The global aquaculture cages market is expected to grow by USD 88.5 million (EUR 78 million) from 2019 to 2023 at a CAGR of nearly 7 percent, according to a 2020 report released by London, United Kingdom-based market research firm Technavio.
High-density polyethylene (HDPE) floating cages and end-user inclinations toward certified aquaculture cages are forecasted to facilitate sector growth, Technavio said in its report, which considers the outlook for freshwater aquaculture cage development as well as marine and brackish water cages.
Farmed fish often escape from aquaculture cages as a result of installation failure and poor operating routines. This highly affects the potential profitability of aquaculture farmers. Therefore, many vendors such as AKVA group have introduced ISO-certified aquaculture cages,” the research firm explained in a press release.
“Farmers are adopting certified aquaculture cages because they comply with regulatory guidelines, prevent the escape of fish, and ensure optimal performance in aquaculture farms. Thus, the growing end-user inclination toward certified aquaculture cages is expected to drive market growth during the forecast period,” it added.
Technavio posited that much of the market’s growth (94 percent) is forecasted to occur in the Asia-Pacific (APAC) region.
Companies such as AKVA Group, Aqualine, and Selstad in Norway; Italy’s Badinotti Group; and India’s Garware Technical Fibres are expected to drive and reap benefits from expansion in the sector, Technavio projected.
Photo courtesy of Technavio
