Aquaculture Market is Driven by Rising Awareness about Health Benefits of Consuming Fish & Fish Products Among Cosumers
Aquaculture comprises farming various types of seafood, including fishes and shrimp, oysters, and other mollusks. The aquaculture industry has received a significant boost in recent years from the rising awareness among consumers about the health benefits of consuming fish and fish products. This is likely to remain a promising driver for the aquaculture industry in the coming years, as fish consumption is rising even in areas where seafood hasn’t traditionally been a part of the local cuisine.
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Aquaculture accounted for close to 50% of the overall consumption of fish across the world in 2012 and is likely to remain a dominant contributor in the coming years. The growing adoption of poly-culture systems, wherein fish farming and rice farming is carried out in the same field, is a key driver for the global aquaculture market. Since many aquatic animals thrive in the waterlogged fields required in rice plantations, this is likely to be a key feature of the global aquaculture market in the coming years. The steady adoption of such techniques is likely to boost the share of the aquaculture segment in the global fish market in the coming years, with the segment expected to overtake the captured fish segment in the coming years.
The global aquaculture market is expected to reach a valuation of US$195.1 bn by the end of 2019.
Freshwater Aquaculture to Retain Dominance in Global Aquaculture Market
Aquaculture can be conducted in fresh, brackish, or marine water, based on the intended produce. Of these, freshwater aquaculture is the leading revenue generator for the global aquaculture market and is likely to remain the dominant segment in the coming years. While fish captured from natural waters have constituted the majority of the global fish market, this has led to severe depletion of the fish population in many parts of the world. This has led to freshwater aquaculture, which is usually carried out in artificially prepared tanks and ponds, taking on an important role in the global aquaculture market.
However, the demand for marine species remains high across the world. Since most fish can exclusively survive in either marine or fresh water, this has led to a growing adoption of aquaculture in marine water. Marine aquaculture is thus likely to be a leading contributor to the global aquaculture market in the coming years.
By species, carps dominate the global aquaculture market and are expected to account for around a third of the global market by the end of 2018. The robust nature of carps and their ability to readily adapt to imperfect conditions has made them likely to remain the leading product segment of the global aquaculture market in the coming years. In addition, mollusks are expected to become key revenue generators for the global aquaculture market by the end of 2018.
China is the dominant regional aquaculture market and is expected to account for more than 60% of the global aquaculture market by the end of 2018. Asia Pacific (excluding China) is also a leading regional segment of the global aquaculture market due to the widespread presence of conditions highly conducive to aquaculture.
Leading companies in the global aquaculture market include Cermaq ASA, Nireus Aquaculture S.A., Tassal Group Ltd., Cooke Aquaculture Inc., Blue Ridge Aquaculture, and Selonda Aquaculture S.A.