Aquaculture Market : Detailed Analysis of Segment, Major Companies, Result, CAGR Status, Potential Growth and Forecast 2022
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Currently, aquaculture is necessary to meet the food demand and supply. This industry provides high-quality and disease-free fish by rearing them in an environment that meets the hygiene standards. Aquaculture is also a way to conserve the species on the verge of extinction. The global aquaculture market is projected to witness significant growth during the forecast period, owing to increase in health awareness among consumers regarding benefits of consumption of seafood, and rise in government rules and regulations in different countries that promote fish farming to meet the growing demand to cope with food insecurities. However, increase in water pollution and changes in climatic conditions hamper the market growth.
Major companies profiled:
• Cermaq Group AS (Mitsubishi Corporation)
• Cooke Aquaculture Inc.
• Grupo Farallon Aquaculture
• Leroy Sea Food Group
• Marine Harvest ASA
• P/F Bakkafrost
• Selonda Aquaculture S.A.
• Stolt Sea Farm
• Tassal Group Limited
• Thai Union Group Public Company Limited
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Increased concern towards food security, technological advancement in the industry, and growing awareness towards healthy diet are prime factors resulting in growth of aquaculture industry. However, global warming and water pollution may hamper the market growth in the coming years.
Based on type of environments, the aquaculture market is segmented into fresh water, marine water, and brackish water. Fresh water was the highest revenue-generating segment, accounting for about two-thirds share by revenue in 2015. Fresh water segment is expected to witness highest CAGR of 5.5% during the forecast period, followed by marine water segment at 5.1%.
Among all the types of fish, carps generated maximum revenue, accounting for more than 20% share in 2015. Carps, belonging to family of cyprinidae, is a very large group of fish native to Asia and Europe. Carps hardiness and adaptability has encouraged the domestication of this species globally. They are being considered as highly prized coarse fish that are difficult to hook.
Key Findings of the Aquaculture Market Study:
• Asia-Pacific is expected to continue to lead the global aquaculture market, growing at the highest CAGR of 5.5%, in terms of revenue, from 2016 to 2022.
• Fresh water occupied around two-thirds share of the total market value in 2015.
• In 2015, the carps segment occupied around one-fourth share of the global market, in terms of revenue.
• China is the largest country, in terms of revenue, in the global aquaculture market.
• Mollusks fish type is expected to witness significant growth of 5.5%, in terms of revenue, during the forecast period.
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