Currently, aquaculture is the fastest growing food production system in the world as fish is the primary source of animal protein in all coastal areas. The global aquaculture market size declined during the economic crises in 2008 and 2009. However, the global market for aquaculture witnessed a positive trend with recovery in the world’s major economies and subsequent increase in production levels.
Developing countries represent the largest fish producers in the world accounting for 92 per cent of overall cultural harvest and 72 per cent of overall capture harvest, according to a research report by Transparency Market Research.
Asia-Pacific dominates in the global aquaculture market and represents the fastest growing regional market. China is the major producer, exporter, importer and processor of aquaculture products in the world. Growth in China’s aquaculture market with increased government support to provide agricultural infrastructure and tax benefits for new entrants is expected to drive the future aquaculture market in Asia-Pacific.
Increasing population, rising consumption of high and low value seafood and increasing middle class populous act as major drivers for this market. Commitment to sustainable food production, rapid economic growth in emerging countries of Asia-Pacific, innovation in disease management, and genetic improvement is expected to drive this market in the future. Environmental impact, disease management, market acceptance, feed supply and funding are identified as major challenges for this industry.
Based on cultural environment, the aquaculture market is segmented into inland aquaculture and marine aquaculture. Inland aquaculture is further segmented into freshwater and brackish water aquaculture.
Based on utilisation, global aquaculture is segmented into human consumption and non-food uses. Based on geography the global market for aquaculture is segmented into North America, Asia-Pacific, Europe and Rest of the World.
Some of the major players in this industry include Nireus S.A., Nutreco Holding N.V., Unima Group, Kona Bay Marine Resources, Royal Greenland, Selonda Aquaculture S.A., Sea Watch International Ltd., StarKist Taylor Shellfish Inc., Seafood Company, TriMarine International, among others.
