Pune, India, May 04, 2023 (GLOBE NEWSWIRE) -- The global aquafeed market size is anticipated to reach USD 85.17 billion by 2028 and exhibit a CAGR of 5.59% during the forecast period. The increasing popularity of aquafeed and the rising investments in research and development activities are projected to foster growth for the market. The market’s growth is also ascribable to the increasing seafood trade due to the soaring seafood consumption and consumer expenditure on fish and fish products such as fish meal, fish oil, and fish silage. Fortune Business Insights™ has presented this information in its report titled “Aquafeed Market, 2021-2028”. The market size was USD 55.71 billion in 2020 and reached USD 58.19 billion in 2021.
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Aquafeed is a type of feed that is specifically formulated for aquatic animals, including fish, shrimp, crabs, and other species raised in aquaculture. Aquafeed can come in various forms, including pellets, flakes, and powders, and typically contains a balanced mix of protein, carbohydrates, fats, vitamins, minerals, and other essential nutrients needed for the growth and health of aquatic animals.
List of Key Players Profiled in the Aquafeed Market Report:
- Cargill Incorporated (Minnesota, U.S.)
- Archer Daniels Midland Company (Illinois, U.S.)
- Alltech Inc., (U.S.)
- Purina Animal Nutrition (Missouri, U.S.)
- Ridley Corp Ltd (Australia)
- Nutreco N.V. (Amersfoort, Netherlands)
- Aller Aqua A/S (Christiansfeld, Denmark)
- BioMar A/S (Denmark)
- Dibaq Aquaculture (Spain)
- Beneo GmbH (Germany)
Report Scope & Segmentation:
| Report Attribute | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 5.59% |
| 2028 Value Projection | USD 85.17 Billion |
| Market Size in 2021 | USD 58.19 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 164 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Aquafeed Market Growth Drivers | Rise in Seafood Trade to Play Crucial Role in Market Growth |
| Increasing Investments in R&D Activities to Support Market Growth |
Segmentation-
On the basis of type, the market is categorized into mollusks, crustaceans, fish, and others. On the basis of ingredient, the market is segmented into additives, fish oil, fishmeal, soybean, corn, and others. On the basis of form, the market is bifurcated into dry and wet. Geographically, the market is classified into South America, North America, Europe, Asia Pacific, and the Middle East & Africa.
Report Coverage-
- It incorporates Porters’ Five Forces Analysis and SWOT analysis for accurate market prediction.
- It describes the impact of the COVID-19 pandemic.
- It includes the list of key players profiled in the market.
- It highlights key trends in the market.
- It showcases information on different market segments such as form, type, ingredient, and others.
Drivers & Restraints-
Increasing Seafood Trade to Favor Market Growth
The growing popularity of organic fish farming is anticipated to offer lucrative growth opportunities for the market. Though organic fish farming is still in nascent phase, the rising consumer inclination towards it is likely to favor market growth.
Increasing animal protein demand in major western nations and the rising seafood trade worldwide are projected to bolster the global aquafeed market growth. The increasing seafood consumption and consumer expenditure on fish & fish products including fish silage, fish meals, and fish oils are predicted to boost aquaculture production, and therefore stimulate market growth.
Lastly, the rising investments in research and development activities to develop innovative products by key players are expected to complement market growth.
However, the volatile prices of raw materials may hamper market growth.
Browse Detailed Summary of Research Report with TOC:
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Regional Insights-
Increasing Fish Production to Amplify Growth in Asia Pacific
Asia Pacific is anticipated to dominate the global aquafeed market share due to the swift market development during the last decade. India and China account for more than half of the region’s sales. The increasing fish production in China is likely to complement the market’s growth. Moreover, the rising business expansions in China and India are likely to amplify the growth of the market in Asia Pacific.
Europe is expected to witness substantial growth due to the soaring aquaculture production and the growing consumer inclination towards the production of salmon.
North America is projected to gain considerable growth due to the presence of prominent market players including Archer Daniels and Cargill Incorporated. Additionally, the high profits gained on exports of aquaculture are likely to complement the region’s market growth.
Competitive Landscape-
Key Players Emphasize Product Portfolio Diversification to Expand Market Share
The key players in the market emphasize product portfolio and distribution network diversification to augment their market reach and consumer bases. They adopt ingenious growth strategies including mergers and acquisitions, new product launches, technological advancements, and others. For instance, in January 2020, BioMar A/S expanded its production capacity through the inauguration of its new aquafeed plant in Wesley Vale, Tasmania. The new plant offers an annual production capacity of 110,000 tonnes of aquafeed.
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Detailed Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent Market
- Industry SWOT Analysis
- Supply Chain Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Analysis (in relation to COVID-19)
- 4.5.1 Impact of COVID-19
- 4.5.2 Supply Chain Challenges
- 4.5.3 Potential Opportunities due to COVID-19
- Global Aquafeed Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Fish
- Carps
- Tilapias
- Catfish
- Salmons
- Others
- Crustaceans
- Mollusks
- Others
- Fish
- By Ingredient (Value)
- Soybean
- Fishmeal
- Fish Oil
- Corn
- Additives
- Others
- By Form (Value)
- Dry
- Wet
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Type (Value)
TOC Continued…!
Industry Developments-
- May 2021: BP Milling, a U.K.-based company, launched a new pelleted blend of fish attractants called SmartMix. The blend is packed with vital minerals and vitamins and immune-boosting amino acids.
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