Global Aquaculture Market to Witness Growth Through 2020 Owing to Increasing Awareness of the Nutritional Value of Seafood: Technavio

LONDON--()--According to the latest market study released by Technavio, the global aquaculture market is expected to grow at a CAGR of around 4% during the forecast period.

This research report titled ‘Global Aquaculture Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecasts for various market segments and all geographical regions.

Both developed and developing nations are incorporating seafood in their diet at a much higher level of 35% more than the past two-three decades. People have become dependent on aquaculture products because of their high nutritional value. This is opening up opportunities for the global aquaculture market.

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The report categorizes the global aquaculture market into the following five product segments. They are:

  • Carps
  • Mollusks
  • Crustaceans
  • Diadromous fish
  • Others (Sea urchins, sea brass, sea bream, mackerel, and flat fish)

The global market is dominated by carps that are easy to cultivate, followed by mollusks and crustaceans. The mollusks segment is the fastest growing product segment.

Global market for carps

The global carps segment is the largest product segment in the market. The demand for carps is expected to increase as it is one of the main cultivated fish due to its high compatibility with non-ideal environmental conditions and its extensive use in fish farming. The market is expected to post a CAGR of approximately 2% during the forecast period.

The demand for these species primarily comes from local markets. They are largely cultured in fresh water environments. “Major challenges in the market include high intensification and a negative impact on biodiversity due to the depletion of natural resources. The market, however, is witnessing the introduction of the rotational use of land for carp-based aquaculture systems which can help avoid the environmental impact,” says Mantri Charan Kumar, a lead analyst at Technavio for retail goods and services research.

Global market for mollusks

The mollusks are an emerging segment in the global aquaculture production. The health benefits of mussels and clams, their role in enhancing water quality, and their commercial importance in pearl production and lime manufacturing are leading to an increased demand, further inducing market growth, which is expected to record a CAGR of over 3% during the forecast period. China, Indonesia, and Malaysia are major producers of these species.

Global market for crustaceans

The global crustacean market is currently growing at a slow pace, and will exhibit a CAGR of 1.3% during the forecast period. Shrimp, prawns, crabs, and crayfish are the most popular crustaceans in the market.

The growing popularity and acceptance of convenient food items, such as ready-to-cook restaurant-style food items, is anticipated to increase the demand for crustaceans' processed variants significantly during the forecast period. To meet this demand, growing aquaculture is expected to play a key role.

Global market for diadromous fish

Diadromous fish are the fish who spend some of their life cycles partially in fresh water and partially in salt water. They are classified as anadromous and catadromous. Atlantic salmon, brown trout, and Arctic char are the popular anadromous species that live in Icelandic waters. Eel is the most popular catadromous fish.

“Conservation efforts of these fish in their natural habitats has driven their market growth in aquaculture,” says Mantri. Fish like salmon are rich in nutrients, and have driven the market growth from 4.28 million tons in 2014 to 4.33 million tons in 2015. However, the vulnerability of these species is a primary challenge. Physical disturbances, invasive species, acidification, and climate and habitat change are preventing the growth of the market which is expected to post a CAGR of 1.6% during the forecast period.

Global market for other species

This market consists of other freshwater and marine species like sea urchins, sea bass, and sea bream. Sea urchins have great demand, and are California's largest export item from the ocean. Sea bream and sea bass are mostly eaten in Europe especially in Russia, Italy, Spain, and Germany.

The growth of the market is driven by an increased demand for seafood, with a consumption of 14.21 million tons in 2015. Environmental effects like extreme storms and acidification has largely restrained market growth. The market is expected to post a CAGR of 1. 6% during the forecast period.

The top vendors highlighted by Technavio’s consumer and retail research analysts in this report are:

  • Blue Ridge Aquaculture
  • Cermaq
  • Cooke Aquaculture
  • Nireus Aquaculture
  • Tassal

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

According to the latest market study released by Technavio, the global aquaculture market is expected to grow at a CAGR of around 4% during the forecast period.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com