Portland, OR , Nov. 03, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global aquafeed market was estimated at $78.68 billion in 2020 and is expected to hit $131.92 billion by 2030, registering a CAGR of 5.6% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Developments in the aquaculture industry, increase in fish and seafood consumption, availability and flexibility in the usage of alternative raw materials, and rise in disposable income of people drive the growth of the aquafeed market. On the other hand, increasing cost of raw materials restrains the growth to some extent. However, growing dependence on aquaculture is projected to create lucrative opportunities in the industry.
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COVID-19 scenario-
- The huge supply chain disorders across the world impacted the global aquafeed market negatively, especially during the initial phase.
- However, as the global situation has started getting better, the market is projected to recoup soon.
The global aquafeed market is analyzed across additives, end consumption, and geography.
By end-use, the fish segment held the highest market share in 2020, holding around one-third of the global market. The same segment is also projected to manifest the fastest CAGR of 6.4% from 2021 to 2030.
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By additives, the amino acids segment contributed to the major share in 2020, accounting for nearly one-fifth of the global aquafeed market, and is expected to lead the trail during the forecast period. Simultaneously, the antioxidants segment is anticipated to cite the fastest CAGR of 6.7% from 2021 to 2030.
By region, Asia-Pacific held the highest market share in terms of revenue 2020, garnering more than one-third of the global market. The same region is also expected to showcase the fastest CAGR of 6.5% throughout the forecast period. The other provinces discussed in the report include North America, Europe and LAMEA.
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The key market players analyzed in the global aquafeed market report include Cargill, Inc., Beneo GmbH, Biomar A/S, Biomin GmbH, Avanti Feeds Ltd, Alltech Inc., AllerAqua A/S, Charoen Pokphand Foods Public Company Limited, and Nutreco N.V. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
