MARKET REPORT 72 FEED & ADDITIVE MAGAZINE August 2022 global aquaculture market size was valued at US$285.4 billion in 2019, and is projected to reach US$378 billion by 2027, registering a CAGR of 5.8%. IMARC Group, on the other hand, considers the market size on the basis of volume in its report called Aquaculture Market. According to the report, global aquaculture market reached a volume of 72.4 million tons in 2021. Looking forward, IMARC Group expects the market to reach 95.6 million tons by 2027, exhibiting at a CAGR of 4.8% during 2022-2027. MARKET DRIVERS & RESTRAINTS Increasing consumer demand for aquaculture and scarcity of resources in the natural environment are supporting the growth of farm fisheries. Blueweave Consulting explains it this way in its report: Over the past 50 years, fish and seafood production has doubled worldwide. The average individual currently consumes over twice as much seafood as they did fifty years ago, in addition to the fact that the world's population has more than doubled during this time. Fish stocks all around the globe are under more strain as a result of this. Since the 1980s, the proportion of fish stocks that are overfished, or caught faster than they can reproduce to maintain population levels, has more than doubled, making the current levels of wild fish catch unsustainable. According to a recent World Bank analysis, 62% of "Over the past 50 years, fish and seafood production has doubled worldwide. The average individual currently consumes over twice as much seafood as they did fifty years ago, in addition to the fact that the world's population has more than doubled during this time. Fish stocks all around the globe are under more strain as a result of this. Since the 1980s, the proportion of fish stocks that are overfished, or caught faster than they can reproduce to maintain population levels, has more than doubled, making the current levels of wild fish catch unsustainable."
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