Aquaculture is a field in which fish farming is exercised in the diverse cultures such as freshwater, brackish water, and marine water. Distinct species of fish are harvested and cultivated in an ideal environment via aquaculture. Further, these fishes are commercialized for diverse applications such as dietary supplement, food industry, and among others. As per the report, the worldwide aquaculture market was priced at USD 156.27 Billion in 2015 and is anticipated to achieve USD 209.42 Billion in 2021, developing at a 5.0% CAGR between 2016 and 2021.
According to published article, Danish feed firm BioMar Group is introducing a “complete, high-performing feed range” for African catfish and tilapia for African markets. According to the firm, since few years, there has been an increase in the tilapia and African catfish farming. To fulfill the increasing need of feed, the firm has extended its range of products to encompass all the nutritional requirement of these species at each stage of their life cycle, by producing broodstock feed type EFICO Genio 838F.
The decrease in the fish farming catchments around the world is a significant force that is projected to fuel the growth of the market. Usage of fish oil in several industries such as food industry, dietary supplements, pharmaceutical, and healthcare is expected to upsurge the need for aquaculture in the coming period. Nevertheless, the unfavorable climatic conditions are the key factors that may hamper the growth of the market. However, the new developments in aquaculture such as the implementation of rice–fish culture are expected to open new opportunities for the key manufacturer of the worldwide market in coming period.
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Few of the major players in the market are Blue Ridge Aquaculture, Nireus Aquaculture S.A., Cooke Aquaculture Inc., Cermaq ASA, The Waterbase Limited, Tassal Group Ltd., Selonda Aquaculture S.A., Zeal Aqua, NSF Certification UK Ltd., and Carter & Sons Ltd. among others.
Based on the type, the global market is classified into freshwater, brackish water, and marine culture. The type segment of the market is anticipated to grow in the near future owing to the rising need for saltwater species among customers. Furthermore, the brackish water farming is a combination of fresh and salt water that is projected to develop at a satisfactory rate in the near future. On the basis of product segment, the worldwide market is bifurcated into mollusks, trout, crustaceans, carp, salmon, and other fish.