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Fortune Business Insights, in its latest report, titled “Aquaculture Market Size, Share & Industry Analysis By Type, By Water Environment, Others and Regional Forecast, 2023-2030,” talks about the growth trends of the aquaculture market and forecasts robust growth for the coming years.
Among the data collected in the report are three main points about aquaculture. One is about the capacity to develop sustainably, the other is related to the ability of employment creation, and the last is about the potential areas, specifically Asia and the Pacific.
In this regard, the report also includes the words of Kenya’s Principal Secretary for Fisheries, Micheni Ntiba. She stated that “aquaculture has tremendously contributed to the growth of fish production in our country.” Moreover, she indicated that the fisheries sector, directly or indirectly, has the capacity of create around 10 million jobs.
Nevertheless, the known aquaculture is not the only one with a bright outlook. Mariculture and seaweed farming stand out for the investments they are receiving in the private sector and are part of future trends.
On the other hand, there was mention of the new regions and their potential, particularly Asia-Pacific. These projections are due to certain factors, such as the growing demand for seafood products of the population and the area’s tradition in the primary sector. Furthermore, the importance of fish and other aquatic species in the food, agriculture, and health sectors expects to drive market growth in Asia-Pacific.
Morgan Stanley report as another example
By the end of April, another financial report was published with similar data, but this was from Morgan Stanley.
The global financial services firm argued that sustainable aquaculture represents one of the four largest opportunities for ocean impact investing. Now, half of the world’s seafood production comes from farmed sources, the majority in Asia.
“Expanding aquaculture to meet this demand is a major investment opportunity, with an estimated $150 billion to $300 billion in capital expenditures needed to expand capacity in the next 10 years, which should be accompanied by efforts to mitigate the water pollution and labor risks inherent to the aquaculture industry,” wrote Morgan Stanley. “In some cases, sustainable aquaculture can also serve climate objectives as fish farms can also be co-located with new renewable energy sites and farmed seafood is a comparatively low-carbon source of protein.”
Nevertheless, it is not a project that can develop by itself. According to Morgan Stanley, addressing climate change, protecting biodiversity, and fostering inclusive economic growth will require more than $3 trillion in investments. It highlights decarbonizing the maritime industry, creating solutions to protect ocean ecosystems, and marine renewable energy.
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