The
global aquaculture market is experiencing a surge in its overall
demand owing to the increase in consumer awareness about health
benefits associated with the regular consumption of fish or sea-food.
Aquaculture is the collective name given to different kinds of marine
farming that includes shrimp farming, oyster farming, and fish
farming. At present the global market for aquaculture has a smaller
share compared to the captured fish market in the fisheries industry.
But according to the Organization of Economic Co-operation
Development (OECD), the market share for aquaculture is expected to
grow exponentially and increase by 35% by the end of 2022. The market
for capture fisheries, on the other hand, is expected to rise by 5%
during the same period. Additionally, market experts are foreseeing
great potential for the aquaculture market in the future.
The
aquaculture market is expected to surpass the market for capture
fisheries and emerge as the main source of human seafood consumption
before the end of 2015. A recent report published on the global
aquaculture market reveals that the market, valued at US$135.10
billion in 2012, is expected to be worth US$195.15 billion by the end
of 2019, registering growth at a CAGR of 5.1%. In terms of volume,
the production of aquaculture fish and seafood is expected to grow at
a CAGR of 2.3% between 2013 and 2019.
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Depleting
Volume of Captured Fish to Drive the Aquaculture Market
There
are several factors attributing to the growth of this rather new and
unconventional method of breeding fish. First of all, there has been
a tangible shift in consumer preference in terms of the food they
consume. They have become increasingly aware of the health benefits
associated with fish consumption, which has emerged as one of the
primary factors driving the global aquaculture production.
Additionally, the reduction in volume of captured fish will
significantly boost the production in the aquaculture market in the
next few years. Factors such as the surge of disposable income and
increasing urbanization are also expected to boost the levels of
aquaculture production.
Vulnerability
to Adverse Climate Might Surface as Bottleneck
Despite
registering impressive growth stats, the market for aquaculture is
not free from its share of restraints. The vulnerability to adverse
climate conditions might hamper its production activities. Disease
management and feed supply might also emerge as serious concerns for
the market to focus on. However, adoption of contemporary
poly-culture systems such as fish farming and rice is anticipated to
provide considerable opportunities for the growth of the global
aquaculture market. Poly-culture systems will diversify farm
activities, which will correspondingly provide additional food and
income for the market.
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Farming
of Carps and Mollusks to Dominate the Global Aquaculture Market
In
the year 2012, carps emerged as the leading product segment in the
global aquaculture market, accounting for over 35% of the market
share. This fish species is highly compatible even to less favorable
environment conditions, owing to which it dominated the aquaculture
production in 2012. Moreover, the increasing use of contemporary
poly-culture systems such as fish farming in conjunction with rice
planting has further contributed to the increase in production.
Consumers
across the globe are becoming increasingly aware of the health
benefits associated with consumption of mollusks, particularly clams
and mussels. Additionally, mollusks filter nutrients, contaminants,
and sediments, which helps maintain the water quality of natural
water bodies. Such factors have contributed significantly to the
growth of mollusk production globally.
Asia
Pacific to Dominate the Global Aquaculture Market
The
global market for aquaculture is dominated by Asia Pacific due to the
presence of favorable environment conditions for practicing
aquaculture in the region. In 2012, China alone accounted for 60% of
the global aquaculture production. Other developing economies in Asia
Pacific emerged as the second largest contributor to the global
aquaculture market during the same year. China is expected to
continue its run as the undisputed leader in the global aquaculture
market owing to its ideal climatic conditions and easy availability
of cheap labor and resources.
Leading
Aquaculture Manufacturers
The
presence of several manufacturers has made the global aquaculture
market fragmented and very competitive by nature. It is presently
dominated by companies such as Cermaq ASA, Tassal Group Ltd, Selonda
Aquaculture S.A., Aquaculture Inc., Aquaculture S.A., Blue Ridge
Aquaculture, and Cooke Nireus among others.
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