According to the latest report by IMARC Group “Bangladesh Aquaculture Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The Bangladesh aquaculture market is expected to exhibit a CAGR of 2.30% during 2022-2027.
Aquaculture, or fish farming, refers to the controlled process of breeding, rearing, harvesting, and cultivating fish, shellfish, algae, and other aquatic organisms. It assists in food production, restoration of habitats and endangered species population, and optimum utilization of agricultural and natural resources, while providing a safe and natural breeding environment for the aquatic population. It also includes the production of ornamental fishes to support commercial and recreational marine fisheries.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Bangladesh Aquaculture Market Trends:
The market is primarily driven by the escalating demand for fish across Bangladesh, as it represents a staple food across the country. In addition, the increasing domestic and export demand for aquaculture products represents another major growth-inducing factor. Besides this, individuals are widely adopting frozen and packaged seafood due to hectic lifestyles. This, coupled with the implementation of producer-friendly aquaculture regulations by government bodies, is contributing to market growth. For instance, the Government of Bangladesh is undertaking initiatives for creating full-time employment opportunities in aquaculture farming, which in turn is propelling market growth. Moreover, the growing health consciousness among the masses, the increasing demand for organic aquaculture products, and the shifting consumer focus on sustainable development are some of the other factors creating a positive market outlook across the country.
Breakup by Fish Type:
- Freshwater Fish
Breakup by Environment:
- Fresh Water
- Marine Water
- Brackish Water
Breakup by Distribution Channel:
- Traditional Retail
- Supermarkets and Hypermarkets
- Specialized Retailers
- Online Stores
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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