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The aquaculture cages market size is estimated to grow at a CAGR of 6% between 2023 and 2027. The market size is forecast to increase by USD 86.68 million. The growth of the market depends on several factors, such as the rising consumer inclination for nutrient-rich fish and fish products, declining fish stock due to unsustainable fishing practices, and the growing end-user inclination for certified aquaculture cages.
This report extensively covers market segmentation by application (fish, crustaceans, mollusks, and others), environment (freshwater aquaculture cages, marine, and brackish water aquaculture cages), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges.
Aquaculture Cages Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
There is an increase in demand for aquaculture production due to the rise in population and increasing demand for fish products. There is an increasing depletion of fish in the water resources in several countries. The main reason which is significantly contributing to the depletion of fish is fisheries is illegal fishing. Some of the key fishing methods which are destroying marine life include dynamite fishing, electro-fishing, and fishing with poison.
For instance, dynamite fishing comprises the utilization of explosives to stun or kill fish and is often considered to be an illegal practice whereas electro-fishing includes the method of fishing using two electrodes by passing a high voltage charge through water. Hence, such illegal practices are destroying marine life and reducing the fish stock which is expected to drive the growth of the aquaculture cages market growth during the forecast period.
Several manufacturers in the aquaculture cages market are offering significant differentiation in cage designs and models. There is a growing popularity for HDPE aquaculture cages among aquaculture farmers due to the factors such as the versatility of the materials used, relatively limited capital requirement, and simplicity in the performance of different aquaculture operations.
As a result, there is an increase in demand for HDPE aquaculture cages in the market. Additionally, there is an increasing focus by manufacturers on offering flexible and durable aquaculture cages. HDPE pipes are one of the main structural components of HDPE aquaculture cages. Badinotti Group, Garware Technical Fibres, and AKVA Group are some of the prominent vendors offering HDPE aquaculture cages. Hence, such factors are expected to the growth of the aquaculture cages market during the forecast period.
Even though, cage aquaculture offers several economic advantages the increasing chance of spreading diseases is one of the major concerns impeding successful fish production. The main reason fuelling the spread of diseases is the lack of sufficient health management measures. As many fishes are growing within an enclosed mesh in aquaculture cages, it increases the risk of disease spread when compared to raceway aquaculture. viral encephalopathy, viral nervous necrosis, Lymphocystis, and bacterial diseases are some of the common diseases.
Moreover, other common factors which can increase the risk of diseases in fish include the free exchange of waste, chemicals, and parasites with surrounding waters. Additionally, several environmental factors such as temperature, salinity, dissolved oxygen, and suspended particulate matter can significantly contribute to the spread of diseases. Hence, such factors can hinder the market growth during the forecast period.
The fish segment is estimated to witness significant growth during the forecast period. Factors such as the expanding demand for seafood, population growth, and rising health consciousness. are significantly contributing to the growth of the market. Some of the main technological innovations in fish farming which have improved production efficiency and environmental sustainability include recirculating aquaculture systems (RAS) and automation.
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The fish segment was the largest segment and was valued at USD 99.89 million in 2017. Furthermore, the development of offshore aquaculture and the integration of smart/advanced technologies in aquaculture are also offering the market players several new opportunities. There is an increasing focus by market players on R&D to address certain challenges associated with this segment which include disease outbreaks, environmental concerns, and regulatory barriers. Additionally, another factor that significantly influences the market is the increase in demand by consumers for certifications for fish products that are sustainably and ethically sourced. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the growth of the aquaculture cages market during the forecast period.
Based on the environment, the segment is classified into freshwater aquaculture cages, marine, and brackish water aquaculture cages. Freshwater aquaculture can be referred to as the culture of fish in freshwater. This aquaculture process involves keeping the cage in several freshwater bodies such as lakes, rivers, reservoirs, and canals. Carp, tilapia, rainbow trout, and channel catfish are some of the common species of fish produced in freshwater aquaculture cages. The increasing demand for freshwater fish among consumers is expected to fuel the growth of this segment. Additionally, it is an ideal option for farmers involved in small-scale aquaculture. Hence such factors are expected to fuel the growth of this segment which in tun will drive the market growth during the forecast period.
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APAC is estimated to contribute 74% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. Some of the prominent countries involved in cage aquaculture include China, Vietnam, Indonesia, and the Philippines. For instance, seaweed, milkfish, tilapia, shrimp, carp, oysters, and mussels are some of the major aquaculture species in the Philippines. There is a growing popularity for LVHD aquaculture cages among aquaculture farmers in the APAC region. The main advantage of LVHD aquaculture cages is that prevent the escape of feeds and fish. Additionally, there is a growing adoption of offshore cage aquaculture in the Philippines. Furthermore, there is an increasing focus on enhancing aquaculture practices by planning to adopt more offshore aquaculture cages. Hence, such factors are expected to drive the aquaculture cages market growth in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global aquaculture cages market witnessed a significant slowdown due to the temporary closure of international trade, leading to a decline in exports of sales of aquaculture products from major countries such as China. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the growing popularity of cage aquaculture in this region. Such factors are expected to drive the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AKVA group: The company offers aquaculture cages such as AKVA 500R 10 Winch, AKVA Polarcirkel 500R, and AKVA Polarcirkel 500RS.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Alfa Laval AB, Asakua Su Urunleri Ltd., Badinotti Group SPA, China Lesso Group Holdings Ltd., Das and Kumars, Gael Force Group Ltd., Garware Technical Fibres Ltd., GiliOcean Technology Ltd., Guang Dong Yangfan Mesh Industry Co. LTD., King Chou Fish Net, KJ, Linde Plc, MSD AQUACULTURE, Pioneer Group, Qingdao Qihang Fishing Cage Co. Ltd., Selstad AS, Serge Ferrari SAS, SRR Aqua Suppliers LLP, and Zhejiang dechen plastic co. ltd.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The aquaculture cages market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Aquaculture Cages Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6% |
Market growth 2023-2027 |
USD 86.68 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.55 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 74% |
Key countries |
US, China, India, Vietnam, and Thailand |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AKVA group, Alfa Laval AB, Asakua Su Urunleri Ltd., Badinotti Group SPA, China Lesso Group Holdings Ltd., Das and Kumars, Gael Force Group Ltd., Garware Technical Fibres Ltd., GiliOcean Technology Ltd., Guang Dong Yangfan Mesh Industry Co. LTD., King Chou Fish Net, KJ, Linde Plc, MSD AQUACULTURE, Pioneer Group, Qingdao Qihang Fishing Cage Co. Ltd., Selstad AS, Serge Ferrari SAS, SRR Aqua Suppliers LLP, and Zhejiang dechen plastic co. ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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