Aquaculture is the controlled cultivation and harvest of aquatic animals such as fish, mollusks, crustaceans, and aquatic plants. It is also known as fish farming and accounts for about 10% of the world’s commercial fish harvest. Fish farms range from simple ponds or flooded rice fields to highly engineered hatcheries, where the environment is monitored and kept under control. Environment control eliminates harmful environmental conditions and helps fish flourish and grow faster. Farming implies some form of intervention in rearing process to enhance production such as regular stocking, feeding, and protection from predators etc.
On the basis of environment, the aquaculture market is segmented into fresh water, marine water, and brackish water. Freshwater segment accounts for highest CAGR in the near future, in which concrete ponds are used and cultivate various fish species. In marine water segment fish farming is carried in salty water such as seas and oceans. This segmented is expected to grow over the forecast period, owing to increasing demand for saltwater species among individuals.
On the basis of product, the market is segmented into carps, crustaceans, mackrel, milkfish, mollusks, salmon, sea bass, sea bream, trout, and other species. Carp is leading the product segments which are cultivated in fresh water environment, owing to its compatibility with lesser ideal environmental conditions. Crustacean is a source of high protein content. Mackerel is a major source of omega-3 fatty acids which helps to balance metabolism.
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Based on the region the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is estimated to account for highest share in terms of revenue over the forecast period, owing to availability of natural resources and better environment condition in various countries in this region. The market in North America and Europe is expected to register lucrative growth, owing to availability of technological advanced products and technologies in this region.
Key players operating in the global aquaculture market include Cermaq Group AS, Cooke Aquaculture Inc., Grupo Farallon Aquaculture, Lerøy, Marine Harvest ASA, P/F Bakkafrost, Tassal Group Limited, Thai Union Group Public Company Limited, Blue Ridge Aquaculture, Inc., and Huon Aquaculture Group Limited.