August 14, 2020

US dominates North America's aquaculture market

The US is dominating the North America aquaculture market-where aquaculture demand is growing-followed by Canada, reported Business Market Insights.

US owes this demand to the increased consumer awareness related to health benefits associated with the seafood.

Aquaculture has high protein content due to which it is gaining more acceptance by a larger customer base.

The shift in consumer lifestyle along with inclination towards healthy food products, is also expected the growth of the market across the US.

The manufacturers in the region are focusing more towards innovation and development to boost the growth of North America aquaculture market.

Seafood, specifically fish is the part of traditional food in many regions. Also, fish is largely consumed owing to its nutritional benefits and several health benefits. It is regarded as a good source of fatty acids, vitamins, minerals, protein, and essential micronutrients.

High disposable income and spending power of consumer has improved their spending on animal proteins such as seafood as compared to other food categories.

Also, the Food and Agriculture Organization (FAO) has predicted that fish consumption by a human is expected to increase by 50% in the coming 15 years.

As per the data provided by the National Marine Fisheries Service, the per capita seafood consumption in the US raised by 1.1 pounds to 16 pounds in 2017. The seafood consumption rate in the US has reached the 16-pound mark for the first time in almost the last 10 years.

The growing seafood demand and per capita seafood consumption is reflective of aquaculture industry growth in the US. Thus the rising demand for seafood is fuelling the growth of the North America Aquaculture market.