Surging Demand for Seafood Amidst Declining Wild Fish Stock Continues to Benefit Growth in the Global Aquaculture Market
The global Aquaculture market is projected to reach US$205.8
billion by 2024, driven mainly by the
increasing consumption of fish and seafood and the constant decline in wild
fish stock. The market will also be influenced by improvements in logistics and
trading facilities and the shift towards sustainable aquaculture practices.
Fishing from rivers, lakes
and oceans has been an age old tradition for civilizations across the world,
given its significance in providing food, employment and other numerous
economic benefits for the society. However the recent decades have been witness
to the growing use of illegal and unregulated fishing and fishing techniques,
which along with alarming increase in pollution, have led to a steady decline
in fish stocks. With fish and seafood being the primary source of animal
protein for several people, especially those residing in coastal regions, the
short supply and increase in prices of wild fish have led to increased focus on
aquaculture as a suitable alternative to capture fisheries. Aquaculture,
referred to as the Blue Revolution, is the
cultivation of aquatic animals/plants (fish, shellfish, and aquatic plants) in
a natural or controlled marine water, fresh water or brackish water environment
for all or part of their lifecycle.
While aquaculture has been
in practice for several years, the sector is relatively nascent globally and
has been experiencing strong growth over the past three decades, due to its
growing prominence in addressing the rising demand for high-protein foods. The
expanding global population and progress in aquaculture industry have together
led to significant increase in average per capita supply of food fish for
humans. Aquaculture is emerging as a sustainable alternative, which can
supplement capture fisheries to address the growing demand for food for the
world’s expanding population. Rising disposable incomes of people, growing
urban population and increasing awareness about the health advantages and
nutritional benefits of seafood are leading to enhanced consumption of fish and
fish products. With demand rising constantly, a wide range of new seafood
products are being introduced into the market. The growing demand for seafood is hence
expected to present considerable growth opportunities for the aquaculture
market. The market also benefits from the escalating demand for fish oil from a
range of industries including food, pharmaceuticals, dietary supplements and
healthcare.
The aquaculture market
benefits from globalization trend, which has led to considerable improvements
in trading facilities as well as logistics systems. The diversification of
species, adoption of sustainable practices and considerable improvements in
aquaculture systems are also presenting a positive outlook for the aquaculture
industry. Aquaculture industry is witnessing increased focus on farming of new
types of species, as market participants look to expand their market share.
There is also increased focus on developing and launching organic aquaculture
products, in light of the rising environmental and health concerns. Organic aquaculture is
especially gaining momentum in countries such as China and Indonesia.
As stated by the new
market research report on Aquaculture, China represents
the largest regional market, worldwide. Aquaculture market in China benefits
from abundant natural resources, favorable weather conditions, and availability
of low cost labor. China along with other Asia-Pacific nations benefits from
the presence of countries with huge population base and high consumption of
seafood. The market also stands to benefit from the country’s increasing focus
on aquaculture production while reducing capture production volume. Asia-Pacific
(excluding China) is forecast to register the fastest CAGR of 6.2% over the
analysis period. Population growth, urbanization, rising income levels, and
increased consumption of both high and low value food fish are further
propelling the aquaculture and fisheries market in developing countries.
Major players in the market
include American Abalone Farms, Lerøy Seafood Group ASA, Blue Ridge Aquaculture
Inc., Cermaq ASA, Cooke Aquaculture, Dainichi Corporation, Empresas AquaChile
S.A., Huon Aquaculture Group Limited, Marine Harvest ASA, Marine Harvest
Canada, Maruha Nichiro Corporation, Multiexport Foods, Nireus S.A., Norway
Royal Salmon ASA, SalMar ASA, Sea Watch International Ltd., Selonda Aquaculture
S.A., Stolt Sea Farm, Stehr Group, Tassal Group Ltd., Taylor Shellfish Inc.,
The Nueva Pescanova Group, Unima Group, and Zhanjiang Guolian Aquatic Products
Co. Ltd., among others.
The research report titled “Aquaculture - Market Analysis, Trends, and Forecasts”
announced by Global Industry Analysts Inc., provides a comprehensive review of market
trends, issues, drivers, mergers, acquisitions and other strategic industry
activities of global companies. The report provides market estimates and
projections in US$ Million for all major geographic markets such as the US,
Canada, Japan, Europe, China, Asia-Pacific (excluding China), Middle East &
Africa and Latin America.
Global Industry Analysts, Inc. 6150 Hellyer
Ave., San Jose CA 95138, USA, All Rights Reserved.
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