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The global aquaculture market is experiencing robust growth, which is likely to accelerate through the year 2022.

The report attributes aquaculture’s rising success to the world’s growing human population, its hunger for seafood, and the decline of the captured fish industry.  The report predicts a compound annual growth rate for the global aquaculture industry of 4.46 percent for the five-year period between 2018 and 2022. In 2018, the report predicts a CAGR of 3.72; a CAGR of 4.12 percent in 2019; 4.50 percent in 2020; 4.83 percent in 2021; and 5.15 percent in 2022.

Other key factors identified by the report in the industry’s promising future include improvements in aquaculture systems, sustainable practices, and diversification of species. By focusing on polyculture and intensification of aquaculture, the market – currently valued at USD 180.2 billion is anticipated to reach USD 224.2 billion by 2022.  Currently, total seafood production aquaculture of 74.81 million tons is lower than captured fisheries. But the report details how aquaculture will likely overtake wild-caught fisheries within the next five years.

At present, the global aquaculture market is dominated by China, which accounts for nearly three-fourths of the market in terms of both volume and value, according to the report. China’s CAGR from 2017-2022 is predicted to be 3.99 percent. The second-largest market share for aquaculture products is India, followed by Indonesia, Chile, Norway, Japan, South Korea, the United States, and the United Kingdom. Of those countries, Indonesia will see the highest CAGR through 2022 at 17.24 percent; South Korea will experience the second-highest growth rate at 14.77 percent; and the remaining countries will see compound annual growth rates of between four and nine percent, the report predicted. The aquaculture sector in the United States is estimated to have a CAGR of 4.10 percent.

The report names the biggest impediments to even greater growth for the sector as climatic conditions and prevalence of diseases. Diseases such as white spot disease in shrimp and early mortality syndrome (EMS) in salmon have caused major losses affecting global markets.  However, the aquaculture industry has seen the benefits of its efforts to improve management in the sector, according to the report. Furthermore, the aquaculture sector is an important part of the economic development of many countries, and has received positive treatment by governments seeking to boost their countries’ economic performance, including the introduction of policies in support of the sector. 

Moreover, the market is witnessing a change in consumption preferences that favor aquaculture products. Demand is growing for good-quality and safe products, and consumers are increasingly trusting aquaculture to provide products that meet those demands.The aquaculture industry is also branching into the farming of new species as a way to expand its market share. New aquaculture species mentioned in the report include finfish species like meagre (Argyrosomus regius), greater amberjack (Seriola dumerili), and Atlantic wreckfish; yellowfin tuna  redbelly tilapia  and Napoleon wrasse.

Innovations in the aquaculture technology and the introduction of new species play a major role in the evolution of the global aquaculture market, which has witnessed huge advances in diverse aspects. The introduction of new species in the market directly focuses on the development of aquaculture and provides core scientific and commercially useful information to support the growth in aquaculture production and in the advancement of new technological tools.”

In delving into the characteristics of the market, the Technavio report predicts the already somewhat fragmented market structure will become even more so by 2022, though it does expect the sector to move more from growth mode into maturity. It predicts continuing high levels of innovation, low to medium levels of mergers and acquisition activity, and much higher levels of disruption threats by 2022.