Newark, NJ, June 02, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global aquafeed market is expected to grow from USD 58 billion in 2020 and reach USD 82.05 billion by 2028, growing at a CAGR of 5.3% during the forecast period 2021-2028.
The market's steady growth prospects are being fueled by the growing popularity of aquafeed containing beneficial ingredients. Furthermore, the world demand is expected to be driven by a rise in seafood trade as a result of rising global fish consumption. To promote farmers to use high-quality feed, the government has launched a number of policies and schemes. COVID-19's epidemic and accelerated dissemination have sent shockwaves across financial markets. All manufacturing operations have been halted, international travel has been halted, and only critical business facilities are allowed to operate. Because of supply chain disruptions and labour shortages, these acts have a direct impact on feed production.
Any food for aquatic animals is referred to as aquafeed. Aquafeed additives are nutritive/nonnutritive ingredients supplemented in small amounts (alone or in combination) for a specific purpose, such as enhancing the final product content of food, protecting the physical and chemical quality of the diet, or retaining the aquatic ecosystem's integrity. Aquafeeds would be critical in the move to more environmentally friendly agricultural practices, reducing environmental effects while increasing farmer income. As a result of plant- and algae-based diets, aquafeeds are becoming less dependent on fish meal and fish oil.
Increased demand for animal protein, increased investment by business leaders and partnerships in research and development of new technologies, increased seafood use, and increased consumer spending on fish and fish products are only a couple of the factors driving the aqua food market forward. Increased demand for fresh fish dishes like sushi is likely to drive up commodity prices. Improved feed palatability, nutrient intake, metabolism, and absorption are expected to increase market share as a result of adding fish meal to animal feed. An growing number of people are choosing vegetarian diets, as well as high demand volatility associated with the raw materials used in feed preparation, are limiting market development.
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Key players operating in global aquafeed market include BioMar A/S (Denmark), Cargill (US), Aller Aqua A/S (Christiansfeld, Denmark), Archer Daniels Midland Company (US), Huddle Corp., Alltech (US), Dibaq Aquaculture (Spain), Purina Animal Nutrition (US), Nutreco N.V. (Netherlands), Beneo GmbH (Germany) and Ridley Corporation Ltd. (Australia). To gain a significant market share in the global aquafeed market, the key players are now focusing on adopting strategies such as joint venture, recent developments, mergers & acquisitions, collaborations, product innovations, and partnership. Huddle Corp. and Aller Aqua A/S are some of the key manufacturers operating in aquafeed market.
- Demeter's food-focused Agrinnovation funds contributed USD 1.65 million to Huddle Corp, a French animal feed developer, in February 2020. This money was used by Huddle Corp to expand its aquafeed supply.
- Aller Aqua A/S announced the introduction of a new set of practical aquafeeds in February 2020, which provides ingredients that help fish develop and survive.
Fish segment dominated the market and held the largest market share of 30.19% in the year 2020
By species the market is divided into fish, crustaceans, mollusks, and other animals (turtles and sea urchins). Fish segment dominated the market and held the largest market share of 30.19% in the year 2020. The fish segment of the aquafeed market is expected to expand at a faster rate than the other species. Increased demand for fish feed has resulted from increased fish farming and aquaculture practices.
Dry segment dominated the market and held the largest market share of 35.39% in the year 2020
By form the market is divided into wet, dry and moist. Dry segment dominated the market and held the largest market share of 35.39% in the year 2020. Because of their ability to increase the feed conversion ratio of fish, demand of dry form is high. Due to their excellent palatability and effectiveness in improving fish performance, the dry type is gaining popularity. The product's ease of storage and transport, as well as its longer shelf life when compared to wet or sticky goods, are expected to boost sales.
Soyabean segment dominated the market and held the largest market share of 20.59% in the year 2020
By ingredients the market is divided into soybean, fishmeal, fish oil, corn, additives and other. Soyabean segment dominated the market and held the largest market share of 20.59% in the year 2020. Soybean is one of the best non-fish forms of protein and omega-3 fatty acids, and it's still one of the cheapest. It is now commonly used in the preparation of aquatic feed to improve overall growth and production. The increased use of soybean cake and soybean meal in the production of organic feed is expected to increase soybean demand in the industry.
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Regional Segment of Aquafeed Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global aquafeed market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Asia Pacific region held the largest market share of 29.16% in the year 2020. Over the last decade, the Asia Pacific market has grown exponentially, with China and India accounting for more than half of regional revenues. Because of the tremendous rise in fish production rate in China and India, the market for fish feed is expected to remain promising in the coming years. As a result, a number of major global market players are expanding their operations in India and China.
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About the report:
The global aquafeed market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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