The global aquaculture market size is projected to grow from USD 30.1 billion in 2018 to USD 42.6 billion by 2023, recording a compound annual growth rate (CAGR) of 7.2% during the forecast period. This market is driven by factors such as a decline in the amount of captured fish, rise in consumption of fish and other products (due to their nutritional value), and growth in trend of smart fish farming.

Key aquaculture players include Pentair Plc, (US), AKVA Group (Norway), Xylem Inc (US), Aquaculture Equipment Ltd (UK), Aquaculture System Technologies (US), Luxsol (Belgium), Pioneer Group (Taiwan), CPI Equipment Inc (US), Asakua (Turkey), FREA Aquaculture Solutions (Denmark), Lifegard Aquatics (US), Tan International Ltd (UK), Reef Industries Inc (US), Aquafarm Equipment AS (Norway), and Aquaculture of Texas, Inc (US). Expansion was a dominant strategy adopted by the key players, followed by the launching of new products. This has helped them to increase their presence in different regions and expand their product portfolio.

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