Aquaculture is Fastest Growing Food Production Sector, According to FAO Report

By - Monday, July 16, 2018

The United Nations Food and Agriculture Organization (FAO) issued a report) on July 10 stating, “With 5.8 percent annual growth rate since 2010, aquaculture continues to grow faster than other major food production sectors. In 2016, aquaculture production increased by 4 million tonnes over the previous year.”

The report continues, “By 2030, the world will eat 20 percent more fish (or 30 million tonnes live equivalent) than in 2016. Aquaculture production that year is projected to reach 109 million tonnes, a growth rate of 37 percent over 2016.”

The FAO numbers reported on July 10th are very similar to a report that was issued by Rabobank in February of this year. “Aquaculture is expected to continue its growth in 2018, albeit at a gradually declining rate. Growth in both 2017 and 2018 is estimated to be in the 3 to 4 percent in volume terms,” reported Rabobank.

To put these numbers into perspective, Aqua-Food Technologies, Inc. calculated aquaculture feed production in 2017 to be 65.6 million metric tons (MMT) and is expected to grow to 68.6 MMT in 2018. The soy product usage in those aquaculture feeds would total 15.4mmt in 2017 and 16.5 in 2018.

Currently, U.S. soybean farmers’ market share of soybeans in global aquaculture feed is 33 to 34 percent, according to USSEC Director – Aquaculture Colby Sutter.

“These reports reinforce what we already know – consumers worldwide are eating more and more fish,” says Ms. Sutter. “With the global aquaculture industry growing so quickly, it will continue to push the demand for quality soybean meal in aquafeeds, one that U.S. Soy is well-positioned to answer.”

To read the FAO report, please click here.