Aquaculture Market to 2027 - Global Analysis and Forecasts By Species (Aquatic Plants, Fish, Crustaceans, Molluscs, and Others), Nature (Land based and Offshore), Culture Environment (Fresh water, Brackish water, and Marine), and Geography
The global aquaculture market accounted for US$ 264,470.0 in 2018 and is expected to grow at a CAGR of 7.7% during the forecast period 2019 – 2027, to account to US$ 509,743.0 Mn by 2027. Aquaculture includes farming of fish, aquatic plants, algae, crustaceans, molluscs, and other organisms. Small-scale aquaculture market in developed and developing countries make critical contributions to employment. According to the FAO, aquaculture provides employment to more than over 41 million people globally. The vast majority of aquaculture activities are carried out in developing countries working in fish production. Fish and other seafood species constituting an important source of nutrients for the poor and is among the cheapest form of animal protein. As most capture fisheries worldwide considered fully exploited or overexploited, aquaculture is considered as an important sector to meet rising fish demand, which will continue to increase with population growth, rising incomes and increasing urbanization. These factors are anticipated to boost the growth of the aquaculture market.
Aquaculture is significantly contributing to the production of fish, and the adoption of aquaculture is growing at a steady rate. The increase in demand for fish for human consumption is majorly meet by aquaculture, marine fisheries, and inland fisheries. However, an increase in fish production by inland and marine fisheries generate the situation of overfishing and impacts the environment. Aquaculture owns huge potential for future expansion, and it is a great source of fish production. Government initiative and favorable policies play an important role in generating a suitable environment for entities involved in aquaculture. This further provides a lucrative opportunity for the key players operating in the aquaculture market.
Government of India has formulated the Centrally Sponsored Scheme ‘Development of Inland Fisheries and Aquaculture’ in order to create a scope for ricers & canals, ponds & tanks, lakes, and other water bodies for the development of fisheries to support food security. It also offers employment opportunities and develops a socioeconomic status for fishers and other entities present in the sector. Additionally, China has become a member of World Trade Organization (WTO) that ensures the strengthening of aquaculture sector including processing and production subsectors which also helps to increase the share of China’s aquaculture sector in international markets. Thus, the aforementioned factors depict that favorable government initiatives are boosting the growth of the global aquaculture market.
Some of the players present in global aquaculture market are Bakkafrost, Blue Ridge Aquaculture, Inc., Cermaq, Group AS, Cooke Aquaculture Inc, Danish Salmon A/S, Farallon Aquaculture Group, FIFAX AB, HESY Aquaculture B.V, Lerøy, Mowi ASA, NIRI AS, Selonda Aquaculture SA, Stolt-Nielsen Limited, TASSAL, and Thai Union Group PCL, among others.
The overall global aquaculture market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the aquaculture market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the aquaculture market.