Report: Global aquaculture market to grow 4 percent from 2016-2020

A recent market study released by Technavio expects the global aquaculture market to grow at a compound annual growth rate (CAGR) of around 4 percent during the period 2016-2020.

         The report, Global Aquaculture Market 2016-2020, analyzes the market in terms of revenue and emerging market trends. It also includes updated analysis and forecasts for various market segments and all geographical regions.

         It said the global crustacean market is currently growing slowly, with a CAGR of 1.3 percent expected during the forecast period. Shrimp, prawns, crabs, and crayfish are the most popular crustaceans in the market.

         The report further said that the growing popularity and acceptance of convenient food items, such as ready-to-cook restaurant-style food items, is anticipated to significantly increase demand for a variety of processed crustacean food items. Aquaculture is expected to play a key role in meeting this demand.

         Atlantic salmon, brown trout, and Arctic char continue to be popular in the US and EU.

         “Conservation efforts of these fish in their natural habitats has driven their market growth in aquaculture,” said Mantri Charan Kumar, a lead analyst at Technavio for retail goods and services research. “Fish like salmon are rich in nutrients, and have driven the market growth from 4.28 million tons in 2014 to 4.33 million tons in 2015. However, the vulnerability of these species is a primary challenge. Physical disturbances, invasive species, acidification, and climate and habitat change are preventing the growth of the market which is expected to post a CAGR of 1.6 percent during the forecast period.”

         The report also provides analysis on the carps and mollusk species.