New and Unconventional Aquaculture to Emerge as the Main Source of Human Consumption by 2015

2024-12-24 06:27:00 Lifestyle

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The global aquaculture market is experiencing a surge in its overall demand owing to the increase in consumer awareness about health benefits associated with the regular consumption of fish or sea-food. Aquaculture is the collective name given to different kinds of marine farming that includes shrimp farming, oyster farming, and fish farming. At present the global market for aquaculture has a smaller share compared to the captured fish market in the fisheries industry. But according to the Organization of Economic Co-operation Development (OECD), the market share for aquaculture is expected to grow exponentially and increase by 35% by the end of 2022. The market for capture fisheries, on the other hand, is expected to rise by 5% during the same period. Additionally, market experts are foreseeing great potential for the aquaculture market in the future.

The aquaculture market is expected to surpass the market for capture fisheries and emerge as the main source of human seafood consumption before the end of 2015. A recent report published on the global aquaculture market reveals that the market, valued at US$135.10 billion in 2012, is expected to be worth US$195.15 billion by the end of 2019, registering growth at a CAGR of 5.1%. In terms of volume, the production of aquaculture fish and seafood is expected to grow at a CAGR of 2.3% between 2013 and 2019.

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Depleting Volume of Captured Fish to Drive the Aquaculture Market

There are several factors attributing to the growth of this rather new and unconventional method of breeding fish. First of all, there has been a tangible shift in consumer preference in terms of the food they consume. They have become increasingly aware of the health benefits associated with fish consumption, which has emerged as one of the primary factors driving the global aquaculture production. Additionally, the reduction in volume of captured fish will significantly boost the production in the aquaculture market in the next few years. Factors such as the surge of disposable income and increasing urbanization are also expected to boost the levels of aquaculture production.

Vulnerability to Adverse Climate Might Surface as Bottleneck

Despite registering impressive growth stats, the market for aquaculture is not free from its share of restraints. The vulnerability to adverse climate conditions might hamper its production activities. Disease management and feed supply might also emerge as serious concerns for the market to focus on. However, adoption of contemporary poly-culture systems such as fish farming and rice is anticipated to provide considerable opportunities for the growth of the global aquaculture market. Poly-culture systems will diversify farm activities, which will correspondingly provide additional food and income for the market.

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Farming of Carps and Mollusks to Dominate the Global Aquaculture Market

In the year 2012, carps emerged as the leading product segment in the global aquaculture market, accounting for over 35% of the market share. This fish species is highly compatible even to less favorable environment conditions, owing to which it dominated the aquaculture production in 2012. Moreover, the increasing use of contemporary poly-culture systems such as fish farming in conjunction with rice planting has further contributed to the increase in production.

Consumers across the globe are becoming increasingly aware of the health benefits associated with consumption of mollusks, particularly clams and mussels. Additionally, mollusks filter nutrients, contaminants, and sediments, which helps maintain the water quality of natural water bodies. Such factors have contributed significantly to the growth of mollusk production globally.

Asia Pacific to Dominate the Global Aquaculture Market

The global market for aquaculture is dominated by Asia Pacific due to the presence of favorable environment conditions for practicing aquaculture in the region. In 2012, China alone accounted for 60% of the global aquaculture production. Other developing economies in Asia Pacific emerged as the second largest contributor to the global aquaculture market during the same year. China is expected to continue its run as the undisputed leader in the global aquaculture market owing to its ideal climatic conditions and easy availability of cheap labor and resources.

Leading Aquaculture Manufacturers

The presence of several manufacturers has made the global aquaculture market fragmented and very competitive by nature. It is presently dominated by companies such as Cermaq ASA, Tassal Group Ltd, Selonda Aquaculture S.A., Aquaculture Inc., Aquaculture S.A., Blue Ridge Aquaculture, and Cooke Nireus among others.

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