Aquaculture is the cultivation of freshwater aquatic organisms for food and other purposes. This rapidly growing field is focused on harvesting fish in water systems. Aquaculture has been able to meet the needs of a less than adequately served market, with less harmful waste being released into the environment as the water is delivered directly to the operations and transported to the fish where it is used. Aquaculture is one of the few animal products that has consistently shown consistent growth despite the global recession, with fish production consistently exceeding demand.
Market Dynamics
The increasing number of hatcheries is expected to boost the global aquaculture market growth over the forecast period. For instance, in March 2021, Kelly Cove Salmon Ltd., the Atlantic Canada-based salmon farming division of Cooke Aquaculture Inc., received approval from Nova Scotia Department of Fisheries and Aquaculture for the development of a new land-based salmon hatchery near Centreville on Digby Neck.
The major players operating in the global aquaculture market are focused on adopting partnership strategies to enhance their market share. For instance, in August 2021, Cermaq partnered with Folla Alger for integrated salmon and kelp farming in collaboration with leading research environments in Norway.
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