Aquaculture market to hit US$195bn by 2019
The global aquaculture market is predicted to reach US$195 billion by 2019, according to a new report published by Transparency Market Research.
Valued at US$135 billion in 2012, the market is expected to grow at a CAGR (compound annual growth rate) of 5.1% to 2019. In terms of volume, global production was 66.5 million tons in 2012 and is expected to grow at a CAGR of 2.3% from 2013 to 2019.
Decreasing fish numbers in the wild is expected to drive global aquaculture production in the coming years, as is increasing consumer awareness of the health benefits of fish consumption.
By the end of 2015, aquaculture is expected to surpass captured fish as the major source for human consumption, the report says. However, parameters such as adverse environmental conditions and lack of technology are expected to hamper the growth of the market. Increased rice and fish farming, which aims at increasing yields of rice grains as well as fish, is expected to open new opportunities for the growth of the market in the near future.
Freshwater aquaculture is the largest culture environment segment, accounting for more than 60% of production in 2012. It is expected to be one of the fastest-growing segments in the coming years, due to simulation of the culture environment in enclosed areas such as ponds, cages and concrete raceways. Marine water aquaculture is expected to grow at a CAGR of 2.4% from 2013 to 2019 on account of increased consumer demand for seawater fish.
Carp - particularly common carp - has been the biggest product segment, accounting for more than 35% of global production in 2012. The fish’s ability to thrive under less-than-ideal environmental conditions has made it so successful, the report says.
Molluscs such as clams and mussels are expected to witness the fastest growth in the next few years, according to the report. The segment is expected to grow at a CAGR of 2.6% from 2013 to 2019, owing to molluscs’ increased use in polyculture systems such as rice and fish farming.
China dominates aquaculture production, accounting for more than 35% of global aquaculture production in 2012. It is expected to witness the fastest growth within the forecast period, due to its cheap labour, availability of natural resources and induced conditions for aquaculture.
The report, ‘Aquaculture (Marine Water, Freshwater and Brackish Water) Market for Carp, Molluscs, Crustaceans, Salmon, Trout and Other Fishes - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013-2019’, is available from www.transparencymarketresearch.com/aquaculture-market.html.
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