New York, USA, Jan. 06, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global aquafeed market is estimated to gather a revenue of $120,719.70 million and rise at a CAGR of 10.5% over the forecast period from 2021-2028. The extensive report provides a brief outlook of the market’s current framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2021-2028. The report also provides all the market figures to help new participants analyze the market easily.
Significant Aquafeed Market Key Players:
Some prominent market players are
- Aller Aqua A/S, Alltech, Inc.
- Beneo Gmbh (Suedzucker Group)
- Schouw & Co. (Biomar A/S)
- Cargill Incorporated
- Charoen Pokphand Foods Public Company Limited
- NUTRECO N.V.
- Avanti Feeds Limited
- Biomin GmbH
- Coppens International B.V.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
For example, in December 2021, Taprobane Seafoods, a Sri Lankan-based seafood wholesaler, announced its addition of shrimp aquaculture services to its offerings for expanding their business. The firm collaborated with Skretting, which is a global leader in providing shrimp feeds, to offer country’s farmers postlarvae shrimp, along with training on farming methods, and essential equipment.
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COVID-19 Impact on the Aquafeed Market:
The outbreak of Covid-19 pandemic has had a negative impact on the global aquafeed market. The rapid spread of the corona virus affected the health and wellbeing of people across the world, injecting and elevating the fear of infection along with its severe symptoms. In addition, high rate of corona virus transmission, prevalence of its symptoms, and the fear of catching infection through food repelled people from consuming seafood. This greatly decreased the demand for seafood and less production in aquaculture. All these factors contributed in declining the global aquafeed market revenue and growth during the COVID-19 pandemic.
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Segments of the Aquafeed Market:
The report has divided the aquafeed market into a few segments based on form, product, species, and regional analysis.
Form: Dry Aquafeed Sub-segment to be Most Profitable
By form, the dry aquafeed sub-segment is predicted to gather the largest market revenue of worth $71,878.30 million by 2028. Rising demand for dry aquafeed among people due to easy storage under normal temperature and atmospheric conditions is estimated to boost the sub-segment’s growth during the forecast years. Moreover, dry aquafeed can be easily manufactured in companies in different shapes and sizes and exported without much hassles and compromises in the food texture. These factors are anticipated to further drive the aquafeed market’s sub-segment development by 2028.
Product: Amino Acids Sub-segment to be Most Beneficial
By product, the amino acids sub-segment is predicted to have a dominating market share and garner a revenue of $30,213.80 million during the forecast period. Increasing demand for protein within seafood items is anticipated to drive the sub-segment’s development by 2028. Moreover, worldwide inclination towards amino acids, which is an essential protein component, for adequate nutrition is another factor expected to boost the market’s sub-segment enhancement during the analysis timeframe.
Species: Fish Sub-segment to be Highly Dominant
By species, the fish sub-segment is expected to have a dominating market share and gather a revenue of $73,035.40 million by 2028. Rising consumption of fish like catfish and salmon among the millennials across the world has led to increased cultivation of the same. This factor is anticipated to drive the sub-segment’s growth during the forecast period.
Region: Asia-Pacific Aquafeed Market to Witness Enormous Growth Opportunities
By regional analysis, the Asia-Pacific region is expected to have a dominant market share with the fastest growth rate and register a revenue of $48,046.50 million by 2028. The rapidly increasing aquaculture production in countries like Indonesia and China is expected to boost the market growth in the region during the analysis period. Moreover, the presence of some key market players in these countries help in accelerating the maximum production of aquatic animals and seafood items. This is predicted to further bolster the aquafeed market growth in the Asia-Pacific region during the 2021-2028 forecast timeframe.
Region: Asia-Pacific Region is Dominate the Aquafeed Market share with Fastest Growth
Dynamics of the Aquafeed Market:
Drivers: Growing demand for seafood among people across the world is estimated to drive the aquafeed market growth by 2028. The health benefits of consuming seafood is attracting many individuals towards seafood consumption. In addition, several small-scale industries have started their own aquaculture industry because of the growing demand for seafood. These factors are also predicted to boost the market enhancement during the analysis period.
Opportunities: Increasing development of product portfolios and new product launches by key market players is anticipated to drive the aquafeed market growth by 2028.
Restraints: High costs of aquafeed products and ingredients like corn, fish oil, and soybean is the prime factor expected to impede the market growth during the analysis timeframe.
The report also summarizes many important facets including financial performance of the key players of the aquafeed market, SWOT analysis, product portfolio, and the latest strategic developments. - Inquire to Get access for Detailed Top Companies Development Strategy Report
Related Article Links:
- Increasing Consumption of Seafood Across the Globe to Propel the Growth of the Global Aquafeed Market by 2028
- Aquafeed: An Environment-Friendly Product for Providing a Good Health to the Aquatic Animals
