Growth in Protein Demand is Driving the Global Aquaculture Sector
A new analysis from the San Antonio, Texas research firm Frost & Sullivan says innovation in aquaculture technologies and smart farming methodologies are revolutionizing the sector and generating billions of dollars in revenue streams.
The company predicts that the market will garner $415.82 billion in revenue by 2030, up from $284.63 billion in 2021, an uptick at a compound annual growth rate of 4.3%.
According to Frost and Sullivan research analyst Akheela Dhiman, the aquaculture industry has fully recovered from the COVID-19 pandemic, after facing the most intense impact in the first half of 2020.
Dhiman said that with reopening of hotels, restaurants and cafes since and recovery in global household demand have revived the aquaculture industry.
To take advantage of the expanding global aquaculture market, Frost & Sullivan urged fishing organizations to find alternative fishmeal sources, such as insects and algae, which would reduce the farming costs for companies and increase their profitability.