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According to the new research report titled “Precision Aquaculture Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 1,209.96 million by 2028, registering a CAGR of 14.5% from 2021 to 2028.
China, India, Japan, Australia, and South Korea are the major contributors to the precision aquaculture market in APAC. As per the facts stated by the FAO, in 2014, 35 APAC countries in the region delivered greater volumes of farmed fish than wild-caught fish. Bangladesh, China, India, and Vietnam are among the major producers in the region. In the past, China, South Asia, and Southeast Asia ruled the global aquaculture production, both in terms of value and quantity. In 2014, APAC accounted for 79% of the global aquatic animal production, in terms of value. During 2010–2014, the region accounted for 5.7% growth in aquatic animal production with a negative annual percent rate (APR) in Asia and Oceania. The production in APAC is likely to surge in the coming years to meet the rising regional and global demand for fish.
Aquaculture meets the ever-increasing demand for aquatic products in the region. As per American Chemical Society (ACS) Publications, Asia accounts for 88% of the global aquaculture production, in terms of volume. Much of the aquafeeds used in the region are generated on-farm or by small-scale semi-commercial feed manufacturers, and enhancements in the quality and preparation of aquafeeds are anticipated to improve productivity and confer cost savings. The small-scale aquaculture industry in a few developing economies of Asia is facing problems due to insufficient access to finance; scarcity of feed formulations; and lack of technical innovations, processing knowledge, and training. However, the growth in the development of public–private partnerships among aquaculture farmer groups or associations to optimize the manufacturing capacity is likely to boost the precision aquaculture market growth in the near future.
In 2018–2019, the government of India created the Fisheries and Aquaculture Infrastructure Development Fund (FIDF) with a corpus of US$ 75.22 billion for enhancing fishery infrastructure in the country. Under the FIDF, concessional finance was offered for the growth of fisheries infrastructure through an interest subsidy of ~3% per annum. The funding under the FIDF filled considerable infrastructural gaps in the fisheries sector in India. Thus, the rising government support for the development of aquaculture infrastructure, in addition to the escalating aquaculture production, is bolstering the precision aquaculture market growth in APAC.
COVID-19 has negatively impacted businesses in the region in four critical areas, such as supply chain/operations, workforce, 2020 investments, and product offering. In the first nine months, overhead costs, including expenses for sales, R&D, and administration of various providers fell adversely, due to severe measures taken in the course of the pandemic. Despite the effects of the global outbreak, earnings were improved, primarily due to continuous optimization of the cost structure.
The global pandemic badly affected the conventional fishing activities in the US, and as per the Trump government, aquaculture is one of the best means of protecting the country’s future seafood supply chain and food security. The government signed an order to surge the US competitiveness in the seafood sector, which instructed agencies to develop and boost sustainable production, including increased efficiency of aquaculture processes. Trump's government announced the availability of US$ 300 million to help seafood.
Key Findings of Study:
The consumer demand for greener, cleaner, and safer seafood is tremendously increasing worldwide. Poor ecosystem management, overfishing, and ecological problems (such as pollution) over the years have led to the depletion of several popular fishes, such as cod and tuna, in their natural habitat. Recirculating aquaculture systems, which are land-based systems, are likely to offer a safer alternative to open-water farms that do not compete with other ocean uses. Seabass, catfish, tilapia, black salmon, shrimp, clams, and oysters are a few of the fish types that can be raised in these systems. Recirculating aquaculture systems range from small-scale urban aquaculture systems set at homes to huge commercial-scale farms, producing a diverse range of fishes. At present, R&D is being conducted at government, academic, and business facilities across various countries to enhance the techniques and methods used in the system.
Land-based recirculating aquaculture facilities are gaining popularity in different countries, and several companies are implementing this system for sustainable seafood management. For instance, Nordic Aquafarms, a US-based seafood company fully integrated with its RAS-design, operates land-based farms in Denmark and has opened its first US facility in Maine in 2020. Superior Fresh, Wisconsin, operates an aquaponics recirculating aquaculture system that produces Atlantic salmon and steelhead trout, along with producing leafy greens. Several players in the market are also focusing on gaining traction in the technologically competitive market; thus, they are highly implementing product development strategies. For instance, in September 2020, Nocera, Inc., a land-based aquaculture provider, rolled out its next-generation recirculating aquaculture systems in Taiwan, which is developed to enhance productivity and sustainability in commercial aquaculture. In India, precision aquaculture technologies have gained huge traction, with entrepreneurs venturing into the aquaculture ecosystem. The country is witnessing a growth in land-based recirculating aquaculture systems. With increasing innovations in waste management systems and fish feeds, recirculating aquaculture systems has the potential to be a safe and sustainable aquaculture system, thus serving multiple growth opportunities to the precision aquaculture market players.
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