Ocean Farming Market Growth to be supported by the rise in Aquatic Animals through 2028
Rising preference of aquatic
foods among people to drive the growth of global ocean farming market in the
forecast period, 2024-2028.
According to TechSci Research report, “Ocean
Farming Market - Global Industry Size, Share, Trends, Opportunity,
and Forecast, 2018-2028”, the global ocean farming market is anticipated to
grow at a significant rate in the forecast period, 2024-2028. The rise in demand
for protein-rich food is expected to drive the global ocean farming market.
Furthermore, rising demand for sustainable method for growing crops is fueling
the demand for the global ocean farming market. Additionally, ocean farming helps
in protecting marine ecosystem by absorbing the formation of marine dead zones,
and by reducing local ocean acidification. Thus, in turn, augmenting the growth of the
ocean farming market, globally. For instance, kelp in waterbodies help to
capture nitrogen and phosphorus which wind up in ocean though agricultural
runoffs, which turn into liquid fertilizers.
However the dearth for
skilled operators for effective management of complex systems, lower production
of food by the ocean farming technique and lack of awareness among people may likely hamper the growth of the market in the
forecast period.
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The global ocean farming
market is segmented into product type, and culture system.
Based on product type, the
market is divided into aquatic animals, aquatic plants, and land base plants.
Aquatic animals are further subcategorized into marine fish, shrimps, tilapia,
crustaceans, molluscs, and others. Aquatic plants are further categorized into
seaweeds, microalgae, and others. Land based plants segment are further
bifurcated into strawberries, orchids, basil, lettuce, and others. The aquatic
animals segment is expected to grow during the forecast period. This is ascribed
to the rising demand for protein rich food and growing awareness about the
nutritious value.
Based on culture system, the
market is categorized into enclosed sections of the open ocean, farms built on
coastal waters, and artificial tanks or ponds. The artificial tanks or ponds is likely to dominate the
market over the forecast period. This is attributed to ability to control the
climatic conditions and growing adoption of advanced technologies and tools.
Major companies operating
in global ocean farming market are:
- Ocean Reef Group
- Alora (Agrisea)
- Innovasea Systems Inc.
- Open Ocean Farming
- Ocean Farming AS, (SalMar Group)
- Sea6 Energy Pvt. Ltd.
- Atlantic Ocean Aquaculture (AOA)
- Coastal Shellfish Corporation
- Ocean Rainforest
- SalMar Aker Ocean
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“North America Ocean Farming Market is
expected to dominate in the coming years due to the surge in the number of start-ups
emerging out of the region, especially in the United States for development of
ocean farming practice. The rising demand for seafood, presence of advanced solutions and systems, societal behaviors, and
rising support from the government is surging the growth of the market. Also, the rising awareness to grow crops through a sustainable method
to produce food is expected to propel the global ocean farming market growth
till 2028” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Ocean Farming Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Product
Type (Aquatic Animals, Aquatic Plants, Land Base Plants), By Culture System
(Enclosed Sections of the Open Ocean, Farms Built on Coastal Waters, Artificial
Tanks or Ponds), By Region and Competition”, has evaluated the future growth
potential of global ocean farming and provides statistics & information on
market size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in global ocean
farming market.
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