The global market for aquaculture is expected to reach USD 202.96 billion by 2020, according to a new study by Grand View Research, Inc. Aquaculture includes farming of aquatic organisms such as mollusks, fish, crustaceans and other aquatic flora and fauna. Increasing consumer awareness of health benefits associated with seafood and growing consumption serves as a key driver for development of the market. In addition, the market demand is expected to be further fuelled by the lack of naturally available varieties owing to extensive fishing. Rice-fish culture is expected to serve as key growth opportunity for this market over the next six years.
Carps were the largest product segment, accounting for 25,137.6 kilo tons of global aquaculture demand in 2013 and is expected to reach 29,462.8 kilo tons in 2020, growing at a CAGR of 2.2% from 2014 to 2020. The demand for carps is expected to rise as it is one of the prime cultivated fish due to its high compatibility with non-ideal environmental conditions and its extensive use in fish farming. Mollusks were the second largest product segment, with market demand exceeding 16,619.6 kilo tons in 2013, owing to health benefits resulting in high consumption.
Further key findings from the study suggest:
For the purpose of this study, Grand View Research has segmented the global aquaculture market on the basis of culture environment, product and region:
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