September 29, 2014

 

Global aquaculture and fisheries market grows as seafood consumption rises
 

 

The rising consumption of seafood, coupled with the declining natural fish stock, may spur the global market for aquaculture and fisheries to reach 188 million tonnes by 2020, analysts said.


According to a report titled "Aquaculture and Fisheries: A Global Strategic Business Report" released by Global Industry Analysts Inc., the world demand for seafood has been growing, resulting in overexploitation of natural resources and production stagnation from captured fisheries.


To curb overfishing and protect the biodiversity of natural resources, governments around the world are placing limits on fishing in the wild. As a result, there has been an increased interest in aquaculture and fish farming in order to bridge the widening gap between demand and supply.


Consumer shift towards seafood as a source of protein and increased demand for exotic fish species including shrimp and oysters are also driving the growth of the global aquaculture market. Developing economies are resorting to urban aquaponics to combat malnutrition and food crisis.


Expanding population, increased health-consciousness and rising disposable incomes are also driving demand for seafood products, thus providing growth opportunities for aquaculture. The market also expects to benefit from the rising significance of fish gelatin, increasing preference for micronutrient-rich fish and increased use of fish proteins in functional foods and supplements.


Other factors driving growth in the market include expanding population and growing popularity of urban aquaculture and aquaponics against a backdrop of increased interest in sustainable and waste-free fish farming practices.


The low per-capita protein consumption in developing countries offers immense untapped opportunities for future growth. China, the leading aquaculture producer globally, represents a lucrative market for fish products.


As stated by the report, Asia-Pacific represents the biggest and the fastest-growing market with a CAGR of 5% over the forecast period, supported by rising disposable incomes and consumption of animal proteins.

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