The global aquafeed market is anticipated to reach market size of around US$ 72,000 Mn by 2027 and is anticipated to grow at a CAGR of around 7.2% in terms of revenue during the forecast period 2020 – 2027.
Animal protein production is the fastest growing market. In aquaculture, aquafeeds are a significant segment. Aquaculture is mainly concerned with supplying high quality aquafeed. Aquafeed is a combination of different types of ingredients and raw substances. This preparation is prepared for various marine species and the age of the animal.
Growing public awareness of the health of people and increased prevalence of diseases such as diabetes, blood pressure, heart attacks and obesity in the population drives consumers to eat a protein-rich diet that encourages demand growth. Knowledge of the value of omega-3 in everyday diets will foster developments in the industry. Increased appetite for raw fish foods like sushi would boost the demand for goods further. The market share would possibly be strengthened with improved nutritional benefits such as increased feed palatability, food intakes and increased digestion and absorption by incorporating fish meal to animal feeding. Aquafeeds are predicted to have extraordinary properties, such as improving the protein quality, consistent distribution of components and balanced development of aquatic cultural animals. In addition, aquafeed decreases the risk of pathogens in different species and stimulates the edible growth in food dishes on the aquafeed market. One of the key reasons for the high adoption rate between fishery owners of aquafeed is the growing distribution of foodborne diseases induced by the ingestion of infected seafood. However, anchovy capture variations due to the El-Nino phenomena and other environmental changes may have an detrimental effect on the aquaculture industry. In addition, the introduction of strict rules which limit fisheries activity is to some extent expected to decrease market demand. Fish meal price fluctuations can further influence the size of the market.
Asia Pacific was the industry leader and generated over 40.0 percent of world sales in 2019, with the projected future lead. Aquaculture production is anticipated to stimulate demand for the commodity over the forecast period in the region, primarily in China, as well as factors such as ease of fish farming, species longevity and better water quality within closed agricultural systems. As one of the biggest saumon manufacturers, Europe has emerged as the second-largest buyer. In nearly all European countries, salmon are rising, particularly in moderate-climate coastal areas, which are projected to have a positive effect on market growth over the forecast period. In the interior, growing demand for salmon has induced anaesthetic and sedation materials to rise during shipping, thus driving demand for additional. Aquaculture is based in Chile, Brazil, Mexico, and Ecuador in Central and South America. As of 2019, over 80% of the regional aquaculture output was made up of these countries. The region's aquaculture industry contributes to job growth, food security and production of foreign currency. Including salmonids, shrimps, tilapia, carpox and seaweed are the key aquatic species produced in the area.
Market producers concentrate on backward integration, expanding their product range and enhancing and regulating final product consistency. The backward integration of the supply chain will result in increased profit margins for producers because they are in a position to deliver high-quality aquafeed supplements, decrease distribution costs and increase commodity price control. Herstellers are also capable of a reliable and cost-effective manner of creating, shipping and selling the finished goods. Among others, Alltech, BioMar, Cargill, Integrated, Aller Aqua A / S, Ridley Company, Beneo GmbH, Cermaq, Biomin Holding GmbH, Norel Animal Nutrition Ltd., Archer Daniels Midland (ADM), among others are significant players in the aquafeed industry, such as Alltech.
The global aquafeed market is segmented as below:
Aquafeed Market By End Use
Aquafeed Market By Additives
Aquafeed Market By Geography
Middle East & Africa
The market for aquafeed is expected to reach a market value of around US$ 72,000 Mn by 2027.
The aquafeed market is expected to grow at a CAGR of around 7.2% from 2020 to 2027.
The amino acids are the leading segment by additives in the aquafeed market.
The market is mainly driven by rising demand for sea food coupled with consumer awareness regarding the quality of seafood products.
Alltech, BioMar, Cargill, Incorporated, Aller Aqua A/S, Ridley Corporation, Beneo GmbH, Cermaq, Biomin Holding GmbH, Norel Animal Nutrition, Avanti Feeds Ltd., Archer Daniels Midland (ADM), and others are the prominent players in the market.
Asia Pacific held the highest market share in the aquafeed market.
North America is expected to be the fastest growing market over the forecast period.