Balancing Consumer Demand And Supply Shortage With Sustainable Aquaculture By Samrat Pradhan

Balancing Consumer Demand And Supply Shortage With Sustainable Aquaculture

Samrat Pradhan | Thursday, 27 February 2020, 11:38 IST

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 Bridging the gap between consumer demand and supply shortage in natural marine protein, Aquaculture has become the most efficient, reliable and sustainable solution across the globe, today. The certain rise in the consumption and demand for sea food combined with advancing technologies and serious depletion in ocean’s fish productivity has been the major driving factor behind the industry growth.

According to Adroit Market Research, the global aquaculture market size is expected to reach about USD 274.8 billion by 2025. As one of the fastest-growing animal food production sector in the world, Aquaculture industry has been witnessing quite a promising growth lately. The increasing need for sustainable practices to reduce strain on various resources has been the most important factor which will further drive this market in the future.

                             Balancing Consumer Demand And Supply Shortage With Sustainable Aquaculture

Even, many a Governments across the globe has been promoting and investing in Aquaculture to cater to the demand of rapidly growing population.   Also, it is expected by 2030, aquaculture will account for almost two-thirds of the fishes that humans will consume. Hence, sustainability will be the biggest aspect which all the players in the industry need to focus on; thereby aiding in regulating a balanced and efficient aquatic ecosystem and also reducing sea food trade deficit.  

Growing Aquaculture Feed Industry in India

If we come to the Indian market, Aquaculture Feed Industry was valued at USD 1.20 billion in 2017 and is expected to register a CAGR of 10.4% during the forecast period (2018-2023), according to Mordor Intelligence. Aquaculture in India will advance rapidly with great diversified geographies in the country having 44 medium rivers, 14 rivers and many small rivers and coastline which is about 7,517 kilometers that is covered with numerous rivers and canal systems.  Thus, the growth in the overall industry will demand sustainable supply of feed which will be automatically propelling the market for feed industry along with it. Furthermore, Contract Farming has been a key driver in the growth of aquaculture feed. However, increasing demand for feed aquaculture production has tremendously increased fishing pressure on wild stocks which is threatening the over sustainability itself.

Challenges in Aquaculture Industry

One of the biggest challenges faced by the players in Aquaculture industry is safeguarding aqua animals against various diseases. These diseases are usually transferred through water and if we take Indian Aquaculture in industry in this context, many a players practicing fresh water fish and shrimp farming are commonly haunted by this problem which needs utmost care so as to bring production efficiency. Hence, this has become a major drawback from the industry which needs proper solution to further grow aquaculture. According to Audun Lem, Deputy-Director in FAO’s Fisheries Policy Division, “One reason aquaculture has surged ahead of open-sea fishing is that its production methods are typically far less seasonal and volatile.”

Future ahead for Aquaculture Industry

Trends & Issues in Aquaculture Industry will constantly change with the ever changing market dynamics. With the further advancements in technology and various new approaches in practicing aquaculture will further bring innovations and drive sustainability to meet the demand of rapidly growing population in future. While, more robust methodologies with data driven capabilities will be the anchor point for this industiry’s growth.

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