Aquafeed refers to food given to farmed fish and shellfish. It is majorly composed of protein ingredients like fishmeal, soybean meal and wheat. The aquafeed industry produces extruded pellets or aqueous suspensions tailored for different species and life stages from fry to brooders. Some of the major aquaculture species raised globally using aquafeed include carps, salmon, trout, tilapia and shrimp.

The aquafeed market is estimated to be valued at US$ 61.8 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Dynamics:

The aquafeed market is driven by rising aquaculture production across the world to meet the increasing demand for seafood. According to the FAO, global aquaculture production has doubled in the last two decades and is still growing at over 6% annually. Aquaculture now accounts for about 50% of all seafood for human consumption. However, overfishing has led to decline in wild fish stocks. This has boosted farmed aquaculture as a sustainable solution to meet the demand-supply gap. The rapid expansion of aquaculture farming, especially in Asia-Pacific region which contributes over 90% to global aquaculture, is a major driver propelling the demand for high-quality aquafeed products for various farmed fish and shellfish species. Stringent regulations regarding the inclusion of antibiotics in animal feed due to rising concerns over antimicrobial resistance is also pushing aquafeed producers to develop alternatives like probiotics and prebiotics to maintain gut health of farmed aquatic species without the use of antibiotics.

SWOT Analysis

Strength: The Global Aquafeed Market Sizehas strong presence of key players that are focused on R&D to develop innovative and nutritious aquafeed products. The established supply chain of raw materials ensures smooth operations. Nutritious aquafeed helps improve fish growth and productivity.

Weakness: Fluctuating prices of raw materials like fishmeal and fish oil affect the production cost of aquafeed. Outbreak of diseases in fish farms pose risk to the aquafeed market.

Opportunity: Rising aquaculture industry globally due to growing fish consumption offers lucrative growth opportunities. Development of alternative protein ingredients to replace fishmeal provides opportunities to reduce cost.

Threats: Stringent regulatory framework for aquaculture and aquafeed products poses challenges. Climate change leading to unpredictable weather patterns threatens sustainable aquaculture.

Key Takeaways

The global aquafeed market is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing fish consumption globally. Rising disposable income and growing health concerns are driving the demand for protein-rich fish.

Regional analysis - Asia Pacific dominates the global aquafeed market and is expected to continue its dominance, growing at a CAGR of over 7% during the forecast period. This is attributed to growing aquaculture industry in countries like China, India, Vietnam and Thailand.

Key players operating in the aquafeed market include ADM (US), Cargill, Incorporated (US), Ridley Corporation Limited (Australia), Nutreco (Netherlands), Alltech (US), Purina Animal Nutrition (US), Adisseo (Belgium), Aller Aqua A/S (Denmark), Biomin (Austria), Biomar (Denmark), Norel Animal Nutrition (Spain), Avanti Feeds Limited (India), De Heus Animal Nutrition B.V. (Netherlands), Novus International (US), and Biostadt India Limited (India). These key players are focused on expanding their market presence through development of innovative aquafeed products.

For More Insights, Read- https://www.trendingwebwire.com/aquafeed-market-analysis-growth-forecast-outlook-2023-2030/