Global fish production peaked at around 177.8 million metric tons in 2019, with aquaculture representing nearly 52.0 percent of the world’s fish production according to the Mordor Intelligence report.
Fisheries and aquaculture are increasingly becoming a primary source of protein, foreign exchange, livelihoods, and well-being of the population in the Asia-Pacific region. China accounts for over 60 percent of global aquaculture production and continues to maintain its predominance in both inland and marine aquaculture.
According to the Food and Agricultural Organization (FAO), China has remained a major fish producer, accounting for 35 percent of global fish production in 2018. Excluding China, a significant share of production in 2018 came from Asia (34 percent), followed by the Americas (14 percent), Europe (10 percent), Africa (7 percent), and Oceania (1 percent).
Organic fishery and aquaculture products represent a niche market in Europe. In the main EU countries surveyed by the European Observatory for Fisheries and Aquaculture (EUMOFA), i.e., Germany, Spain, France, Italy, and the United Kingdom, 46,500 tons of unprocessed fishery and aquaculture products consumed in 2019 originated from organic production. Driven by higher incomes and urbanization, the global consumption of fish is growing faster than the global population. Hence, the aquaculture share in the regional supply is expected to expand in a way that captures fisheries, and aquaculture may be contributing equal amounts by the end of the forecast period. Therefore, the growing seafood demand, owing to health concerns and rising incomes, is expected to boost the fish market globally during the forecast period
The report further indicated that aquaculture expanded steadily in the Asia-Pacific region in the past years, contributing to more than 40 percent of the global fishery production. The exports of aquaculture products in many Asian countries are earning half a billion dollars per year, which is primarily contributing to aquaculture growth in Asia-Pacific. On the market side, aquaculture’s export growth in the Asian market is majorly driven by the European and North American markets. More than half of the domestic production in Vietnam, Thailand, the Philippines, India, and Indonesia are destined only for Europe and North America, with Vietnam covering nearly three-quarters of production to export share in 2019.
However, increased government support and improved transportation infrastructure increased the importance of international trade in the last 10 years. For instance, in India, the Marine Products Export Development Authority (MPEDA) launched an initiative to develop a GPS-based database of export-oriented aquaculture farms to ensure their traceability and quality control. Recognizing the importance and potential of the fisheries sector, the Government of India approved the flagship scheme, Pradhan Mantri Matsya Sampada Yojana (PMMSY), in May 2020 under the Aatmanirbhar Bharat COVID-19 relief package with a vision to bring about Blue Revolution through sustainable and responsible development of fisheries sector.
Similarly, in Indonesia, the PROTEKAN (Program to Increase Exports of Fisheries) program is aimed at intensifying fishery exports. Thus, the increasing export-oriented production of fish is likely to further enhance fish production and consumption worldwide
China is one of the largest fish producers in the world. It is expected to witness a nominal CAGR over the forecast period. Freshwater fishes dominated the Chinese fisheries aquaculture sector, accounting for nearly 93.0 percent of the total aquaculture fish production during 2018-2019, followed by marine fish at 5.6 percent. The rest was garnered by diadromous fish during the same period. The country claims to have 18.7 million people who are active in fisheries, including allied industries.
According to the FAO report 2020, catches from inland fisheries were at their highest ever in 2018 at 12.0 million tons. The top seven producing countries of global capture fisheries accounted for almost 50 percent of total captures, with China producing 15 percent of the total, followed by Indonesia (7 percent), Peru (7 percent), and India (6 percent). However, the average wage of the fisherman in the country stood at USD 2,685 in 2018, even below the industrial wage, which is limiting the mainstream nature of aquaculture in the country.
In addition to production, China, fuelled by fast-growing domestic income and wealth, is by far the world’s largest fish-consuming country.
According to a report titled “Fish to 2030: Prospects for Fisheries and Aquaculture”, a collaboration between the World Bank and FAO, and the International Food Policy Research Institute( IFRI), by 2030, Asian countries are anticipated to account for about 70 percent of global fish consumption, of which fish farms would provide nearly two-thirds of the world’s fish supply.
The Indian fish market is driven by the huge export potential it offers. The market accounts for about 6 percent of global production. Currently, the country represents one of the largest producers of fish in the world. In recent years, India has witnessed huge growth both in domestic consumption, as well as the export of fish, consequently enhancing the Indian fish market. Also, the per capita consumption of fish has increased over the past several years.
In 2020, the India fish market attained a volume of nearly 13,551 KMT. The market is estimated to witness healthy growth in the forecast period of 2022-2027 to reach about 25,790 KMT by 2026.
At present, the consumption of the product in India is being driven by a number of factors. These include lifestyle changes, the rising cost of meat, and the rising awareness of fish as a healthy food containing high levels of digestible protein, cholesterol-lowering capability, and PUFA.
