A new study shows growth of over 7 percent in the global aquaculture industry
Cleveland, OH (PRWEB) March 29, 2013
After several decades of rapid expansion, world demand for aquaculture supplies and equipment is expected to moderate, growing 7.4 percent per year to $63.6 billion in 2017 at the farm gate level. The ongoing transition from extensive and semi-extensive to intensive aquaculture production will support greater feed demand, and rising feed costs will drive advances in market value as fish meal and fish oil prices continue to grow rapidly. These and other trends, including market share and product segmentation, are presented in World Aquaculture: Feed, Equipment, & Chemicals, a new study from The Freedonia Group, Inc., a Cleveland-based industry market research firm.
Aquafeeds dominate demand for aquaculture supplies and equipment, and an increasing share of farmers have turned to commercial feeds over farm-made products or natural food sources. The impact of higher fish meal and fish oil prices will be partially mitigated by the increasing use of lower cost vegetable fats and proteins, and by declining feed conversion ratios as higher quality feeds allow farmers to use them in smaller volumes.
The continued trend toward intensive aquaculture is also expected to positively affect demand for other aquaculture supplies. More intensive production requires the use of a greater variety of equipment, including pumps, filters, feeders, water quality monitors, and water treatment equipment. As stocking densities rise, demand for feed supplements and pharmaceuticals will benefit. Although an increasing number of farmers are using commercial aquafeeds instead of natural food sources, fertilizer demand is expected to grow as farmers in developing countries begin using chemical inorganic fertilizers for carp, tilapia, catfish, and shellfish production.
Asia was the largest and one of the fastest growing aquaculture producing regions from 2002 to 2012, with China alone accounting for 61 percent of global aquaculture production and 51 percent of supplies and equipment demand in 2012. South America is expected to expand its presence in the global aquaculture industry as production increases throughout the region and as Chile recovers from the impact of a recent infectious salmon anemia outbreak. The more developed markets of Europe and North America are expected to show healthy growth.
The Freedonia Group is a leading international business research company, founded in 1985, that publishes more than 100 industry research studies annually. This industry analysis provides an unbiased outlook and a reliable assessment of an industry and includes product segmentation and demand forecasts, industry trends, demand history, threats and opportunities, competitive strategies, market share determinations and company profiles.