Aquaculture market on a global scenario is estimated at US$ 264,470.0 Mn in 2018 and is expected to grow at a CAGR of 7.7% during the forecast period 2019 – 2027, to account to US$ 509,743.0 Mn by 2027. Asia Pacific accounted for major market share in the global aquaculture market and is expected to grow at a fastest CAGR throughout the forecast period.
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Some of the key players in the global aquaculture market include Bakkafrost, Blue Ridge Aquaculture, Inc., Cermaq, Group AS, Cooke Aquaculture Inc, Danish Salmon A/S, Farallon Aquaculture Group, FIFAX AB, HESY Aquaculture B.V, Lerøy, Mowi ASA, NIRI AS, Selonda Aquaculture SA, Stolt-Nielsen Limited, TASSAL, and Thai Union Group PCL, among others.
Availability of a wide variety of fish and rising demand from developing countries such as the US, Canada, France, Italy, and China among are the key factors that promote the demand for fish in the global aquaculture market. Furthermore, fish is a good source of proteins, minerals, and vitamins, which help to provides numerous health benefits. Fish has essential fatty acids, and its consumption helps to reduce the risk of cardiovascular diseases and contribute to brain and vision development. Therefore, the rise in awareness about the health benefits associated with fish consumption driving the of fish segment growth in the global aquaculture market.
Application of fish oil in several industries is expected to boost the demand for aquaculture
The high growth in demand for fish oil is generating a need for more fish production, thus, boosting the demand for aquaculture in the near future. Fish oil is largely used as a dietary supplement, healthcare, pharmaceutical, and food industry. It is an efficient source of vitamin A and D and is considered the most significant source for human consumption after wild fish. Currently, fish oil accounts for the small percentages of total edible oil production.
However, it is expected to increase in the coming years owing to its health benefits. Fish oil is considered as the fastest-growing protein source in a global food supply chain. Also, genetically modified (GM) plant oil is expected to be replaced by fish oil owing to health and nutritional benefits of this oil for human consumption. Thus, in the future, it is necessary to meet the increase in demand for fish oil, which boosts aquaculture market in the coming years.
Source: The Insight Partners
Aquaculture 