Seafood market to reach $235 billion by 2022
By Erich Luening
By Erich Luening
The international fish farming and fisheries market, valued at $153.1 billion (USD) in 2014,is expected to reach $235 billion by 2022 growing at a compound annual rate (CAGR) of 5.5% from 2014 to 2022.
According to the report “The Global Aquaculture and Fisheries Market Outlook,” growth of the market is due to rise as consumer awareness of health benefits of fish continues to grow. In addition, the market demand is expected to be further fueled by the lack of naturally available varieties owing to extensive fishing.
Rice-fish culture is a key growth area. Carp were the largest species segment and demand for carp is expected to rise as it is one of the prime cultivated fish due to its high compatibility with non-ideal environmental conditions and its extensive use in fish farming. Mollusks were the second largest segment consumed, owing to associated health benefits.
China has the largest market for aquaculture, accounting for more than half of the global market share. The market is expected to show rapid growth due to favorable climatic conditions for aqua farming and availability of resources and labor, according to the report.
South America is expected to expand its presence in the global aquaculture industry as production increases and as Chile recovers from the impact of a recent infectious salmon anemia (ISA) outbreak. The more developed markets of Europe and North America are expected to show healthy growth along with modest expansions in aquaculture production.
The key players in the aquaculture and fisheries market include American Abalone Farms, Aquacare Environment Inc, Blue Ridge Aquaculture Inc, Cooke Aquaculture, Farmocean, International AB, Marine Harvest Canada, Royal Greenland A/S, Tassal Group Ltd, Taylor Shellfish Inc, and Unima Group, according the report.
The full report can be accessed at http://www.marketresearchstore.com/report/global-aquaculture-and-fisheries-market-outlook-trends-35864.