a new market report published by Transparency Market Research, the global aquaculture market was valued at $11.16 billion in 2012 and is expected to reach $15.90 billion by 2019, growing at a CAGR of 5.2 per cent from 2013 to 2019.Lack of adequate power infrastructure and increasing demand for reliable electricity delivery are the major driving forces of this market.
Volume of captured fish is fast depleting and is expected to be one of the primary factors driving global aquaculture production over the next few years.
In addition, increasing consumer awareness regarding health benefits associated with consumption of fish and fish products is expected to boost aquaculture production within the forecast period.
Aquaculture is expected to surpass captured fish industry as the major source for human consumption by the end of 2015. However, parameters such as adverse environmental conditions and lack of technology are expected to hamper the growth of the market. Increasing practice of rice and fish farming, which aims at increasing yields of rice grains as well as fishes is expected to open new opportunities for the growth of the market within the near future.
Aquaculture practiced in fresh water was the largest culture environment segment in 2012 accounting for over 60 per cent of the production. It is expected to be one of the fastest growing segments over the next few years on account of simulation of the culture environment in enclosed areas such as ponds, cages and concrete raceways. Aquaculture practiced in marine water is expected to grow at a CAGR 2.4 per cent from 2013 to 2019 on account of increased consumer demand for sea water fishes.
Carps were the biggest product segment within the market and accounted for over 35 per cent of the global production in 2012. Carps, particularly common carps, have been one of the majorly farmed aquatic species in the industry owing to their compatibility in less than ideal environmental conditions.
Mollusks such as clams and mussels have been an important food source and are expected to witness the fastest growth over the next few years. This segment is expected to grow at a CAGR of 2.6 per cent from 2013 to 2019, owing to their increasingly use in poly culture systems such as rice and fish farming.
China dominated aquaculture production and accounted for over 60 per cent of the total share in 2012. In addition, this region is expected to witness the fastest growth within the forecast period.
Cheap labour, ease of availability of natural resources and induced conditions for aquaculture are some of the key factors which are expected to contribute significantly to the growth of the market in this region over the next few years.
The report gives a comprehensive view of the aquaculture market in terms of volume and revenue. In addition, the report includes current production analysis and forecast for each culture environment and product segment in North America, Europe, Asia Pacific (excluding China), China and Rest of the World (RoW).
