Aquaculture Market - Insightful Review of Key Industry Drivers, Restraints and Challenges
The Aquaculture market is projected to have the highest growth during the forecast period.
[ClickPress, Wed Mar 20 2019] The global aquaculture market size is projected to reach a valuation of up to USD 274.8 billion by 2025 assisted by the mounting demand for sea food and the depletion of the ocean’s natural productivity of fish. The gap between the demand and supply has emerged as a result of the exploitation of wild fish that has been occurring for generations together. The annual catch of edible marine protein is estimated to have crossed its peak. Aquaculture has proven to be the most effective solution to address the gap between critical consumer demand and the wild supply shortage. Aquaculture practice reduces sea food trade deficit and helps in maintaining an efficient and balanced aquatic ecosystem. Thus, several governments are focusing on investing and promoting aquaculture practices especially across Europe and North America. Increasing migrating population in the North American countries have raised the demand for fin fishes, which in turn is driving the overall aquaculture market growth.
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Wild fish capture and fish feed market had reached its maximum volume cap in the middle of 1980s and since then it has become difficult to meet the increasing demand for sea food. With the sustained pressure on providing an alternative to meet the increasing consumption demands, aquaculture has witnessed a swift growth over the past few years. Aquaculture restores habitats and rebuilds populations of threatened and endangered species. About 567 aquatic species are farmed globally through aquaculture practiced by multinational companies as well as farmers. It is supported by governments through grants and financing programs, thus making aquaculture a financially viable alternative to traditional fishing.
Fishes being a rich source of omega-3, the demand for healthy food and aqua feed is increasing rapidly. With the global population estimated to reach 9.6 billion by 2050, capture fisheries will be unable to meet the growing demand. Aquaculture market analysis has shown that it has the potential to ease this demand pressure by catering to over 50% of the total human sea food consumption. However, as the sector grows, the negative impact that it has on the environment and on the local communities is also expected to intensify. Farms that are not properly managed can have adverse impacts associated with poor site management, poor working conditions, and water pollution. Hence, certification authorities such as the Aquaculture Stewardship Council (ASC) ensure availability of responsibly produced fish to the consumers. The quality assurance provided to the consumers is anticipated to drive the demand for farmed fish.
Aquaculture additives market on the basis of its consumption purpose is expected to be dominated by the food segment. This segment consists of fish farming carried out for meeting the sea food consumption demand. The shift of the dietary requirement, focusing on the consumption of protein rich fish has primarily driven the need for fish farming. More than 85% of farmed fish is used for food consumption, globally. However, there are several non-food applications of aquaculture fishes such as pharmaceuticals, aquariums and jewelry and ornaments. There is an increasing importance of chitin from shrimp and crab shells in the pharmaceutical industry. Also, biomedical waste products from fish processing industries is another factor that is expected to accelerate the market for non-food consumption segment.
Geographically, Asia-Pacific was the largest market for aquaculture, leading the global aquaculture production in 2017. The domination of this region in the global market is due to large scale aquaculture industry in China. China is the world’s largest producer, consumer and exporter of fin fish and shellfish. It produces more than one-third of global fish supply from its ever expanding aquaculture sector. In 2017, China contributed approximately 60% of the global aquaculture volume and roughly half of global aquaculture revenue.
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The competitive landscape of global aquaculture market value is highly fragmented owing to the presence of several local manufacturers. Companies including Norway Royal Salmon, Coast Seafood, Seaborn, Charoen Pokphand Foods, Aquabounty Technologies, Austevoll Seafood and Grieg Seafood among others are some of the large-scale players with a global presence.
By Water Source, 2015 – 2025 (Revenue) (Volume)
- Fresh Water
- Brackish Water
- Marine water
By Fish Type, 2015 – 2025 (Revenue) (Volume)
- Fin Fish
- Shell Fish
By Consumption, 2015 – 2025 (Revenue) (Volume)
- Food Use
- Non Food Use
By Regional, 2015 – 2025 (Revenue) (Volume)
- North America
- United Kingdom (UK)
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Middle East & Africa
- Rest of the MEA
- Latin America
- Rest of Latin America
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