The North America Aquaculture market is accounted to US$ 6,432.8 Mn in 2018 and is expected to grow at a CAGR of 4.8% during the forecast period 2019 - 2027, to account to US$ 9,685.1 Mn by 2027.
The North America aquaculture market is segmented on the basis of nature as - land based and offshore. The land based North America aquaculture market is estimated to hold a dominant share in the market. The land-based aquaculture involves the farming of aquatic organisms on land. Offshore aquaculture, also known as open ocean aquaculture, involves fish farming in the deeper and less sheltered waters. The land based aquaculture is considered as a sustainable alternative to the open-water fish farming. Land-based aquaculture requires large investment as compared to the offshore aquaculture, but reduces the risk of the escape of the organisms. The presence of high-tech systems and increased knowledge about the farming techniques is driving the growth of North America Aquaculture Market.
The North America aquaculture market is segmented on the basis of culture environment as: fresh water, brackish water, and marine water. The marine culture environment segment accounts the largest share in the North America aquaculture market, while fresh water segment also contributes a significant share in the market. Marine aquaculture involves the cultivation of different marine organisms such as finfish, prawns, oysters, etc. in open ocean or tanks and ponds which are filled with the seawater. Marine aquaculture is done to obtain food as well as other products. Some of the other products obtained from marine aquaculture include nutrient agar, cosmetics, jewelry, and fish meal. Marine aquaculture has been expanding at a high rate over the last few years due to availability of advanced technology, improvement in formulated feeds, increasing demand for seafood, and various other factors.
Growing popularity of fish as a healthy staple is one of the key driver for the growth of North America aquaculture market. Fish and other seafood are a very important source of protein. The increasing inclination of millennial towards the consumption of high protein food products is estimated to drive the North America aquaculture market. Increase in health and fitness trends among the millennial makes it necessary to include enough protein diet, which is required for the repair and building of the muscles. Also, millennial are demanding for high protein products but without any compromise on the taste. Seafood can be used in the preparation of various products with exotic flavors. Thus, the seafood is an excellent option for consumption as it is inclined with the millennial requirements. Therefore, such factors are expected to drive the North America aquaculture market.
North America aquaculture market in segmented on the basis of country as - U.S., Canada, and Mexico. The United States has a major share in the North America aquaculture market, which is followed by Canada. The high per capita consumption, and increase in government initiatives are some of the important drivers for the growth of aquaculture market in the United States. Also, the government is trying to implement various measures to reduce the dependence of U.S. on the imported seafood. Aquaculture is one of the growing U.S. economic sectors, which is anticipated to boost the North America aquaculture market.
Few of the players present in North America Aquaculture market are Bakkafrost, Cermaq Group AS, Cooke Aquaculture Inc., Farallon Aquaculture Group, Ler?y, Mowi ASA, Selonda Aquaculture SA, Stolt-Nielsen Limited, Thai Union Group PCL, and Blue Ridge Aquaculture, Inc.
The overall North America Aquaculture market size has been obtained by using the primary and secondary source. The research process begins with detailed secondary research using internal and external sources to obtain qualitative and quantitative information related to the North America aquaculture market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America Aquaculture market.