September 18, 2014

Global aquaculture market to reach US$203 million by 2020

By 2020, the international aquaculture market is expected to reach US$202.96 billion, based on a new study by Grand View Research, Inc.

Raising consumer awareness of health benefits associated with seafood is highlighted as a key driver for development of the market. In addition, the market demand is expected to be fuelled by the lack of naturally available varieties owing to extensive fishing. Rice-fish culture is expected to serve as a key growth opportunity for this market over the next six years.

Accounting for 25,137.6 kilo tonnes of global aquaculture demand in 2013, carps were the largest product segment, and are expected to reach 29,462.8 kilo tonnes in 2020, at a CAGR growth of 2.2% from 2014 to 2020.

The demand for carps is expected to rise as it is one of the prime cultivated fish due to its high compatibility with non-ideal environmental conditions and its extensive use in fish farming. Mollusks were the second largest product segment, with market demand exceeding 16,619.6 kilo tonnes in 2013, due to health benefits which encourage high consumption.

Elsewhere in the Grand View Research study, international aquaculture demand was reported at 69,230 kilo tonnes in 2013 and is expected to reach 80,400 kilo tonnes by 2020, growing at a CAGR of 2.0% from 2014 to 2020.

Currently, China is revealed to be the biggest market for aquaculture, accounting for about 53% of global market share, and at a value of US$77,934.8 million in 2013. The market is expected to show rapid growth due to favorable climatic conditions for aqua farming, availability of resources and labour.

In the meantime, Asia Pacific, excluding China, was the second largest market for aquaculture with a market demand of 17.965.2 kilo tonnes in 2013, and is estimated to grow with a CAGR of 2.1% from 2014 to 2020 due to ideal climatic conditions and technological innovation in this region.

According to the study, fresh water was the largest culture environment for aquaculture in 2013, with a market share of over 60% and is expected to see a swift growth, at an estimated CAGR of 2.2% from 2014 to 2020.