April 25, 2018

Global aquaculture market to reach US$209.42B by 2021

The global aquaculture market is expected to reach the value of US$209.42 billion in 2021 from just $156.27 billion in 2015, growing at a CAGR (compounded annual growth rate)of 5 % between 2016 and 2021. In terms of volume, the global demand for aquaculture stood at 71,190 kilotonnes (71.19 million tonnes) in 2015, according to a report published by Zion Market Research.

The report said that the demand for aquaculture in the near future is likely to be boosted by the use of fish oil for various industries such as dietary supplements, food industry, healthcare and pharmaceutical. However, the adverse climatic conditions are the major restraint that may hinder the growth of aquaculture market.

The market report said that new developing trends in aquaculture, such as the adoption of rice-fish culture, are likely to open new avenues for the major manufacturer of the global aquaculture market in the near future.

Freshwater farming was the leading culture for global aquaculture market in 2015, the report said, adding that it is the most preferred culture for fish farming in which concrete ponds are used and different fish species are cultivated. It is predicted to grow at strong CAGR in the near future.

Marine culture is also expected to grow in the coming years due to the growing demand for saltwater species among consumers, while brackish water (a mixture of salt and fresh water) farming is likely to grow at the decent rate within the forecast period.

Based on product segment, carp dominated the global aquaculture market in 2015, accounting for over 32 % share of the entire market and is also predicted to continue its dominance. Moreover, mollusks 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, with China as the largest country within the region, accounting for over 58% shares of the entire market in 2015. Moreover, the report said that North America and Europe are likely to have lucrative growth due to the high penetration of advanced techniques and tools. In addition, Latin America is expected to witness gradual growth in market size in the next few years.