According to a report released by Market Research Future, the global aquaculture market is estimated to grow at CAGR of 5.1%, reaching the valuation of USD 207 billion during the forecast period, 2019-2024.
The growth of the global aquaculture market trends is attributed to the growing human population, demand for seafood, and the growth of the retail sector. Additionally, increasing government strategic initiatives and research and development in aquaculture are boosting the efficiency and productivity of the aquaculture industry which is leading to the delivery of high quality and disease-free fish and aquatic products to consumers. Aquaculture is probably the fastest growing food-producing sector and is perceived as having the greatest potential to meet the growing demand for aquatic food. The aquaculture industry is expected to go through a radical transformation in the upcoming future owing to rising demand from global demographic.
Strong Logistics and supply chain solution designed specifically for transporting seafood is enhanced the opportunities in the global market. The market is expected to get competitive on the basis of increased number of new entrants, growing awareness aquaculture, and government offering financial funding for equipments is driving the growth of the global aquaculture market.
However, the altering climatic conditions around the globe due to climate change, fluctuation in the trade market, aquaculture trade regulations, and water body pollution by toxic chemicals are the major restraints which may hinder the growth of the global aquaculture market.
The global aquaculture market has been segmented based on environment, type, and region. By environment, the global market has been classified as freshwater, marine water, and brackish water. The freshwater segment is anticipated to hold the dominance in the global market during the forecast period. Moreover, the brackish water segment is also predicted to gain a noteworthy share in the global aquaculture market.
Based on type, the global market has been classified as fishes, crustaceans, Mollusca, and others. Fishes segment which includes species such as tuna, promfret, anchovy, salmon is estimated leads the global owing high demand from restaurants and food sector.
The market in Asia-Pacific is expected to dominate the global aquaculture market size during the forecast period due to the increasing government initiatives for promotion of aquatic animal health and sustainable farming systems. Organizations like the Network of Aquaculture Centres in Asia-Pacific (NACA) are promoting rural development through sustainable aquaculture and aquatic resources management in the region.
However, the market in North America is expected to register the highest growth rate during the forecast period due to the increasing number of market players in the region and strong institutional support for aquaculture by the government to foster industrial expansion
Some of the leading giants contributing with their services in the fishing industry around supporting the growth of the global aquaculture market include Mowi ASA, Grieg Seafood ASA, Tassal Group Ltd., Charoen Pokphand Foods PCL, American Abalone Farms, Cargill, Incorporated, Dainichi Corporation, Thai Union Group PLC, Maruha Nichiro Corporation, Austevoll Seafood ASA, Sea Watch International Ltd., Blue Ridge Aquaculture Inc., Cooke Aquaculture, Nippon Suisan Kaisha Ltd., and Cermaq ASA.
Growing penetration of technology, major players in the aquaculture market are taking a support of real-time monitoring systems, advanced sensors, and predictive solutions to sustain a competitive approach in market.
- Norway government has allotted 10 Million kroner to fund the aquaculture research on the grounds of various algae outbreak in the previous year. This funding for aquaculture is dedicated to preventive measures intended to curb the impacts of similar outbreaks in the coming future. The plan includes installation of surveillance systems along the Northern Coast of Norway. The installation will give the full access of fish health status which in future, in case of algae outbreaks, fish can be migrated to a location that isn’t affected.
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