Aquaculture ‘worth £154bn by 2021’

Zion Market Research forecasts that aquaculture is growing at a compound annual growth rate (CAGR) of 5 per cent between 2016 and 2021. In terms of volume, the global demand for aquaculture stood at 71,190,000 tons in 2015.

Reduction in catchments of fish farming across the globe is a major force that is expected to drive the global aquaculture market. Use of fish oil for various industries such as dietary supplements, food industry, healthcare, and pharmaceutical is likely to boost the demand for aquaculture in near future. However, the adverse climatic conditions are the major restraint that may hinder growth.

Rice-fish culture

Nonetheless, new developing trends in aquaculture such as adoption of rice-fish culture - where fish are grown concurrently or alternately with rice - are likely to open new avenues for the major manufacturer of the global aquaculture market in near future years.

Freshwater farming was the leading culture in 2015, and is predicted to grow at strong CAGR in the near future.

The marine culture segment is expected to grow in coming years due to the growing demand for saltwater species among consumers. Brackish water farming is likely to grow at the decent rate within the forecast period. Key manufacturers included in the study include salmon producers Cermaq, Cooke Aquaculture Inc., and Tasmanian-based Tassal Group Ltd.

Carp is king

Carp dominated the global aquaculture market in 2015. It accounted for over 32 per cent of the entire market and it is also predicted to continue its dominance over the market in near future. Moreover, molluscs are expected to be the fastest growing product segment of global aquaculture market owing to the penetration of rice-fish culture within the forecast period.

Asia Pacific dominated the market of aquaculture in 2015. China was the largest country in Asia Pacific that accounted for above 58.0 per cent shares of the entire market in 2015. The attributes such as abundant of natural resources, cheap labors, and suitable weather conditions are expected to trigger the demand of aquaculture in China within the forecast period. Moreover, North America and Europe is likely to have lucrative growth during the years to come due to the high penetration of advanced techniques and tools.

In addition, Latin America is also expected to witness gradual growth in market size in the next few years.

Browse the full Aquaculture Market (carp, molluscs, crustaceans, salmon, trout and other fish) by Culture (marine water, fresh water, and brackish water): Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021 report at https://www.zionmarketresearch.com/report/aquaculture-market