Aquaculture is the fastest growing food‐producing sector in the world. It is developing, expanding and intensifying in almost all regions of the world. The global population is increasing, thus, the demand for aquatic food products is also increasing. Production from capture fisheries has levelled off and most of the main fishing areas have reached their maximum potential. Sustaining fish supplies from capture fisheries will, therefore, not be able to meet the growing global demand for aquatic food and aquaculture is considered to be an opportunity to bridge the supply and demand gap of aquatic food in most regions of the world. However, in our efforts to achieve this potential, the sector will face significant challenges. Key development trends indicate that the sector continues to intensify and diversify and is continuing to use new species and modify its systems and practices. Markets, trade and consumption preferences strongly influence the growth of the sector, with clear demands for the production of safe and quality products. As a consequence, increasing emphasis is placed on enhanced enforcement of regulation and better governance of the sector. It is increasingly realized that sustainable development and responsible production of aquaculture, in the long run, cannot be achieved without the full participation of the producers in the decision‐making and regulation process, which has led to efforts to empower farmers and their associations and move toward increasing self‐regulation. These factors are all contributing to an improvement in the management of the sector, typically through the promotion of ‘better management’ practices of producers. This review discusses the role of aquaculture, as at large a small‐scale farmer driven production sector, in the quest for sustainable development, reducing poverty and improving food security on a global scale.

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