Aquaculture is the process of breeding and harvesting of aquatic animals such as finfish, crustaceans, and mollusks, as well as aquatic plants such as algae, in freshwater, seawater, brackish water, and inland saline water. According to Food and Agriculture Organization (FAO), the global aquaculture production in 2018 accounted for 114.5 million tons out of which 82.1 million tons accounted for aquatic animal production. The surging demand for seafood and rapidly rising global population are the key factors driving the growth of aquaculture market.
The Surge in Demand and Consumption of Seafood to Drive the Market Growth.
The global demand for fish and fish products shows no of sign of slowing down. The fisheries and aquaculture industries have grown tremendously in the past few decades. The high growth in population and growing awareness amongst consumers about seafood as a healthy source of protein has fueled the growth of the aquaculture market. Additionally, the increase in purchasing power of people in developing nations has also supported market growth. Wild fisheries are not sufficient to meet the global demand for seafood. Sustainable aquaculture development and effective fisheries management are expected to be critical factors in meeting increased seafood demand. Aquaculture is the controlled process of farming of aquatic organisms including plants in inland and coastal areas. The increase in global fish consumption is driving the growth of the aquaculture market
A few players operating in the aquaculture market are WH Group; JBS S.A.; P/F Bakkafrost; Blue Ridge Aquaculture, Inc.; Danish Crown; Cooke Aquaculture, Inc.; Leroy Seafood Group ASA; Stolt-Nielsen Limited; Mowi ASA; and Thai Union Group PCL; among others.
