The global aquaculture market is projected to be valued at USD XX billion by 2025 owing to rising demand for sea food and the depletion of the ocean’s fish. The gap between the demand and supply has been emerged as a result of the exploitation of wild fish that has been occurring for generations together. It is estimated that the edible marine protein has reached its peak for the growth of aquaculture. Aquaculture has proved to be the most effective solution to the gap between the critical demand of consumers and the lack of wild supply. Aquaculture practice reduces the deficit in seafood trade and helps to maintain an efficient and balanced environment. Increasing migratory populations in the countries of North America have increased demand for fine fish, which, in turn, drives the overall growth of the aquaculture market.
About 567 aquatic species are farmed globally. Aquaculture is practiced by multinational companies as well as farmers. The demand for healthy food and water feed markets is growing and fish are a rich omega-3 source. With an estimated global population of 9.6 billion by 2050, catching fisheries will not be able to meet the ever increasing demand. Aquaculture has the potential to reduce the demand pressure by more than 50% of the total human consumption of food by sea. As the industry grows, however, the negative externality it has for the environment and local communities is also expected to increase. Farms that are not properly managed can have negative effects related to poor site management, poor working conditions and pollution of water. Certification authorities, such as the Aquaculture Stewardship Council (ASC), therefore ensure that consumers have access to responsible fish. The quality assurance provided to the consumers will drive the demand for farmed fish.
The market for aquaculture additives according to its purpose of consumption is expected to be dominated by the food segment. The shift in dietary requirements, which focus on the consumption of protein – rich fish, has largely led to the need for fish. More than 85 percent of farmed fish are used worldwide for food consumption. Another factor which is expected to accelerate the market for the non – food consumption segment is biomedical waste products from the fish processing industry.
Geographically, Asia – Pacific was the largest aquaculture market with the world’s leading production of aquaculture. The region’s dominance on the world market is due to China’s large-scale aquaculture industry.China is the biggest producer, consumer and exporter of fine fish and molluscs in the world
The global aquaculture market value consists of key players including Austevoll Seafood Norway Royal Salmon, Grieg Seafood Seaborn, Aquabounty Technologies,Coast Seafood, Charoen Pokphand Food among others.
By Water Source, 2015 – 2025 (Revenue)
· Fresh Water
· Brackish Water
· Marine water
By Fish Type, 2015 – 2025 (Revenue)
· Fin Fish
· Shell Fish
By Consumption, 2015 – 2025 (Revenue)
· Food Use
· Non Food Use
By Regional, 2015 – 2025 (Revenue)
· North America
o United Kingdom (UK)
o Rest of Europe
· Asia Pacific
o South Korea
o Rest of APAC
· Middle East & Africa
o Rest of the MEA
· Latin America
· Rest of Latin America