Technavio Report Global Aquaculture Market’s Growth Accelerating Through 2022
Dear Valued Customer,
In view of the global potential growth of the aquaculture industry, let’s take a look at a recent market research report by Technavio:
"The global aquaculture market is experiencing robust growth, which is likely to accelerate through the year 2022, according to a report from the market research firm Technavio.
The report, “Global Aquaculture Market 2018~2022,” presents an analysis of the global aquaculture market based on end-users, product, environment, culture, geography and market, organized by distribution channel.
The report attributes aquaculture’s rising success to the world’s growing human population, its hunger for seafood, and the decline of the captured fish industry and also predicts a compound annual growth rate for the global aquaculture industry of 4.46% for the 5-year period between 2018 & 2022.
Other key factors identified by the report in the industry’s promising future include improvements in aquaculture systems, sustainable practices, and diversification of species.
Currently, total seafood production aquaculture of 74.81 million tons is lower than captured fisheries. But the report details how aquaculture will likely overtake wild-caught fisheries within the next 5 years.
At present, the global aquaculture market is dominated by China, which accounts for nearly three-fourths of the market in terms of both volume & value, according to the report. China’s CAGR from 2017~2022 is predicted to be 3.99%. The 2nd-largest market share for aquaculture products is India, followed by Indonesia, Chile, Norway, Japan, South Korea, the US, & the UK.
Furthermore, the aquaculture sector is an important part of the economic development of many countries, & has received positive treatment by gov’ts seeking to boost their countries’ economic performance, including the introduction of policies in support of the sector."
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