it is estimated to grow at a CAGR of 4.1% from 2021 to 2028.

Seafood, specifically fish, is part of traditional food in many regions. Also, fish is largely consumed owing to its nutritional benefits and several health benefits. It is considered a good source of fatty acids, vitamins, minerals, protein, and essential micronutrients. An increase in disposable income and spending power of consumers encourage them to spend on animal proteins such as seafood. Currently, high growth in population and increased popularity of seafood as a healthy source of protein have fueled the growth of the aquaculture market. Wild fisheries are not sufficient to meet the total seafood demand generated in SAM, and the issue can be addressed by acquiring aquaculture practices. Aquaculture is the practice of farming aquatic animals such as fish, crustaceans, and mollusks in a controlled environment in man-made tanks and ponds, or water bodies in coastal areas. The yield of aquaculture accounts for more than half of the seafood consumption across the region. Overfishing in the oceans has created a need for the development of alternative methods for the production of seafood. Aquaculture is a sustainable solution that has emerged as an environmentally friendly alternative to wild fishing. It is the controlled process of farming aquatic organisms in inland and coastal areas. Aquaculture is carried out by multinational companies as well as small-scale fisheries. Also, the Food and Agriculture Organization (FAO) has predicted that fish consumption by humans is expected to increase by 50% in the next 15 years.

Brazil has reported the highest number of COVID-19 confirmed cases in SAM, followed by Argentina, Peru, Chile, and Ecuador. Governments have taken several actions to protect their citizens and contain the spread of SARS-Co V-2. Containment measures in several SAM countries reduced economic activity in the manufacturing sector in 2020. However, as the economies are recovering from losses, the aquaculture market is also projected to witness resurgence in the next few years. Moreover, with the growing demand for seafood from both the food retail and foodservice sector in the region, the aquaculture market is projected to grow at a notable pace during the forecast period.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the SAM aquaculture market at a good CAGR during the forecast period.

SAM Aquaculture Market Revenue and Forecast to 2028 (US$ Million)

SAM Aquaculture Market Segmentation

Market, by Product

Aquatic Plants Fish Crustaceans Mollusca Others Market, by Culture Environment

Fresh Water Brackish Water Marine Water Market, by Country

Brazil Argentina Rest of SAM Companies Mentioned

Cermaq Group AS JBS S.A. Mowi ASA Thai Union Group PCL

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