MARKET REPORT FEED & ADDITIVE MAGAZINE August 2022 71 market is supported by factors such as an expanding global population, growing need for food security, surging demand for animal proteins in many developing countries, and stagnant production of capture fisheries. According to the report, further rising disposable incomes of people and growing urban population are leading to enhanced consumption of fish and fish products. Additional factors poised to benefit the aquaculture market in the short term include spiraling popularity of organic aquaculture, and novel technologies that are advancing the method of fish farming such as Recirculating Aquaculture Systems (RAS); Integrated Multi-Trophic Aquaculture (IMTA); and Large-sized Aquaponics Systems, among others. Another important growth driver is the significant improvements in distribution, logistics and transportation that is transforming the way aquaculture production is transported. Emerging trends in the sector such as rice-fish culture are also expected to offer lucrative growth opportunities for the market. Rice fish culture, referring to farming of fish in rice fields, is advantageous for both the crop as well as the fish. In this method, fish are offered with a safe environment due to the plants and at the same time rice saplings are safeguarded from pests. MARKET GROWTH EXPECTATIONS There are various estimates of the current size of the global aquaculture market, and based on these estimates, it can be assumed that the average size is around US$200 billion. It is seen that expectations for the compound annual growth rate (CAGR) in the market for the next 10 years vary between 4 and 6%. For example, according to Blueweave Consulting's Global Aquaculture Market - Industry Trends & Forecast Report 2028, the global aquaculture market was worth US$208.7 billion in 2021 and is further projected to reach US$303.8 billion by 2028. The Aquaculture - Global Market Trajectory & Analytics report, prepared by Global Industry Analysts, provides the following about the market size: Amid the COVID-19 crisis, the global market for aquaculture estimated at US$191.3 billion in the year 2022, is projected to reach a revised size of US$232.4 billion by 2026, growing at a CAGR of 4.4% over the analysis period. Fresh water, one of the segments analyzed in the report, is projected to record a 4.7% CAGR and reach US$158.6 billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the marine water segment is readjusted to a revised 4.2% CAGR for the next 7-year period. According to another report titled “Aquaculture Market by Environment” by Allied Market Research,
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