The global aquaculture cage market size is slated to expand at a substantial pace owing to the increasing consumption of seafood around the world, finds Fortune Business Insights™ in its report, titled “Aquaculture Cage Market Size, Share and Industry Analysis, By Type (Freshwater Cage, Marine and Brackish Water Cage), By Application (Fish, Molluscs, Crustaceans, Others) and Regional Forecast, 2020-2027”. According to joint report by the Organization of Economic Cooperation and Development (OECD) and the Food and Agriculture Organization (FAO), the global fish production is set to grow at 1.1% till 2020, while the value of the total world fish trade stood at USD 166 billion in 2018. A more recent report by the FAO and the World Bank (WB) reveals that total global fish supply will reach 186 million tons by 2030, with the share of aquaculture expanding proportionately during this period. Aquaculture cage technology will prove to be vital in ensuring the steady supply of fish, especially from countries with long coastlines, because this technology allows fish breeding in existing water resources, providing a more energy-efficient and cost-effective fish farming system.
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Highlights of the Report:
- Microscopic study of different market segments;
- Detailed examination of the regional prospects and opportunities for the market;
- Comprehensive analysis of the factors driving and restraining the market; and
- Careful profiling of key market players and thorough assessment of their strategies.
Eco-friendly Nature of Cage Aquaculture to Fuel Growth
Compared to conventional fish catching and breeding practices, which have caused disturbances in marine ecosystems and depleted nutrients in water bodies, the environmental impacts of cage aquaculture systems are fewer. According to the Global Aquaculture Alliance, sustainable fish farming using aquaculture cages can lead to higher protein retention in seafood as well as superior energy conservation. Further, farming of shellfish, which act like filtration mechanisms, can improve water quality as they consume excess nutrients in the water and inhibit effluent build-up. A distinct advantage of this type of fish farming is that it can be undertaken in almost any water body, whether inland or coastal, such as rivers, lakes, and ponds. Moreover, in developing countries such as India, which are heavily dependent on agriculture, cage aquaculture can provide an alternative income source for farmers during dry seasons. The economic and environmental feasibility of these modern fish breeding practices will prove favourable for the aquaculture cage market growth in the near future.
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Supportive Government Policies to Aid Market Growth in Asia Pacific
Among regions, Asia Pacific is set to hold a commanding position in the aquaculture cage market share in the upcoming years owing to supportive government policies promoting the adoption of advanced aquaculture technologies. For example, the Government of India allocated USD 74 million for its Blue Revolution scheme to accelerate development of fisheries and aquaculture industry in the country.
In North America, high demand for seafood and fish products along with a robust infrastructure for fish farming will be the prominent factors fueling the market growth in the region. In Europe, extensive utilization of sophisticated aquaculture technologies, especially in the UK, Germany, and the Scandinavian countries will stimulate the market.
Leading Players to Concentrate on Broadening Their Operational Horizons
With the demand for fish and other seafood rising worldwide, key players in this market are developing and deploying cutting-edge aquaculture solutions to boost productivity and efficiency of fish catching and breeding practices. As a result, these companies are making massive investments in innovation to diversify their offerings and solidify their market position.
- September 2020:Italy-based Badinotti Marine partnered with the National Resources Institute of Finland to install a submersible aquaculture cage in the Gulf of Bothnia. The idea behind this cage is to catch below the ice and test the cage as a potential structure for trout farming.
- July 2019:Norway-based Selstad AS signed an agreement with Mowi, the world’s largest salmon producer, to become the latter’s main supplier of aquaculture net cages for the next three years. The deal is expected to entrench Selstad’s position as a leading provider of aqua cages in Scandinavia.
List of Key Companies Profiled in the Aquaculture Cage Market Report:
- Badinotti Group S.p.A
- Qingdao Qihang Fishing Cage Co., Ltd
- Garware Technical Fibres
- AKVA Group
- Hunan Xinha
- Selstad AS
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