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.
Aquaculture Market Report, published by Allied Market Research, forecasts that the market was valued $169 billion in 2015, and is expected to reach $242 billion by 2022, supported by a CAGR of 5.3% during the forecast period 2016 - 2022.Carps segment is expected to retain its dominant position, in terms of revenue generation, throughout the forecast period. Asia-Pacific held the leading position in the global market in 2015, and is expected to maintain its lead ahead as well.
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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.
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.
LAMEA was the second largest market in terms of revenue generation, with almost one-fourth share in 2015. This region is further expected to expand at a CAGR of 5.0% during the forecast period.
Technological development in South America and some countries in South Africa is expected to increase the growth of aquaculture market in LAMEA. Moreover, rapid development in Middle East, in terms of infrastructure and technology, result in growth in LAMEA market.
However, weak economies in Africa hamper the growth of the aquaculture market in this region.
Market players in the industry have adopted strategies such as acquisition, partnership & agreement, and geographical expansion to expand their market share and increase profitability. Major companies profiled in the report include 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, and Thai Union Group Public Company Limited.
Category: Market Research Publishers and RetailersCompany about: Allied Market Research is a global market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market dom ...