New York, US, Nov. 14, 2022 (GLOBE NEWSWIRE) -- Aquafeed Market Overview:
Market Research Future (MRFR) 's report highlights "Aquafeed Market Information by Aquatic Species, Ingredients, Additive Type, Life Cycle, and Region- Forecast till 2027"; the market will reach USD 87 billion by 2027, at 6.80% CAGR.
Market Synopsis
Aquafeeds are created by blending several supplements and raw materials to produce meals for aquatic animals. These combinations are created following the particular needs of the animal's breed and age. Aquaculture requires aquafeed because of its nutritive, immune-suppressing, and growth-promoting properties. High-quality aquafeed is much better for crustaceans, fish, mollusks, and other aquatic animals than farm-made feed because of its balanced and need-specific composition. The aquafeed market is predicted to grow fast as fish farming operations expand. The market for plant-based aquafeed is anticipated to be driven over the forecast period by manufacturers' rising demand for organic and natural feed products, which is currently the newest industry trend.
The market is largely driven by a significant degree of expansion in the seafood trade, according to the aquafeed market report, which is followed by an exceptional degree of growth in the aquaculture industry. Additionally, market trends indicate that due to consumers' growing desire for diets high in protein, there is an increase in the demand for seafood on the global market. A further factor driving up demand for aquafeed in the medical industry is the use of crab and other crustacean shells to prevent and treat inflammatory diseases. The world's older society and bad eating habits are the root causes of many health issues. This feature is expected to present many chances in the aquafeed industry throughout the forecast years.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2027 | USD 87 Billion |
| CAGR | 6.80% |
| Base Year | 2019 |
| Forecast Period | 2020-2027 |
| Historical Data | 2018 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Information By Aquatic Species, Ingredients, Additive Type, Life Cycle, and region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Globalization of seafood |
| Increasing consumption of fish |
Market Competitive Landscape:
The eminent players in the aquafeed market are:
- Cargill Inc. (U.S.)
- Coppen International BV (Netherlands)
- Ridley Corporation (Australia)
- BioMar Group (Denmark)
- Waterbase Ltd (India)
- BASF (Germany)
- Alltech Inc. (U.S.)
- Zeigler bros. Inc. (U.S.)
- Evonik Industries (Germany)
- Marvesa (Netherlands)
Browse In-depth Market Research Report (110 Pages) on Aquafeed: https://www.marketresearchfuture.com/reports/aquafeed-market-1920
Market U.S.P. Covered:
Market Drivers:
Aquafeed, which contains healthy components, is becoming increasingly popular, which presents the potential for the market to grow steadily. Additionally, a rise in seafood commerce brought on by rising fish consumption worldwide is projected to fuel the global market. Several government programs and initiatives have been implemented to encourage farmers to use high-quality feed. Market growth is predicted to be boosted by favorable government norms and regulations, such as the acceptance of the use of insect protein in aquafeed. Insects provide an all-natural, sustainable source of high-quality protein for the aquafeed and aquaculture industries. The good effects of employing insect proteins as a feed supplement for aquaculture in terms of growth and cleanliness are one of the key factors boosting the demand for aquafeed.
Growth in the aquafeed market has been aided by rising worldwide seafood consumption and rising consumer awareness of the quality of seafood products. Additionally, it is anticipated that an increase in per capita income, particularly in emerging countries, will support the expansion of the aquaculture and aquafeed industries. Long-term market expansion is anticipated to be constrained by rising raw material costs because the bulk of high-quality feed is made with fish meal and fish oil. Since fish is a low-fat protein compared to other meats like cow and chicken, its direct human consumption has increased. The diversity of fish that is offered in the retail market is what has caused this growth. Additionally, it has several health advantages, including improving children's cognitive development, lowering body fat, and helping to lessen the risk of cardiovascular illnesses.
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Market Restraints:
The high price volatility of the raw materials in manufacturing feed could impede the market's expansion. For instance, a rapid rise in the price of soybeans, maize, or other natural resources might directly affect the final price of the product, leading to lower sales. In addition, more people are adopting a vegan lifestyle and avoiding non-vegetarian cuisine, which is anticipated to reduce fish demand and negatively affect the market.
COVID 19 Analysis
The COVID-19 pandemic caused supply chain interruptions, which impacted the global aquafeed market. However, after lockdowns are abandoned, business is projected to increase in future years. The majority of the marine ingredients used in this industry are imported. Despite broad improvements in truck accessibility and other logistical measures, certain locations still have fewer resources than before COVID-19. The number of merchants that businesses collaborate with through different digital platforms offering sales and marketing services is expected to expand quickly. The length of the COVID-19 pandemic lockdown and how quickly it is contained will also impact how quickly the globe recovers.
Market Segmentation
The market includes wheat, corn, pulses, and oilseeds by ingredients. By form, the market includes wet, dry, and moist. By aquatic species, the market includes carp, shrimps, crustaceans, mollusks, catfish, and trout.
Regional Insights
The Asia-Pacific area controlled the aquafeed market. This can be linked to the region's aquaculture industry's rapid expansion. The availability of inexpensive labor, the creation of conditions that encourage the expansion of aquaculture, and the occurrence of natural resources in the area all contribute to this growth. Over the past ten years, the Asia-Pacific market has grown quickly, accounting for more than half of all regional sales. The aquaculture industry is expanding significantly all around Europe, particularly in the UK, France, Italy, and Spain. The market expansion in Europe has been further spurred by advancements in environmental management, as well as a major rise in feed efficiency and aquatic species' nutrient intake. North America has also seen a rapid expansion of the aquafeed sector, in addition to Asia-Pacific and Europe. Over the forecast period, North America's aquaculture industry is expected to experience significant expansion.
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