Rising preference for aquatic foods among people to drive the growth of the global ocean farmings market in the forecast period, 2024-2028. According to the 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 Important Elements of the Ocean Farming Market
The rise in demand for protein-rich food is expected to drive the global ocean farming market. Furthermore, the rising demand for a sustainable method for growing crops is fueling the demand for the global ocean farmings market. Additionally, ocean farming helps in protecting marine ecosystems by absorbing the formation of marine dead zones and reducing local ocean acidification. Thus, in turn, augmenting the growth of the ocean farming market, globally. For instance, kelp in waterbodies helps to capture nitrogen and phosphorus which wind up in the ocean through agricultural runoffs, which turn into liquid fertilizers.
However, the dearth of 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 farmings 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, mollusks, 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 animal segment is expected to grow during the forecast period. This is ascribed to the rising demand for protein-rich food and growing awareness about its nutritious value.
Based on the cultural system, the market is categorized into enclosed sections of the open ocean, farms built on coastal waters, and artificial tanks or ponds. Artificial tanks or ponds are likely to dominate the market over the forecast period. This is attributed to the ability to control climatic conditions and the growing adoption of advanced technologies and tools.
Major companies operating in the 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 Farmings 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 the development of ocean farming practices. The rising demand for seafood, the 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 Farmings 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 the global ocean farmings market.
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