The limited supply of wild fisheries coupled with the growing appetite of consumers for healthier seafood are key drivers for the continued development of the global seafood market, according to a new quarterly report from a major market research and consulting company headquartered in San Francisco.
The global market for aquaculture is expected to reach USD $202.96 billion by 2020, according to a recent market analysis by Grand View Research.
“Increasing consumer awareness of health benefits associated with seafood and growing consumption serves as a key driver for development of the market,” the authors of the analysis report wrote. “In addition, the market demand is expected to be further fueled by the lack of naturally available varieties owing to extensive fishing. Rice-fish culture is expected to serve as key growth opportunity for this market over the next six years.”
According to the report, carps 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. Mollusks were the second largest product segment, with market demand exceeding 16,619.6 kilo tons in 2013.
The report is entitled “Aquaculture Market Analysis By Culture Environment (Fresh Water, Marine Water, Brackish Water), By Product (Carps, Crustaceans, Mackerel, Milkfish, Mollusks, Salmon, Sea Bass, Sea Bream, Trout) And Segment Forecasts To 2020.”
Further key findings from the study suggest:
- Global aquaculture demand was 69,230 kilo tons in 2013 and is expected to reach 80,400 kilo tons by 2020, growing at a Compound Annual Growth Rate (CAGR) of 2.0% from 2014 to 2020.
- China continues to be the largest market for aquaculture, accounting for about 53% of global market share, valued at USD $77,934.8 million in 2013. The market is expected to show rapid growth owing to favorable climatic conditions for aqua farming, availability of resources and labor.
- Asia Pacific (excluding China) was the second largest market for aquaculture with market demand of 17.965.2 kilo tons in 2013, and is estimated to grow with a CAGR of 2.1% from 2014 to 2020 due to ideal climatic conditions and technological innovation in this region.
- In 2013, freshwater was the largest culture environment for aquaculture with market share of over 60% and is expected to witness swift growth, at an estimated CAGR of 2.2% from 2014 to 2020.
– Erich Luening