Global Aquaculture Market 2016-2020
Aquaculture is the rearing and cultivation of aquatic animals and plants for food under controlled condition. It involves the farming of over 540 species of finfish, mollusks, crustaceans, and other invertebrates; about 35 species of seaweed; over 30 species of freshwater macrophytes; a few species of amphibians and aquatic reptiles; and about 50 species of microalgae and invertebrates as fish-food organisms in hatcheries.
Technavio’s analysts forecast the global aquaculture market to grow at a CAGR of 3.75% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of global aquaculture market for 2016-2020. To calculate the market size, the report considers the revenue generated from the total market sales of numerous aquaculture products to restaurant owners, as well as retailers and wholesalers.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Aquaculture Market 2016-2020
Technavio recognizes the following companies as the key players in the global aquaculture market: Blue Ridge Aquaculture, Cermaq, Cooke Aquaculture, Nireus Aquaculture, Tassal, American Abalone Farms, Dalian Zhangzidao Fishery, Eastern Fish, Huon Aquaculture, International Fish Farming, Marine Harvest, Norway Royal Salmon, Russian Aquaculture, Selonda Aquaculture, Stolt Sea Farm, and Taylor Shellfish Farms.
Commenting on the report, an analyst from Technavio’s team said: “Introduction of new aquaculture species will be a key trend for market growth. To further drive market growth, different countries that are mature and well developed in the market like China, Vietnam, the US, Canada, Indonesia, and Norway, are exploring new species, especially those of high value. APAC dominates the practice of introducing high value and low volume species, followed by Europe. By constant practice of providing value-added products in the market, the competitors of the market are diversifying their range of species with economic and biological potential. For instance, the European market has witnessed the introduction of emerging finfish species such as meagre (Argyrosomus regius), greater amberjack (Seriola dumerili), and wreckfish (Polyprion americanus).”
According to the report, the increasing awareness of the health benefits associated with seafood escalates the growth in consumption, and thus, serves as a key driver for the development of this market. In today’s world, the deficiency of micronutrients among millions of people, specifically women and children, has an adverse effect on their health. Over 250 million children across the world are vitamin A deficient that leads to blindness, 200 million people suffer from goiter (Out of which, as a result of iodine deficiency, 20 million have learning difficulties), more than 30% of the total world’s population suffers from a deficiency of iron, and 800,000 child deaths annually are due to zinc deficiency.
Further, the report states that one of the major challenges for the market will be imbalance between quantity and quality of seeds for aquafarming. Quality seed in sufficient quantity builds a foundation for aquaculture and optimizes the potential for aquaculture production, as it is a fundamental pre-requisite for sustainable and successful production. As the quantity issue has been solved, the quality issue has come to the forefront. Due to this, the quality issue has been highlighted in recent years as poor performance indicators (growth, production, survival, and several diseases) have consistently been attributed to seed quality.
Blue Ridge Aquaculture, Cermaq, Cooke Aquaculture, Nireus Aquaculture, Tassal, American Abalone Farms, Dalian Zhangzidao Fishery, Eastern Fish, Huon Aquaculture, International Fish Farming, Marine Harvest, Norway Royal Salmon, Russian Aquaculture, Selonda Aquaculture, Stolt Sea Farm, and Taylor Shellfish Farms.