Aquaculture demand to exceed $63bn in 2017
World demand for aquaculture supplies and equipment to grow 7.4% per year
New research from market research firm The Freedonia Group, Inc. expects world demand for aquaculture supplies and equipment to grow 7.4% per year to $63.6 billion in 2017 at the farm gate level.
World Aquaculture: Feed, Equipment, & Chemicals predicts that 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.
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.
Asia was the largest and one of the fastest growing aquaculture producing regions from 2002 to 2012, with China alone accounting for 61% of global aquaculture production and 51% 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.