Globally, demand for seafood has been growing, resulting in over exploitation of natural resources and production stagnation from captured fisheries, reports Global Industry Analysts.
To curb overfishing and protect the biodiversity of natural resources, governments across the world are implementing regulations placing limits on capture fisheries. With seafood production struggling to keep pace with rising consumption, there is increased interest in aquaculture and fish farming as a means to bridge the widening gap between demand and supply by supplementing the output of capture fisheries.
Consumer shift towards seafood as a source of protein and increased demand for exotic fish species such as shrimp and oysters are driving growth in the global aquaculture market. In developing economies, urban aquaponics practices are gaining prominence as a means to combat malnutrition and food crisis.
Expanding population, rising health consciousness among consumers and increasing disposable incomes are expected to continue driving demand for seafood products, thereby providing substantial growth opportunities for aquaculture in the coming years. The market is also expected to benefit from the rising significance of fish gelatin, increasing preference for micronutrient-rich foods like fish together with increased use of fish proteins in functional foods and supplements.
Sustainable seafood and organic aquaculture practices are gaining prominence, globally, led by rising awareness over environmentally harmful fishing techniques. Focus is also on increasing the area devoted to aquaculture and enhancing the productivity per unit area in existing aquaculture areas by adopting species offering higher yield such as carp, tilapia, mollusks and crustaceans.
As stated by the new market research report on Aquaculture and Fisheries, Asia-Pacific represents the largest as well as the fastest growing market with a CAGR of five per cent over the forecast period, supported by rising disposable incomes and growing consumption of animal proteins.
Other factors driving growth in the market include expanding population, and growing popularity of urban aquaculture and aquaponics against a backdrop of increased interest in sustainable and waste-free fish farming practices.
The low per capita protein consumption in developing countries offers immense untapped opportunities for future growth. China, the leading aquaculture producer globally, represents a lucrative market for fish products.
The research report titled “Aquaculture and Fisheries: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of major companies worldwide.