According to the recent market report from Techanvio, the world’s total aquaculture seafood production reached over 86 million tons in 2019, while the global aquaculture industry was valued at USD 180.2 billion in the same year, and the figure is anticipated to reach USD 224.2 billion by 2022. UN’s Food and Agriculture Organization also reports that the contribution of aquaculture to the global production of capture fisheries and aquaculture combined has risen continuously, reaching 46.8 percent in 2016, up from 25.7 percent in 2000. With a 5.8 percent annual growth rate during the period 2001–2016, aquaculture continues to grow faster than other major food production sectors
The aquaculture industry around the world makes essential contributions to employment, especially in developing countries. According to the FAO, aquaculture provides employment to more than over 41 million people globally. The vast majority of aquaculture activities are carried out in developing countries working in fish and fisheries production. As most capture fisheries worldwide are considered fully exploited or overexploited, the aquaculture industry has become an important sector to cater to the global seafood demand, which will continue to increase with population growth, rising incomes, and increasing urbanization.
At present, the global aquaculture market is dominated by China, which accounts for nearly three-fourths of the market in terms of both volume and value, according to the report. China’s CAGR from 2017-2022 is predicted to be 3.99 percent. The second-largest market share for aquaculture products is India, followed by Indonesia, Chile, Norway, Japan, South Korea, the United States, and the United Kingdom. Of those countries, Indonesia will see the highest CAGR through 2022 at 17.24 percent; South Korea will experience the second-highest growth rate at 14.77 percent; and the remaining countries will see compound annual growth rates of between four and nine percent, the report predicted. The aquaculture sector in the United States is estimated to have a CAGR of 4.10 percent.