Freshwater aquaculture is one of the growing sectors in India today. However, marine aquaculture is also gaining speed. The global market for aquaculture products and equipment is growing at a CAGR of 7.2 percent and has been predicted to achieve a net valuation of $42.6 Billion by the year of 2023. Equipment and product manufacturers in this domain are concentrating more on quality production owing to the growth of water- borne diseases. The process of freshwater aquaculture ought to be the most hygienic ones due to it’s direct relation to consumption of the population.
Freshwater aquaculture in India has become more active owing to the increasing demand in the market. The increasing population is one of the major aspects for the growth of this sector. There are even several aspects of freshwater aquaculture technology that is gaining more acceptance. As the industry is growing, machinery and supplements are needed for new implementations and this is where the industry of freshwater aquaculture is striking hard.
New companies in this domain are coming up with advanced technology for this while the existing companies are integrating the new technology into their products that already have a brand value in the market.
There are different kinds of aquafarming products that are needed for the aquaculture industry. There are products for freshwater aquaculture and there are products for marine aquaculture that are available in the market now. A wide range of equipment and machinery is also available for freshwater as well as marine aquafarming in India. There has been the innovation of advanced feeding systems in the aquaculture industry which completely takes care of the needed diet of aquatic animals. As it stands, these machinery and equipment are now an integral part of the aquafarming industry.
This market is proliferating in the South American, Asia Pacific and African regions owing to the volume consumption of aquatic products in the respective populations. When it comes to India, it is freshwater aquaculture that is most relevant. Although a considerable part of the population consumes sea fish, marine has not got that much importance in the Indian market. A lot of businesses, old and new, have started concentrating more volume production of material and catering to as much demand as possible.
It has further come under observation that aquaculture machinery and equipment market will gain more revenue than the aquatic product manufacturers. Owing to the technological advancements that are taking place in the world, the aquaculture industry is also not far behind. Modern equipment and machinery are being produced and implemented at aquaculture plants that are facilitating the growth of the aquatic products that are getting cultured.
The recent outbreak of the COVID-19 pandemic, however, has temporarily hit the sustainable aquaculture industry. China suffers the worst possible scenario where not only production is stopped but the probability of exports have also lessened taking under consideration that the outbreak of the virus started from the Wuhan food market.
Japan, Korea, the EU and the US have been the main destinations for China’s aquatic exports for over a decade. “Currently, all exports to Korea are on hold, and exports to Japan, the EU and the US have fallen”, said Cui He, head of the China Aquatic Products Processing and Marketing Alliance.
China’s seafood exports are, he said “facing their biggest ever test”. One example that can prove the gravity of the situation is Chinese Tilapia, half of which is usually exported.