Aquaculture has grown at an impressive rate in the past few decades across the globe. Aquaculture comprises both freshwater and marine animals with the former accounting for the vast majority of production. Freshwater aquaculture consists of some fish species such as tilapia, catfish, and trout, amongst others. The National Oceanic and Atmospheric Administration indicates that aquaculture produces a major portion of seafood consumed globally and this is only likely to increase going forward.
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Focus on China for Maximum Gains in the Global Aquaculture Market
China, by a sizeable margin, is the largest producer in the global aquaculture market. In terms of consumption, both China and the U.S. consume a high volume of aquaculture products. The spike in consumption of seafood has been a primary driver in the global aquaculture market. The European Commission estimates that global seafood consumption has doubled over the past five decades, making it a lucrative opportunity for companies in the global aquaculture market to tap.
Rising Awareness and Government Support Benefit Global Aquaculture Market
An ever-increasing awareness about the consumption of certain seafoods, along with supportive government regulations, have had a material impact on the global aquaculture market. As of 2018, the largest seafood consumers were China, the E.U, Japan, Indonesia, and the U.S, in that order respectively. Furthermore, aquatic plants such as seaweed are gaining prominence in the global aquaculture market – particularly in the hydrocolloid industry. As per UN’s Food and Agriculture Organization data, seaweed production doubled from 2005 – 2015, and companies in the aquaculture market would do well to take note.
North America More Than Capable of Meeting Global Demand in Aquaculture Market
The North America aquaculture market is well-suited to serving both global and local demand as a result of its abundance of fertile locations, ample financing, and high technology. According to the Food and Agriculture Organization (FAO), the U.S produces the most catfish, Canada produces Atlantic salmon, while trout is produced in both nations The smaller segments include bivalve molluscan shellfish, along with several types of mussels, clams, and oysters.
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Cultural Factors Play a Key Role in APAC Aquaculture Market
For the APAC region, aquaculture has a strong cultural resonance and it serves as the livelihood for entire coastal communities. Thus, it isn’t surprising that APAC is one of the largest contributors to the global aquaculture market. Unfortunately, COVID-19 has ravaged the industry and significantly slowed down both production and export. For example – the Central Institute of Fisheries Technology estimates that countries such as India that were generating handsome profits pre-COVID 19 in the global aquaculture market are now racking up daily losses to the tune of millions of dollars.
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