The Asia Pacific aquaculture market is accounted to US$ 236,166.2 Mn in 2018 and is expected to grow at a CAGR of 7.9% during the forecast period 2019 – 2027, to account to US$ 463,356.4 Mn by 2027. The Asia Pacific aquaculture market is bifurcated on the basis of culture environment as – fresh water, brackish water, and marine. The marine Asia Pacific aquaculture market is estimated to hold a dominant share in the market. The availability of resources and the function of organisms to be grown are the key factors that are considered while choosing the aquaculture system. The development of innovative systems is also one of the important aspect which has helped to decrease, recycle, and reuse the waste, which can be further used to support a variety of aquatic organisms.
The Asia Pacific aquaculture market is segmented on the basis of species as: as aquatic plants, fish, crustaceans, molluscs, and others. The fish segment accounts the largest share in the Asia Pacific aquaculture market, followed by the aquatic plants segment, which also has a significant share in the market. The most commonly consumed species include catfish, tuna, scad, perch, etc. The presence of wide range of fishery resources, both freshwater and marine has served as one of the important drivers for the consumption of seafood in the Asia Pacific region. Fish is consumed as a major source of protein in many countries across the Asia Pacific region. Aquaculture is an important source of livelihood, and is also, an essential traditional food in many countries, which is anticipated to drive the Asia Pacific aquaculture market.
In the past few years, there has been a huge change in the consumer preferences. The demand for protein rich products is increasing. The consumer prefer the products that have high nutritional content, offer health benefits, and have exotic taste. Thus, the fish and other seafood are an excellent option for the consumers has they fulfill their various requirements. The presence of large population is also one of the key drivers for the growth of Asia Pacific aquaculture market. According to the United Nations Population Fund (UNFPA), the Asia Pacific accounts for around 60% of the world’s population. Also, the countries like India and China are ranked among the top five countries in the world with the highest youth population. These several factors are estimated to drive the Asia Pacific aquaculture market.
Asia Pacific aquaculture market is segmented on the basis of the country as – Australia, China, India, Japan, Indonesia, Vietnam, South Korea, and Rest of APAC. China has a significant share in the Asia Pacific aquaculture market, which is followed by Indonesia. China has a developed aquaculture sector. The rate of fish production is much higher as compared to fish consumption. The country serves the national and international market with its huge production capacity. According to the FAO report, in 2016, the aquaculture industry in China employs over 6 million people throughout the country. Furthermore, the Chinese aquaculture industry comprises over 150 different species allowing for a wide range of products to be sold to multiple markets. China also has a huge research and education network sponsored by the central government. This is known as the Chinese Academy of Fishery Sciences, which is comprised of ten different research institutes. These factors are estimated to boost the Asia Pacific aquaculture market.
Few of the players present in Asia Pacific Aquaculture market are Bakkafrost, Cermaq Group AS, Cooke Aquaculture Inc., Huon Aquaculture Group Limited, Ler?y, Mowi ASA, Stehr Group, Stolt-Nielsen Limited, Tassal, and Thai Union Group PCL.
The overall Asia Pacific aquaculture market size has been estimated with the help of primary and secondary sources. The research process starts with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Asia Pacific aquaculture market. Also, several primary interviews were conducted with industry participants and commentators in order to verify data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Asia Pacific aquaculture market.