According to a new report published by Trends Market Research, titled, “5 major Aquaculture Market by Fish Type: Opportunity Analysis and Industry Forecast, 2018–2025,” the 5 major aquaculture market size was valued at $62.5 billion in 2018, and is estimated to reach $87.6 billion by 2025, registering a CAGR of 4.9% from 2018 to 2025. In 2018, the others segment accounted for more than two-fifths share of the total 5 major aquaculture market. U.S. is one of the prominent regions in the market that accounted for a sizeable share of the total 5 major aquaculture market share in 2018.
Aquaculture can be defined as farming of aquatic organisms such as fin fish, carps, mollusks, crustaceans, and aquatic plants. This process of farming requires interventions in the rearing process to enhance production. Various components such as regular stocking, feeding, and more among others are to be kept on high priorities to attain the best harvest. A total of 580 species are being currently farmed all over the world, representing a wealth of genetic diversity both within and among species. Aquaculture is practiced primarily in the developed nations and as a result majority of the production comes from these regions.
The factors that drive the 5 major aquaculture market growth of the include widespread reduction of import tariffs. Moreover, increase in food supply security issue due to increase in global population, rise in the demand for protein, and technological advancements in the rearing of fish and cultivation of sea plants fuel the market growth. However, factors such as change in consumption patterns due to growing preference of meat-based diet over seafood acts as a major restraint for the market. On the contrary, evolution of inland fish farming and technological advancements are anticipated to provide numerous opportunities for the market expansion.
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The 5 major aquaculture market is segmented on the basis of fish type and region. On the basis of fish type, the market is divided into pompano, snappers, salmon, milkfish, tuna, tilapia, catfish, seabass, and others (carps, mackerels, sea bream, and trout). Based on region, it is analyzed across U.S., Europe, Russia, China, and Japan.
According to Shankar Bhandalkar, Senior Research Analyst, Food and Beverages at Allied Market Research, “Government regulations such as regional trade agreements establishing preferential terms of trade among two or more trading partners in the same region has been imperative in the growth of global trade in the past several decades and has been one of the major factors that drive the growth of the aquaculture market in high adoption regions.”
According to the 5 major aquaculture market, the others segment that includes carps, mackerels, sea bream, and trout was the highest contributor to the market. While the tilapia segment is expected to grow at the fastest CAGR of 5.6% throughout the forecast period.
U.S. accounted for the maximum share in the 5 major aquaculture market in 2018 and is expected to remain dominant during the forecast period. This can be attributed to high consumption of fish with availability of proper infrastructure for aquaculture. However, china is expected to grow with the highest CAGR throughout the forecast period due to rapidly improving infrastructure.
Key findings of the study
• The U.S. aquaculture market was valued at $6.6 billion in 2018 and is expected to grow at a CAGR of 4.4% from 2018 to 2025.
• Based on fish type, the salmon segment in the Europe region occupied around one-thirds of the total market in 2018.
• Based on fish type, the others segment that includes craps mackerels, sea bream, and trout occupied a major share of the global 5 major aquaculture market analysis in 2017, in terms of revenue followed by salmon.
• China is expected to grow at a CAGR of 5.3% from 2018 to 2025 and reach the market value of $40.4 billion in 2025.
• Tilapia fish type is expected to witness significant growth of 6.5%, in terms of revenue in China, during the 5 major aquaculture market forecast period.
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The key players profiled in the 5 major aquaculture industry report include Cermaq Group AS (Mitsubishi Corporation), Cooke Aquaculture Inc., Grupo Farallon Aquaculture, Leroy Sea Food Group, Marine Harvest ASA, P/F Bakkafrost, Selonda Aquaculture S.A., Stolt Sea Farm, Tassal Group Limited, and Thai Union Group Public Company Limited.
The other major players captured in the value chain include Blue Ridge Aquaculture, Eastern Fish Co., Huon Aquaculture Group Pty Ltd., ASMAK – International Fish Farming Holding Company, RoyMarine Harvest ASA, Nireus Aquaculture S.A., Promarisco, and Stehr Group Pty Ltd.