Global aquafeed market was valued atUSD 48.9 billion in 2020, and is expected to reach USD 80 billion by 2027, supported by a CAGR of 7.3 % during the forecast period 2020 to 2027.Aquafeeds are compounded meals prepared for aquatic animals by mixing various raw materials and additives. These blends are prepared according to specific requisite of the species and age of the animal. Aquafeed has become crucial to aquaculture industry due to its nutritional, immune resistant, and growth promoting properties. High quality aquafeed is exponentially more beneficial to fish, mollusks, crustaceans & other aquatic animals than farm-made feed due to their balanced and need specific composition.
Increasing global seafood consumption and growing consumer awareness on quality of seafood products are boosting the aquafeed market growth. Furthermore, rising per capita income, especially from developing nations, is expected to maintain the growth of aquaculture and aquafeed industry. In the long term Increasing raw material costs may restrict the market growth as majority of high quality feed is prepared by fish meal and fish oil.
A rapid increase in the global population and a subsequent rise in the consumption of food demands modern and advanced technologies as well as sonar equipment, leading to an over-exploitation of marine species and marine resources to meet the expanding consumer demands.
In several regions of the world, the rural population survives on fisheries and aquaculture as fish is a cheaper and economical source of fats, protein, and other micro-nutrients required for proper growth and nourishment.
Amino acid based feed is given to lobsters & crabs to supplement their growth and increase reproduction rates as they have long gestation periods which is likely to boost market growth. Amino acid based feed also strengthens the immune system, reduces the risk of pink crab disease, fungal and parasitic infections which should accelerate market demand.
The key players profiled in global aquafeed market includes AllerAqua A/S, Cargill, Inc., Beneo GmbH, Biomar A/S, Avanti Feeds Ltd, Alltech Inc., Biomin GmbH, Charoen Pokphand Foods Public Company Limited, Nutreco N.V. and Coppens International B.V..Nutreco N.V. used acquisition and joint venture as key strategies for market growth, whereas AllerAqua A/S expanded into emerging economies for increasing their geographic reach. Cargill, Inc., Nutreco N.V., and Alltech Inc. are leading players providing a wide range of aquafeed products across all aquatic animal sectors worldwide.
Asia-Pacific and LAMEA would provide lucrative growth opportunities until 2024, owing to considerable increase in aquaculture production and increasing global seafood consumption. In the year 2015, Norway accounted for the highest market share with around one fourth of the total European aquafeed market, due high demand for salmon fish feed.
Report : Aquafeed Market - By Additives (vitamins, antioxidants, amino acids, enzymes, acidifiers, and binders) By End Consumption (Fish, Mollusks, Crustaceans, Others) By Region (North America, Europe, Asia Pacific, Middle East & Africa, RoW) - Industry Analysis, Opportunity and Forecast 2020 To 2027