September 20, 2017

Growing awareness of fish's nutritional value to drive Indonesian aquaculture growth

The Indonesian aquaculture market is forecast to grow at a CAGR (compounded annual growth rate) of 13.19% during the period 2017-2021, a new research report says.

The report, released by Research and Markets, identified the rich nutritional sources in aquaculture products as one driver of the market growth. Since the last decade, the awareness of the nutritious benefits of seafood has significantly increased. This has escalated the consumption rate of aquaculture products, the report claimed, adding this factor plays a key role in the development of the aquaculture market in Indonesia.

An analyst from the research team also said, "One trend in the market is development of new aquaculture species. Many different countries that are already mature in the aquaculture market, especially China, India, Vietnam, Indonesia, the US, Canada, and Norway, have explored new aquaculture species that are of high nutritional values".

Asia-Pacific, followed by Europe, dominates the trend of introducing aquaculture species with high nutritional value and low volume, the analyst added.

The report states that one challenge in the market is inversely proportional behavior of aquafarming seed quantity and quality. A sufficient quantity of premium-quality aquafarming seeds serves as the foundation for the aquaculture industry. These optimize aquaculture production because a proper balance between quantity and quality is a basic pre-requisite for a successful and sustainable aquaculture production.

With increasing quantity in the production, the quality is compromised, the report said. However, quality is very important because poor performance indicators like growth rate, production, survival and several diseases in seed quality have consistently been witnessed over the recent years.

Aquaculture is a process of rearing and cultivating aquatic animals and plants for food under controlled conditions. It includes the farming of more than 500 species of finfish, mollusks, crustaceans and other invertebrates, over 30 seaweed species, more than 30 freshwater macrophytes species, a few amphibians and aquatic reptile species, and around 50 microalgae and invertebrate species as fish-food organisms in hatcheries.

Key players in the aquaculture market in Indonesia include the four companies: PT. Bumi Menara Internusa, PT. Dharma Samudera Fishing Industries, PT. Japfa Comfeed Indonesia and PT. Mega Marine Pride.

Other prominent vendors in the market are Baiyang Investment Group, Liancheng Overseas Fishery (Shenzhen) Co., Ningde Xiawei Food, PT. Central Proteina Prima Tbk (CP Prima) and Shandong Oriental Ocean Group.