LONDON–Technavio market research analysts forecast the global aquaculture market to grow at a CAGR of over 4% during the period 2018-2022, according to their latest report.
In this report, Technavio highlights the introduction of new aquaculture species as one of the key emerging trends in the global aquaculture market. Countries such as China, India, Vietnam, Indonesia, Chile, the US, Canada, and Norway exhibit high consumption and production of aquaculture, have discovered multiple new aquaculture species with high nutritional values. In terms of region, APAC dominates this trend in introducing high nutritional value and low-volume species.
The key competitors are offering a diverse range of new species with economic and biological potential, to constantly provide value-added aquaculture products and attract more customers in the market. For example, APAC and the European markets have introduced new finfish species like meagre (Argyrosomus regius), greater amberjack (Seriola dumerili), and wreckfish (Polyprion americanus). Other species have also been introduced, such as yellowfin tuna (Thunnus albacares), Redbelly tilapia (Tilapia zilli), and Napoleon Wrasse (Cheilinus undulatus).
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In this report, Technavio analysts highlight the rising awareness of aquaculture products being rich sources of nutrition as a key factor contributing to the growth of the global aquaculture market:
Rising awareness of aquaculture products being rich sources of nutrition
The nutritious benefits associated with seafood have become quite popular, which resulted in more consumption of aquaculture products, since the last decade. This is expected to play an important role in the development of the global aquaculture market. Presently, the deficiency of micronutrients is high among most people, especially in rural areas or in poor countries. Women and children are the most affected ones which results in their poor health conditions in most part of their lives.
According to a senior analyst at Technavio for agricultural equipment, “Aquaculture products, such as farmed salmon and shrimps, are highly nutritious and are a good source of essential proteins; vitamins, such as A, B, D, and niacin; minerals, such as iodine, iron, phosphorus, and zinc; and omega-3 fatty acids, such as docosahexaenoic acid DHA and eicosapentaenoic acid such as EPA. The human body cannot produce omega-3 fatty acids efficiently. They must be obtained in adequate amounts from fish and fish products. EPA and DHA helps with weight management, cognitive function, and prevention of the disease in people with mild Alzheimer’s disease. Minerals and other important nutrients in seafood play a crucial role in the brain development and reproduction.”
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Global aquaculture market segmentation
This market research report segments the global aquaculture market into the following products (freshwater fish, crustaceans, mollusks, and diadromous fish), end-users (commercial and residential) and key regions (the Americas, APAC, and EMEA).
Of the four major products, the freshwater fish segment held the largest market share in 2017, accounting for nearly 48% of the market. The market share for this product is expected to decrease by 2022. The fastest growing product is crustaceans, which will account for nearly 32% of the total market share by 2022.
APAC was the leading region for the global aquaculture market in 2017, accounting for a market share of nearly 78%. By 2022, the Americas is expected to witness the highest growth rate.
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Source: Technavio