Wilmington, Delaware, Sept. 04, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Aquafeed Market by Additives (Vitamins, Antioxidants, Amino Acids, Enzymes, Acidifiers and Binders), and End Consumption (Fish, Mollusks, Crustaceans and Others): Global Opportunity Analysis and Industry Forecast, 2024-2034". According to the report, the aquafeed market was valued at $62.4 billion in 2023, and is estimated to reach $95.4 billion by 2034, growing at a CAGR of 4.0% from 2024 to 2034.
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Prime determinants of growth
The growth of the aquafeed market has led to the growth of global seafood demand driven by increasing population and consumer preferences for healthy diets fuels the need for efficient aquaculture. Technological advancements in feed formulations improve nutritional profiles and feed conversion rates, supporting enhanced fish growth and health. The rise in aquaculture practices, including both freshwater and marine farming, further drives market growth. A shift toward sustainable and environmentally friendly feed ingredients addresses ecological concerns and regulatory pressures. Additionally, government support and investments in research and development promote innovation and improve feed quality. These factors collectively contribute to the dynamic growth of the aquafeed market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2034 |
| Base Year | 2023 |
| Market Size in 2023 | $62.4 Billion |
| Market Size in 2034 | $95.4 Billion |
| CAGR | 4.0% |
| No. of Pages in Report | 290 |
| Segments Covered | Ingredients, End Use and Region |
| Drivers | Growing Aquaculture Industry |
| Rising Fish Consumption | |
| Increasing Awareness of Aquatic Animal Health | |
| Opportunities | Sustainable Feed Solutions |
| Technological Innovations | |
| Restraints | High Feed Costs |
Segment Highlights
In the aquafeed market, the leading segment by ingredient is amino acids. Amino acids are critical for the growth, development, and health of aquatic species. They play a vital role in protein synthesis and metabolic processes, ensuring efficient feed utilization and reducing waste. The rising demand for high-quality and nutritionally balanced aquafeeds has driven the increased use of amino acids. Manufacturers incorporate amino acids to enhance the nutritional profile of feeds, supporting the growth of fish and other aquatic organisms, which is crucial for achieving optimal production yields in aquaculture.
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The leading segment by end use is fish, which dominates due to the extensive growth of fish farming in global aquaculture. Fish farming, particularly of species like salmon, tilapia, and carp, requires high volumes of aquafeed to ensure rapid growth and high-quality output. Fish are a staple protein source in many diets worldwide, leading to increased demand for farmed fish and, consequently, aquafeed. The focus on sustainability and efficiency in fish farming has further propelled the demand for specialized aquafeeds that meet specific nutritional requirements, promoting healthy growth and reducing environmental impact.
Regional Outlook
Asia-Pacific region is the most dominating market in aquafeed due to its pivotal role in global aquaculture production and high fish consumption rates. Countries like China, India, Vietnam, and Thailand lead in aquaculture, contributing significantly to the region's market dominance. The favorable climatic conditions and extensive freshwater and marine resources in Asia-Pacific support large-scale fish farming. Additionally, rising incomes and growing populations in these countries drive increased demand for seafood, further boosting aquaculture activities. Technological advancements and investments in feed research and development within the region enhance feed quality and efficiency. Government policies and subsidies promoting sustainable aquaculture practices and industry growth also play a crucial role. The combination of high production volumes, large domestic markets, and continuous innovation positions Asia-Pacific as the leading region in the global aquafeed market.
Players: -
- Archer Daniels Midland Company
- Alltech Inc.
- Purina Animal Nutrition
- Nutreco N.V.
- Aller Aqua A/S
- BioMar A/S
- Dibaq Aquaculture
- Beneo GmbH
- Charoen Pokphand Foods PCL
The report provides a detailed analysis of key players in the global aquafeed market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Recent Development:
- In February 2024, Skretting, a Norway-based leading aquafeed-producing company, announced the launch of its all-new production facility in Surat, India. The new facility is said to be equipped with state-of-the-art technology with three production lines, which are expected to have a production capacity of around 50, 000 metric tons per annum.
- In March 2023, Alltech unveiled Alltech Aqua Health, a new aquafeed that focuses on boosting aquatic animal health through enhanced nutritional profiles and immune support. The feed aims to address common health issues in aquaculture and promote overall wellbeing.
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