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in-focusfood-and-beverage-applications
in-focusfood-and-beverage-applications

In focus…Food and beverage applications

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Think of aquaculture, and you’re unlikely to think of Sweden. The global hotspots for aquaculture are known to be dominated by the Asia-Pacific region, with China, Indonesia, India, Vietnam and Bangladesh comprising the top five countries for aquaculture production in 2016, according to reported data from the Food and Agriculture Organisation

Market projections vary, with a July 2021 report from Reportlinker suggesting China, Japan, Canada and the US as notable aquaculture markets in the period from 2020-2027. It’s a market projected to grow at a compound annual growth rate (CAGR) of 4.4% in this period, moving from an estimated at $181bn value 2020 to a projected size of $245.2bn by 2027.

China is forecast to see a CAGR of 4.9% in this timeframe, while Japan and Canada are forecast to grow at 2.5% and 3.4%, respectively, and within Europe, Germany is forecast to grow at approximately 2.7% CAGR. 

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