Aquaculture is the controlled cultivation and harvest of aquatic animals such as fish, mollusks, crustaceans, and aquatic plants. It is also known as fish farming and accounts for about 10% of the world’s commercial fish harvest. Fish farms range from simple ponds or flooded rice fields to highly engineered hatcheries, where the environment is monitored and kept under control. Environment control eliminates harmful environmental conditions and helps fish flourish and grow faster. Farming implies some form of intervention in rearing process to enhance production such as regular stocking, feeding, and protection from predators etc.
On the basis of environment, the market is segmented into fresh water, marine water, and brackish water. Freshwater segment accounts for highest CAGR in the near future, in which concrete ponds are used and cultivate various fish species. In marine water segment, fish farming is carried in salty water such as seas and oceans. This segmented is expected to grow over the forecast period, owing to increasing demand for saltwater species among individuals.
The fresh water environment segment in the global aquaculture market accounted for majority revenue share in 2017, and this segment is projected to be US$ 98.8 Bn in 2017.
On the basis of product, the market is segmented into carps, crustaceans, mackrel, milkfish, mollusks, salmon, sea bass, sea bream, trout, and other species. Carp is leading the product segments which are cultivated in fresh water environment, owing to its compatibility with lesser ideal environmental conditions. Crustacean is a source of high protein content. Mackerel is a major source of omega-3 fatty acids which helps to balance metabolism.
The Others product segment which includes herrings, sardines, anchovies, eels, etc. is expected to be largest segment with a revenue US$ 44.4 Bn in 2017, and is expected to continue its dominance during the forecast period.
Based on the region the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is estimated to account for highest share in terms of revenue over the forecast period, owing to availability of natural resources and better environment conditions in various countries in this region. The market in North America and Europe is expected to register lucrative growth, owing to availability of technological advanced products in this region.
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The aquaculture market in Asia Pacific accounted for major revenue share of US$ 102.3 Bn in 2017, while the market in Asia Pacific is expected to register a lucrative CAGR in next ten years owing to growing demand for seafood in the region.
China is expected to be world’s largest aquaculture producer, accounting for over 60% of cultured seafood production globally. Seafood import volume of China is estimated to reach 2.8 MMT in 2017, up by 6.5% over the previous year.
Key players operating in the global aquaculture market include Cermaq Group AS, Cooke Aquaculture Inc., Grupo Farallon Aquaculture, Lerøy, Marine Harvest ASA, P/F Bakkafrost, Tassal Group Limited, Thai Union Group Public Company Limited, Blue Ridge Aquaculture, Inc., and Huon Aquaculture Group Limited.