Global Aquaculture Market Set to Reach USD 209.42 Billion by 2021market was valued at USD 156.27 billion in 2015 and is expected to reach USD 209.42 billion in 2021, growing at a CAGR of 5.0% between 2016 and 2021. In terms of volume, the global demand for aquaculture stood at 71,190-kilo tons in 2015.
Aquaculture is the farming of aquatic organisms such as fish, crustaceans, molluscs and aquatic plants in either freshwater or saltwater. The aquatic population is cultivated under controlled conditions in aquaculture. Aquaculture is also known as aqua farming. Various species are cultivated in this farming and harvested for commercial fishing across the globe. It has a wide scope of applications. Thus, it is expected to grow at significant rate in near future.
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The global aquaculture market is primarily driven by a decrease in global catchments of fish. Additionally, the rise in demand for fish oil in dietary supplements is expected to grow the demand for aquaculture market during the years to come. However, unfavorable climatic conditions are the major restraint that is expected to limit the growth of aquaculture market in the near future. Furthermore, adoption of rice-fish culture is likely to generate new opportunities for global aquaculture market across the global during the years to come.
Based on different culture, the global aquaculture market is bifurcated into the marine culture, freshwater and brackish water. Among these cultures, fresh water culture was the largest segment of global aquaculture market in 2015. It accounted for more than 50.0% share of the entire market. Furthermore, this trend is expected to continue in the future years due to the decrease in fishing activities in natural water bodies such as seas and oceans. Moreover, growing demand for sea water species among the consumers is likely to grow the market for aquaculture in marine water culture during the coming years.
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Carp, molluscs, crustaceans, salmon, trout and other fish are the key products of global aquaculture market. Among all products, carp dominated the global aquaculture market in 2015. It accounted for more than 32.0% shares of the global aquaculture market. Furthermore, this trend is expected to continue within the forecast period. Moreover, mollusks is another important segment which is expected to be fastest growing product segment of the global aquaculture market during the years to come. This growth is attributed to the increase in adoption of poly culture scenario across the globe aquaculture market.
Based on geographic segmentation, Asia Pacific held the leading position in the global aquaculture market in 2015. China was the major contributor to the aquaculture production in 2015. It accounted for more than 58% shares of the global market. Furthermore, this trend is predicted to continue over the market of aquaculture during the next few years. This growth is attributed to a number of factors such as suitable weather conditions, availability of natural resources and labor at a cheap salary. Furthermore, North America and Europe are expected to have significant growth in near future owing to advancing trends in aquaculture. Latin America is also projected to have moderate growth in coming years.
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Some of the key participants operating in the global aquaculture market include Nireus Aquaculture S.A., Blue Ridge Aquaculture, Cermaq ASA, Cooke Aquaculture Inc., Tassal Group Ltd., The Waterbase Limited, Zeal Aqua, Selonda Aquaculture S.A., Carter & Sons Ltd and NSF Certification UK Ltd among others.
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