The North America Aquaculture market is accounted to US$ 6,432.8 Mn in 2018 and is expected to grow at a CAGR of 4.8% during the forecast period 2019 – 2027, to account to US$ 9,685.1 Mn by 2027.
The US is dominating the North America aquaculture market, followed by Canada. The demand for aquaculture is growing in the US, owing to increased consumer awareness related to health benefits associated with the seafood. Aquaculture has high protein content due to which it is gaining more acceptance by a larger customer base. The shift in consumer lifestyle along with inclination towards healthy food products, is also expected the growth of the market across the US. The manufacturers in the region are focusing more towards innovation and development to boost the growth of North America aquaculture market.
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Seafood, specifically fish is the part of traditional food in many regions. Also, fish is largely consumed owing to its nutritional benefits and several health benefits. It is regarded as a good source of fatty acids, vitamins, minerals, protein, and essential micronutrients. High disposable income and spending power of consumer has improved their spending on animal proteins such as seafood as compared to other food categories. Also, the Food and Agriculture Organization (FAO) has predicted that fish consumption by a human is expected to increase by 50% in the coming 15 years. As per the data provided by the National Marine Fisheries Service, the per capita seafood consumption in the US raised by 1.1 pounds to 16 pounds in 2017. The seafood consumption rate in the US has reached the 16-pound mark for the first time in almost the last ten years. The growing seafood demand and per capita seafood consumption is reflective of aquaculture industry growth in the US. Thus the rising demand for seafood is fuelling the growth of the North America Aquaculture market.
• Blue Ridge Aquaculture, Inc
• Cermaq Group AS
• Cooke Aquaculture Inc.
• Farallon Aquaculture Group
• Mowi ASA
• Selonda Aquaculture SA
• Stolt-Nielsen Limited
• Thai Union Group PCL
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Based on species, the North America Aquaculture market is bifurcated as aquatic plants, fish, crustaceans, molluscs, and others. The fish segment dominated the North America Aquaculture market. Fish farming is a method in which different types of fish are raised in ponds, tanks, and ocean enclosures. These fishes are mainly used for food consumption. It is the fastest-growing area of animal food production and the most common form of aquaculture. Various types of fishes such are raised and produced. Salmon, big eye, tuna, carp, catfish, cod, and tilapia are often raised and produced by fish farms at commercial level. As the demand for fishes has increased in North America, technology has made it possible to grow food in coastal marine waters and the open ocean.
The North America Aquaculture market is bifurcated based on nature into land based and offshore. The land based segment accounted for the largest share in the North America aquaculture market. The land-based aquaculture facilities are increasingly being considered as a more sustainable alternative to open-water fish farms. Land based fish farming is costly as compared to offshore aquaculture. However, the emergence of new systems and sophisticated technologies, the farmers prefer land based aquaculture system. The projected growth of land-based fish farming over the forecast period will be buoyed by innovating companies like AGA, which are developing new and innovative cutting-edge technologies, such as oxygenation systems and Recirculation Aquaculture Systems (RAS).
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This post was originally published on Food and Beverage Herald