Ertan Emek Onuk
The aquaculture market is expected to increase at a CAGR of 7.2 percent over the forecast period, from USD 30.1 billion in 2018 to USD 42.6 billion in 2023. This can be related to the rising popularity of fish consumption due to its nutritious value. In addition, the growing trend of smart fishing, as well as an increase in the seafood trade, are driving up demand for aquaculture products.
The Asia Pacific region has the biggest market share. This is due to an increase in demand for innovative and cutting-edge aquaculture goods that assist producers produce higher-quality output with less land and increase the efficiency of aquaculture operations. Furthermore, aquaculture industries in countries such as China, India, Vietnam, Indonesia, and Thailand are export-oriented; the aqua farming industry is of primary importance in these nations, with players focusing on technology adoption and automation, which is projected to benefit the market in this area.
Due to a shortage of naturally available variety of fisheries collected in natural environments, aquaculture is the world's fastest-growing food production technology. Seafood consumption has increased as people become more aware of the health benefits and nutritional value of seafood. Aquatic products, particularly farmed salmon and shrimp, are nutrient-dense sources of protein, vitamins A, B, D, and Niacin, as well as minerals including iodine, iron, phosphorus, and zinc. These foods are also high in Omega-3 fatty acids like docosahexaenoic acid (DHA) and eicosapentaenoic acid (EPA) (EPA).
According to recent studies, 35 countries produced more farmed fish in 2014 than wild-caught fish. This group of countries has a population of 3.3 billion people, accounting for 45 percent of the global population. China, India, Vietnam, Bangladesh, and Egypt are among the five biggest manufacturers in this group. Asia contributes 89 percent of global aquaculture production, with China alone accounting for 62 percent.
Climate change and fluctuation, urbanization, and related social and economic changes are all posing difficulties to the aquaculture industry. As a result, the only way to fulfill rising fish demand is to encourage sustainable aquaculture intensification while maintaining environmental sustainability, which implies “producing more with less” by boosting aquaculture productivity and efficiency while reducing resource consumption and minimizing negative environmental and social repercussions.
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