Aquaculture Market Expected to Reach $242 Billion, Globally, by 2022
PORTLAND, Oregon and PUNE, India, January 11, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research titled, "Aquaculture Market - Global Opportunity Analysis and Industry Forecast, 2014-2022," the global aquaculture market was valued at $169 billion in 2015 and is expected to reach $242 billion by 2022, growing at a CAGR of 5.3% from 2016 to 2022. The carps segment is expected to retain its dominant position, in terms of revenue generation, during the forecast period. Asia-Pacific held the leading position in the global market in 2015, and is expected to maintain its lead ahead as well.
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Summary of the Aquaculture Market Report can be accessed on the website at: https://www.alliedmarketresearch.com/aquaculture-market
Currently, aquaculture is necessary to meet the food demand and supply. This industry provides high-quality and disease-free fish by rearing them in an environment that meets the hygiene standards. Aquaculture is also a way to conserve the species on the verge of extinction. The global aquaculture market is projected to witness significant growth during the forecast period, owing to increase in health awareness among consumers regarding benefits of consumption of seafood, and rise in government rules and regulations in different countries that promote fish farming to meet the growing demand to cope with food insecurities. However, increase in water pollution and changes in climatic conditions hamper the market growth.
According to Eswara Prasad, Team Lead, Chemical & Materials at Allied Market Research, "Increased concern towards food security, technological advancement in the industry, and rise in awareness about a healthy diet are prime factors resulting in growth of the aquaculture industry. However, global warming and water pollution may impede the market growth in the coming years."
Based on the type of environment, the aquaculture market is segmented into fresh water, marine water, and brackish water. The fresh water segment generated the highest revenue, accounting for about two-thirds share in 2015. It is expected to grow at the highest CAGR of 5.5% during the forecast period, followed by marine water segment at 5.1%.
Among the types of fish, the carps segment generated maximum revenue, accounting for more than 20% share in 2015, due to their hardiness and adaptability
KEY BENEFITS FOR STAKEHOLDERS
- Asia-Pacific is expected to continue to lead the global aquaculture market, growing at the highest CAGR of 5.5%, in terms of revenue, from 2016 to 2022.
- The fresh water segment occupied around two-thirds share of the total market value in 2015.
- In 2015, the carps segment occupied around one-fourth share, in terms of revenue.
- In the year 2015, China stood as the highest revenue generated country in the global aquaculture market.
- Mollusks fish type is expected to witness significant growth of 5.5%, in terms of revenue, during the forecast period.
LAMEA generated the second highest revenue, with almost one-fourth share in 2015. It is expected to grow at a CAGR of 5.0% during the forecast period owing to technological development in South America and few countries in South Africa, and rapid development in Middle East, in terms of infrastructure and technology. However, weak economies in Africa may hamper the growth of the aquaculture market in this region.
Market players in the industry have adopted strategies such as acquisition, partnership & agreement, and geographical expansion to expand their market share and increase profitability. Major companies profiled in the report are Cermaq Group AS (Mitsubishi Corporation), Cooke Aquaculture Inc., Grupo Farallon Aquaculture, Leroy Sea Food Group, Marine Harvest ASA, P/F Bakkafrost, Selonda Aquaculture S.A., Stolt Sea Farm, Tassal Group Limited, and Thai Union Group Public Company Limited.
Summary of similar reports can be viewed at: https://www.alliedmarketresearch.com/food-&-beverages/agriculture-and-agri-products-market-report
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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SOURCE Allied Market Research
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