Aquaculture Market to Gain Momentum Across the U.S. and China
Aquaculture is considered one of the fastest-growing forms of food production around the world. It covers farming of both freshwater as well as marine water creatures. Marine aquaculture accounts for nearly about 20% of the aquaculture whereas freshwater aquaculture accounts for 70-80% of the total production. Freshwater aquaculture includes the production of some of the main species such as trout, catfish, and tilapia.
According to the National Oceanic and Atmospheric Administration, aquaculture produces almost half of the seafood consumed by humans globally, a trend that has continued to increase. Studies indicate that China and the United States are major consumers of aquaculture products.
In 2013, China produced 43.5 million tons of food fish and 13.5 million tons of aquatic algae, making it by far the largest producer of aquaculture products in the world. The U.S. aquaculture, both freshwater and marine, supplies about 5% of the U.S. seafood supply while the U.S. marine aquaculture supplies less than 1.5%.
Higher Health Benefits of Seafood Creates Lucrative Opportunities for Aquaculture Market
Rise in consumption rate of seafood product has been one of the key factors that have driven the overall growth of the global aquaculture market in terms of value sales. According to the European Commission, over the past five decades, global seafood consumption has doubled to over 20 kg per capita annually as registered in the year 2015.
Rising awareness about the health benefits associated with the consumption of seafood products coupled with supportive and enhanced government regulations has all together triggered the demand for seafood products in the global market. As of 2018, China had the largest seafood consumption footprint (65 million tonnes), followed by the European Union, Japan, Indonesia and the United States. As a result, these regions provide an avenue for the significant growth of the global aquaculture market in terms of value sales.
Apart from the surge in demand for seafood products, aquatic plants such as seaweed are also gaining traction in the aquaculture market. Seaweed is generating high demand from hydrocolloid industry. According to UN's Food and Agriculture Organization volume production of seaweed doubled between 2005-2015 surpassing 30 million tonnes annually. It is worth to be more than US$ 6 billion of business worldwide in the coming years.
Seafood Industry Stares at Huge Loss with COVID-19
North American aquaculture industry continues to serve both domestic and international markets. The abundant availability of locations, technology and financing all point to a major role for the continent as a source of aquatic protein in the decades to come. According to FAO, Aquaculture in North America is dominated by finfish, Atlantic salmon in Canada, catfish in the U.S. and trout in both countries. The other smaller segment accounts for the production of bivalve molluscan shellfish, mainly a number of species of oysters, mussels and clams. In 2014, marine and coastal aquaculture in the U.S. accounted for 50 % of production.
In Asia Pacific region aquaculture has a deep cultural significance. In many countries, it serves as a livelihood for communities. This region remains one of the largest contributors to the global supply of fishery products. In 2014, Asia Pacific represented the total aquaculture production of 92.3 million tonnes. China remained one of the largest contributors in terms of aquaculture production contributing 63.7% of the total production in the region.
However, the unstoppable condition of COVID-19 has hit the aquaculture industry very hard. The impact has slowed down both production and exports. According to the Central Institute of Fisheries Technology, countries such as India, which was generating close to US$ 6.7 billion annually through exports of marine products is now registering a daily loss of US$ 41.4 million.
Aquaculture Market: Competitive Landscape
Some of the major players analyzed in this report are Nireus Aquaculture S.A, Cermaq ASA, Eastern Fish Co., Selonda Aquaculture, S.A.Blue Ridge Aquaculture, Tassal Group Ltd, International Fish Farming Co. – Asmak, Huon Aquaculture Group Pty Ltd., Nireus Aquaculture S.A, Stehr Group Pty Ltd., Promarisco, Selonda Aquaculture S.A., Thai Union Frozen Products Public Company Ltd., and Leroy Sea Food Group among others.
Key Elements Included In The Study: Global Aquaculture Market
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