The
growing awareness about the health benefits offered by the
consumption of fish has propelled the growth of the global
aquaculture market.The global
aquaculture market is anticipated to expand at a CAGR of 5.10%
during the period from 2013 to 2019. The overall market stood at a
valuation of US$135.1 bn in 2012 and is expected to be worth US$195.1
bn by 2019.
How
is China emerging as the fastest growing market for aquaculture?
Since
2012, China has been the dominant region in the global aquaculture
market. The presence of natural reserves and easy availability of
cheap labour have propelled the growth of the aquaculture market in
China. The domestic aquaculture companies in China are looking for
partnerships to boost the cultivation and export of fishes. For
example, China-based Guangxi Hiseaton Foods has recently established
a joint venture in Brunei for the cultivation and export of golden
pompano fish.
While
the juvenile pompano fish will be brought from China, it will be
raised and processed in Brunei. The U.S. and the Middle East are the
key export markets for aquaculture products reared in China. Though
the economic slowdown in China has hit the domestic aquaculture
market, the region is anticipated to lead the overall market in the
near future. The lake farmed salmon from the Qinghai region has
witnessed an increasing demand and has accounted for over 60% of
China’s online seafood market.
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How
is climate change impacting the growth of the global aquaculture
market?
Climate
change due to global warming is expected to significantly impede the
growth of the global aquaculture market. A strong El Nino this year
has led to the warming of oceans and is expected to negatively impact
the production of salmon. Issues of algal bloom and sea lice have
surfaced due to ocean warming and are also anticipated to hinder the
market’s growth as they restrict the breeding of salmon, sardines,
and clams. Furthermore, poor aquaculture practices have added up to
the deterioration of the aquaculture farms.
What
are the key products driving the demand for aquaculture?
The
key products in the global aquaculture market are mollusks, carps,
salmon, crustaceans, trout, milkfish, sea bream, mackerel, sea bass,
and others including turbot and catfish. As carps display a higher
compatibility to tough environmental conditions as compared to other
fishes, they drive the demand from the global aquaculture market.
However, in the coming years, the demand for mollusks, clams, and
mussels is anticipated to rise phenomenally.
The
rapidly depleting volume of captured fishes across global reserves is
expected to significantly push the growth of the global aquaculture
market. The current share of aquaculture in the global fisheries
industry is lesser compared to capture fisheries. This gap is
projected to be overcome at a fast pace in the near future with the
growing focus on aquaculture across the developing economies.
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