Feed & Additive Magazine Issue 3 April 2021

SPECIAL STORY FEED & ADDITIVE MAGAZINE April 2021 61 MARKET SIZE AND FUTURE EXPECTATIONS Although aquaculture has shown steady growth, it was greatly affected by the Covid-19 pandemic in 2019. There was a slight decrease in the sales of fish products due to the disruption of the supply chain and the decrease in out-of-home food con- sumption during the pandemic. However, fish con- sumption at home has increased and this market is expected to increase its profitability in the coming years. According to the report "Aquaculture Market by Environment and Fish Type: Global Opportunity Analysis and Industry Forecast, 2021-2027" pre- pared by Allied Market Research, the size of the global aquaculture market was recorded as 285 billion 359 million dollars in 2019. The market is expected to reach a size of 378 billion 5 mil- lion dollars by 2027. In the said period, the com- pound annual growth rate (CAGR) is expected to be around 5.8 percent. Aquaculture is evaluated from different segments according to their environment, types, and regions. Considering the market size in terms of environ- ment, it is seen that fresh water fish are the highest revenue-generating segment. According to the report of Allied Market Research, the fresh water segment will achieve the highest growth rate of 5.9 percent in the 2019-2027 forecast period. The marine water segment will follow with a 5.8 percent growth. In terms of region, Asia-Pacific occupies a lead- ing position in the market in 2019 and is expected to remain dominant in the future. Latin America, the Middle East, and Africa (LAMEA) was the sec- ond-largest market in terms of revenue generation, with almost a quarter in 2019. This region is expected to expand further with a compound annual growth rate of 5.6 percent in the 2019-2027 forecast period. Technological developments in some countries in South America and South Africa are expected to increase the growth of the aquaculture market in LAMEA. Besides, the rapid development of infra- structure and technology in the Middle East con- tributes to the growth in the LAMEA market. On the contrary, weak economies in Africa hinder the growth of the aquaculture market in this region. The expansion in aquaculture in North America has stalled in recent years but it has shown strong and continuous growth in South America, particu- larly in Brazil and Peru. GLOBAL FISH SUPPLY AND CONSUMPTION It is estimated that around 580 species are bred in fish farms all over the world. Among these species, salmon, carp, tuna, cod, trout, tilapia, catfish, eel, and halibut are the most commonly grown species, although they vary regionally. According to the United Nations Food and Agricul- ture Organization FAO's "The State of World Fisheries and Aquaculture 2020" report, global fish production, which was around 172 million tons in 2017, reached approximately 179 million tons in 2018. While 82 million tons of this production was carried out by Industry’s Shining Star FISH FARMING