Report : Middle East and Africa Aquaculture Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Aquatic Plants, Fish, Crustaceans, Mollusca, and Others) and Culture Environment (Fresh Water, Brackish Water, and Marine Water)
Marine Water Segment to Dominate MEA Aquaculture Market during 2020–2028
According to a new market research study on “MEA Aquaculture Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Product Type and Culture Environment” is expected to reach US$ 22,333.16 million by 2028 from 16,125.65 US$ million in 2021. The market is estimated to grow at a CAGR of 4.8% from 2021 to 2028. The report provides trends prevailing in the MEA aquaculture market along with the drivers and restraints pertaining to the market growth. Growing use of fish oil in several industries is expected to boost the demand for aquaculture is the major factor driving the growth of the MEA aquaculture market. However, issues associated with bad impact on environment hinders the growth of MEA aquaculture market.
MEA aquaculture market is segmented into product type, culture environment, and country. Based on product type, the aquaculture market is segmented into fish, aquatic plants, crustaceans, mollusca, and others. The fish segment accounted for the largest market share in 2020. Based on culture environment, the aquaculture market is categorized into freshwater, marine water, and brackish water. Marine water segment held the largest market share in 2020. Based on country, the MEA aquaculture market is segmented into Saudi Arabia, South Africa, UAE, and rest of MEA. Rest of MEA held the largest market share in 2020.
South Africa recorded the highest number of COVID-19 cases in the MEA, followed by Saudi Arabia and the UAE. Due to the lockdown in the MEA countries, the distribution network was significantly disrupted, affecting the sales of companies operating in the aquaculture market. However, the circumstances are far better than earlier. The marketplace is experiencing positive recovery signs, and the sales of seafood products have surged. Moreover, the UAE is the center of tourist attractions and has a well-established hospitality industry. With easing out the lockdown restrictions and travel bans, the demand for seafood from the hospitality sector is projected to grow significantly, driving the aquaculture market.
Cermaq Group AS; JBS S.A.; Mowi ASA; Stolt-Nielsen Limited; and Thai Union Group PCL are among the leading companies in the MEA aquaculture market.
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