The global market for aquaculture productions is projected to reach $202.96 billion US by 2020, according to a study completed late last year by Grand View Research Inc, a US based market research and consulting company headquartered in California.
The research covers all aquaculture including mollusks, fish, crustaceans and other aquatic flora and fauna. Increasing consumer awareness of health benefits associated with seafood and growing consumption serves as key drivers for development of the market. In addition, the market demand is expected to be further fueled by the lack of naturally available varieties owing to extensive fishing.
Carp were the largest product segment, accounting for 25,137.6 kilo tons of global aquaculture demand in 2013 and is expected to reach 29,462.8 kilo tons in 2020, growing at a compound annual growth rate of 2.2% from 2014 to 2020. Mollusks were the second largest segment product, with market demand exceeding 16,619.6 kilo tons in 2013.