MARKET REPORT 74 FEED & ADDITIVE MAGAZINE August 2022 ket share in 2021 due to fish being a staple food in countries like Japan and China. South and Central America followed the Asia Pacific region. The technological developments in South America and a few countries in South Africa are predictable to upsurge the growth of the aquaculture market in LAMEA (Latin America, Middle East and Africa). Moreover, the rapid development in the Middle East in the footings of technology and infrastructure results in a development in the LAMEA market. According to the report of Global Industry Analysts, which evaluates the situation of the market on a country basis, aquaculture market in the U.S. is estimated at US$2.8 billion in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$167.3 billion by the year 2026 trailing a CAGR of 4.9% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.5% and 3.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.7% CAGR. North America and Europe are expected to witness strong progress led by growing adoption of advanced aquaculture techniques and tools. Consumption of fish commodities is growing rapidly in developing countries. Urbanization, rising income levels, and increased consumption of both high and low value food fish are further propelling the market for aquaculture and fisheries in the developing countries. GLOBAL MAJOR PLAYERS The global aquaculture market is characterized by the presence of many local, regional, and global vendors. The players maintain their dominance in the market by investing in research and development activities, integrating the latest and advanced technologies for the customers. Different strategies are adopted, like engaging in strategic alliances, agreements, mergers, and collaborations. Resources: • Blueweave Consulting; Global Aquaculture Market - Industry Trends & Forecast Report 2028; July 2022, https://www.blueweaveconsulting.com/report/ global-aquaculture-market/report-sample • Global Industry Analysts Inc., (GIA); Aquaculture - Global Market Trajectory & Analytics; July 2022; https : / /www.strateg yr.com/market-report-aquaculture-forecasts-global-industry-analysts-inc.asp • Research and Markets, Global Aquaculture Market 2020-2030 by Nature; October 2021; https://www.researchandmarkets.com/reports/5459946/global-aqua-
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