New York, USA, Oct. 19, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global aquafeed market is anticipated to garner a revenue of $120,719.70 million and grow at a CAGR of 10.5% throughout the forecast timeframe from 2021 to 2028.
As per our analysts, with the increasing demand for seafood and the growing awareness about the health benefits of consuming seafood among individuals all across the globe, the aquafeed market is predicted to witness remarkable growth during the analysis period. Besides, many small-scale industries have started their aquaculture industry which is further expected to bolster the growth of the market over the forecast timeframe. Moreover, the continuous improvements in the existing aquafeed products and the launch of new products by leading market players to meet the demand for high-quality aquaculture feed are expected to fortify the growth of the market during the analysis period. However, the high cost of aquafeed products may hinder the growth of the market over the estimated timeframe.
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Segments of the Market
The report has divided the aquafeed market into segments based on form, product, species, and region.
Form: Dry Aquafeed Sub-Segment to be Most Productive
The dry aquafeed sub-segment is predicted to garner a revenue of $71,878.30 million during the forecast period. This is mainly due to the rising demand of people for dry aquafeed as it can be easily stored in normal atmospheric conditions. Moreover, the dry aquafeed can easily be exported to another country without any compromise in the texture and quality of the product is expected to foster the growth of the market sub-segment over the analysis timeframe.
Product: Amino Acids Sub-Segment to be Most Profitable
The amino acids sub-segment is expected to generate a revenue of $30,213.80 million throughout the estimated period. This is mainly due to the increasing demand for amino acid-based feed to provide proper nutrition to aquaculture is predicted to upsurge the growth of the market sub-segment during the forecast timeframe.
Species: Fish Sub-Segment to be Most Lucrative
The fish sub-segment is projected to garner a revenue of $73,035.40 million over the analysis period. The increasing consumption of different varieties of fish such as catfish and salmon among people all across the globe is expected to propel the growth of the market sub-segment throughout the estimated timeframe.
Region: Asia-Pacific Region to Have Expansive Growth Opportunities
The Asia-Pacific region of the aquafeed market is predicted to generate a revenue of $48,046.50 million during the forecast period. The presence of aquaculture-producing companies in this region and increasing demand for aquafeed across many countries are expected to drive the regional growth of the market over the analysis timeframe.
Covid-19 Impact on the Aquafeed Market
The outbreak of the Covid-19 pandemic has had a negative impact on the aquafeed market. Many people have started avoiding consuming seafood during the pandemic due to the fear of catching an infection through food. In addition, the decrease in the demand for aquafeed products due to the less production of aquaculture has declined the growth of the market over the period of crisis.
Key Players of the Market
The major players of the aquafeed market include
- Charoen Pokphand Foods Public Company Limited
- NUTRECO N.V.
- Cargill Incorporated
- Avanti Feeds Limited
- Cargill Incorporated
- Biomin GmbH
- Schouw & Co. (Biomar A/S)
- Coppens International B.V.
- Aller Aqua A/S
- Alltech, Inc.
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry. Buy the full report starting at $2999 (Read-only)
For instance, in May 2022, Green Plains Inc., a leading American agri-tech company, announced its partnership with Riverence Group, a land-based producer of premium salmon and trout eggs, and gourmet red trout from the U.S.A. With this partnership, the companies aimed to produce trout and salmon feeds utilizing sustainable ingredients and expand aquafeed production in Idaho.
Further, the report also summarizes other important aspects including product development, SWOT analysis, the financial performance of the key players, and the latest strategic development.
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More about Aquafeed Market:
- 4 Key Advancements of Aquafeed You Should Know
- Aquafeed: An Environment-Friendly Product for Providing a Good Health to the Aquatic Animals
- Increasing Consumption of Seafood Across the Globe to Propel the Growth of the Global Aquafeed Market by 2028
