One of the fastest growing food production systems in the world, aquaculture is a blanket term for the rearing and cultivation of aquatic animals and plants. Though ponds were traditionally used for aquaculture, they have given way to raceways, recirculating systems, and net pens. The latest addition to the list is aquaponics, which involves the merging of hydroponics and aquaculture, wherein water is filtered from the aquaculture portion through to the plants in order to obtain the nutrients the plants need for growth.
When seen from a global standpoint, the aquaculture market has witnessed robust growth both in terms of both volume and revenue. According to analysts at Technavio, the global aquaculture market, which stood at $160 billion in 2015, is poised to grow at a CAGR of 4% by 2020. The Asia-pacific countries (APAC) hold the largest share of the aquaculture market, with China leading the pack.
Reasons behind APAC’s dominance in the global aquaculture market
Most APAC countries have adopted the polyculture farming system, which is not only practical and economical, but also widens the scope of the aquaculture market. Farmers in these countries have now taken up crop rotation along with aquaculture; this process creates a natural ecological balance with minimal waste and better usage of resources, as the crops in polyculture are interlinked and can benefit from each other’s by-products. Additionally, polyculture practices make use of the various spatial and trophic niches of a pond, so that there is maximum production of shrimp and fish per unit area.
Introduction of ‘Blue Economy’ initiatives
A term coined at the 2012 Rio+20, also known as the Rio Earth summit, ‘Blue Economy’ is used to define marine-based economic development. A Blue Economy is achieved by giving priority to the use of the seas to benefit people, alleviate poverty, generate employment, and promote equity. Nearly all of the APAC governments have established policies that favor the development of the technological landscape for aquaculture. This in turn has boosted the aquaculture market in the region.
Initiation of new aquaculture species
One major trend that has been witnessed in the APAC region, which explains its large share in the global aquaculture market, is the practice of introducing new aquaculture species into aquafarms. These species carry high value both from a nutritional and a commercial standpoint, which in turn draws in greater revenues. Additionally, the introduction of new species into the aquaculture market directly focuses on the development of aquaculture, and provides useful core scientific information to support the remarkable growth in aquaculture production and the advancement of new technological tools.
Apart from these factors, the APAC countries have access to suitable water conditions, which are critical for farming fish and seafood items. The fact that most of these countries have adopted high-end production techniques can also account for why the aquaculture market in this region is booming.
Want to find out how other regions are performing in the global aquaculture market?
