5 Major Aquaculture Market Growing at 4.9% CAGR to Hit $ 87.6 Billion | Eastern Fish, RoyMarine Harvest ASA, Promarisco
PORTLAND, OREGON, UNITED STATES, October 10, 2023 /EINPresswire.com/ -- In 2018, the others segment accounted for more than two-fifths share of the total 5 major aquaculture market. U.S. is one of the prominent regions in the market that accounted for a sizeable share of the total 5 major aquaculture market share in 2018. Aquaculture can be defined as farming of aquatic organisms such as fin fish, carps, mollusks, crustaceans, and aquatic plants. This process of farming requires interventions in the rearing process to enhance production. Various components such as regular stocking, feeding, and more among others are to be kept on high priorities to attain the best harvest. A total of 580 species are being currently farmed all over the world, representing a wealth of genetic diversity both within and among species. Aquaculture is practiced primarily in the developed nations and as a result majority of the production comes from these regions.
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Major market players
Blue Ridge Aquaculture
Huon Aquaculture Group Pty Ltd.
Eastern Fish Co.
RoyMarine Harvest ASA
ASMAK - International Fish Farming Holding Company
Promarisco
Nireus Aquaculture S.A.
Stehr Group Pty Ltd.
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Tilapia to manifest fastest growth through 2025
The tilapia segment is projected to portray the fastest growth during the forecast period, registering a CAGR of 5.6%. This is due to increased consumption in the U.S. and African. Moreover, it is low in saturated fat, calories, carbohydrates, and sodium content making it a good protein source, which drives the growth of the segment. However, the salmon segment held the largest share in 2018, contributing nearly one-fourth of the global 5 major aquaculture market, owing to increase in demand from the hospitality, QSR food and nutrition sector, and favorable environment for rearing fish due to improved techniques and technology in the catchment area. Moreover, presence of supportive norms and regulation coupled with smooth trade relations across several countries supplemented the market growth.
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China dominates the global market
The market across China held the largest share in 2018, contributing more than two-fifths of the global 5 major aquaculture market, owing to increased import of yellowtail in China and increasing popularity of sushi in the region. Moreover, the region is projected to register the fastest CAGR of 5.3% during the forecast period. The report includes analysis of the market across several other regions such as the U.S., Europe, Russia, and Japan.
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Allied Market Research
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