FNB News - Aquaculture market expected to witness CAGR of 7.7% between 2019 & ’27

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MEAT & SEAFOOD

Aquaculture market expected to witness CAGR of 7.7% between 2019 & ’27

Tuesday, 19 November, 2019, 08 : 00 AM [IST]

The global aquaculture market accounted for $264,470 million in 2018, and is expected to grow at a CAGR (compound annual growth rate) of 7.7 per cent between 2019 and 2027, to account to $509,743 million by 2027.

This was among the findings of the recent global aquaculture market report that gave a meticulous investigation of current scenario of the market size, share, demand, growth, trends, and forecast in the coming years.

Aquaculture includes farming of fish, aquatic plants, algae, crustaceans, molluscs, and other organisms. The small-scale aquaculture market in developed and developing countries make critical contributions to employment.

According to the FAO (Food and Agriculture Organization), aquaculture provides employment to more than over 41 million people globally. The vast majority of aquaculture activities are carried out in developing countries working in fish production.

Fish and other seafood species constituting an important source of nutrients for the poor and is among the cheapest form of animal protein.

As most capture fisheries worldwide considered fully exploited or overexploited, aquaculture is considered as an important sector to meet rising fish demand, which will continue to increase with population growth, rising incomes and increasing urbanisation. These factors are anticipated to boost the growth of the aquaculture market.

The overall global aquaculture market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the aquaculture market.

Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis.

The participants who typically take part in such a process include industry expert such as vice-presidents, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specialising in the aquaculture market.

Aquaculture is significantly contributing to the production of fish, and the adoption of aquaculture is growing at a steady rate. The increase in demand for fish for human consumption is majorly meet by aquaculture, marine fisheries, and inland fisheries.

However, an increase in fish production by inland and marine fisheries generate the situation of overfishing and impacts the environment. Aquaculture owns huge potential for future expansion, and it is a great source of fish production.

Government initiatives and favourable policies play an important role in generating a suitable environment for entities involved in aquaculture. This further provides a lucrative opportunity for the key players operating in the aquaculture market.

Some of the players present in global aquaculture market are Bakkafrost, Blue Ridge Aquaculture, Inc, Cermaq, Group AS, Cooke Aquaculture Inc, Danish Salmon A/S, Farallon Aquaculture Group, Fifax AB, HESY Aquaculture BV, Lery, Mowi ASA, Niri AS, Selonda Aquaculture SA, Stolt-Nielsen Limited, TASSAL, and Thai Union Group PCL, among others.

The report has segmented the aquaculture market on the basis of species, nature, culture environment and region.

Aquaculture market size and forecast, by species