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 s...