Adverse Climate Changes Threaten Breeding of Salmon, Sardines, and Clams in Aquaculture
The growing awareness about the health benefits offered by the consumption of fish has propelled the growth of the global aquaculture market.The global aquaculture market is anticipated to expand at a CAGR of 5.10% during the period from 2013 to 2019. The overall market stood at a valuation of US$135.1 bn in 2012 and is expected to be worth US$195.1 bn by 2019.
How is China emerging as the fastest growing market for aquaculture?
Since 2012, China has been the dominant region in the global aquaculture market. The presence of natural reserves and easy availability of cheap labour have propelled the growth of the aquaculture market in China. The domestic aquaculture companies in China are looking for partnerships to boost the cultivation and export of fishes. For example, China-based Guangxi Hiseaton Foods has recently established a joint venture in Brunei for the cultivation and export of golden pompano fish.
While the juvenile pompano fish will be brought from China, it will be raised and processed in Brunei. The U.S. and the Middle East are the key export markets for aquaculture products reared in China. Though the economic slowdown in China has hit the domestic aquaculture market, the region is anticipated to lead the overall market in the near future. The lake farmed salmon from the Qinghai region has witnessed an increasing demand and has accounted for over 60% of China’s online seafood market.
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How is climate change impacting the growth of the global aquaculture market?
Climate change due to global warming is expected to significantly impede the growth of the global aquaculture market. A strong El Nino this year has led to the warming of oceans and is expected to negatively impact the production of salmon. Issues of algal bloom and sea lice have surfaced due to ocean warming and are also anticipated to hinder the market’s growth as they restrict the breeding of salmon, sardines, and clams. Furthermore, poor aquaculture practices have added up to the deterioration of the aquaculture farms.
What are the key products driving the demand for aquaculture?
The key products in the global aquaculture market are mollusks, carps, salmon, crustaceans, trout, milkfish, sea bream, mackerel, sea bass, and others including turbot and catfish. As carps display a higher compatibility to tough environmental conditions as compared to other fishes, they drive the demand from the global aquaculture market. However, in the coming years, the demand for mollusks, clams, and mussels is anticipated to rise phenomenally.
The rapidly depleting volume of captured fishes across global reserves is expected to significantly push the growth of the global aquaculture market. The current share of aquaculture in the global fisheries industry is lesser compared to capture fisheries. This gap is projected to be overcome at a fast pace in the near future with the growing focus on aquaculture across the developing economies.