Opportunity Like Increasing Government Initiatives to Support Aquaculture Market Drives this Market

Owing to the growing demand for aquaproducts for their protein-rich content, small-scale farming is adopted by developing regions such as Asia Pacific, South America, and Africa.

(EMAILWIRE.COM, November 26, 2019 ) “Farming implies some form of intervention in the rearing process to enhance production, such as regular stocking, feeding, protection from predators, etc.,” as defined by the Food and Agriculture Organization (FAO). Aquaculture is the farming of aquatic organisms, such as fish, mollusks, crustaceans, and aquatic plants.

Download PDF brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=2224024

The freshwater aquaculture segment is estimated to dominate the market in 2018, as it an important sector of many economies such as Asia Pacific and South America and is considered to be important in sustaining the livelihoods of many rural communities. Further, advancements in pond aquaculture and the introduction of new technology to produce a high amount of freshwater species are driving the market growth of freshwater aquaculture.

The pharmaceutical segment, by rearing product type, is projected to be the fastest-growing segment in the aquaculture market during the forecast period, due to higher acceptance of drugs, medicated feed, and vaccines into the regional markets, specifically in developed countries such as the US and Canada. Furthermore, growing demand for medicated aquafeed is increasing in organized aquafarms across Europe, given the limited use of antibiotics across the region, which is driving the growth of the aquaculture market.

In terms of geographic coverage, the aquaculture market has been segmented into five regions, namely, North America, Europe, Asia Pacific, South America, and RoW. South America is projected to be the second fastest-growing region due to the strong fish production base in Ecuador and Chile, along with high technological advancements in aquafarming. According to FAO, the total fish production in the region would reach 16.2 million tons by 2025. Further, there is a high production of salmon in the region, especially in Chile, due to favorable market conditions. Other factors such as the presence of favorable temperatures & coastlines and strong governmental support for aquafarming in the region also cater to the development of the aquaculture industry.

Speak to Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=2224024

Increasing government support provides a huge opportunity for the aquaculture sector. For instance, USAID-funded Fisheries Improved for Sustainable Harvest (FISH) Project in the Philippines, the Management of Aquatic Ecosystems through Community Husbandry (MACH) project in Bangladesh, the SUCCESS fisheries management programs in three West African countries, and the Global FISH Alliance in the spiny lobster fishery of Honduras.