Aquafeed Market Forecasts 6.80% CAGR to Reach USD 87 Billion"
Aquafeed Market Outlook
The global aquafeed market is poised for significant revenue growth in the coming years, driven by the increasing demand for aquatic proteins and a substantial rise in seafood trade and aquaculture production. Market Research Future (MRFR) estimates that the global aquafeed market will reach USD 87 billion by 2030, showcasing a robust Compound Annual Growth Rate (CAGR) of 6.80% during the assessment period from 2020 to 2030.
The escalating demand for seafood, coupled with the widespread consumption of protein-rich diets among consumers, serves as a major catalyst for the growing revenues in the aquafeed market. Favorable government regulations supporting aquaculture further contribute to the market share of aquafeed. Ongoing developments in technologies and strategies aimed at enhancing the quality of aquaculture are anticipated to have a positive impact on the revenues of the aquafeed market.
Aquafeed plays a crucial role in enhancing the health of freshwater fish, particularly in the context of freshwater aquaculture, which involves the controlled and sustainable raising of various aquatic organisms. The market is witnessing rapid changes, with a notable shift towards sustainable aquaculture practices. Fish farmers are increasingly adopting modern technologies, including aquaponics and integrated multi-trophic aquaculture, driven by a growing awareness of the environmental impact of traditional practices.
Aquaculture is gaining prominence as an efficient means of meeting the global demand for fish, especially given the increased awareness of its environmental impact. This has led to the adoption of modern technologies, such as aquaponics and integrated multi-trophic aquaculture. Key trends fueling the growth of the aquafeed market include the rising consumption of seafood globally and the increasing demand for animal proteins.
Global Aquafeed Market – Segments
The aquafeed market share is segmented based on aquatic species, ingredients, additives, and regions. Aquatic species include carps, mollusks, shrimps, crustaceans, catfish, trouts, and others. The ingredient segment encompasses wheat, corn, pulses, oilseeds, and others (DDGS, wheat, barley, poultry by-product meal, and blood meal). Additives include antibiotics, antioxidants, vitamins & minerals, amino acids, enzymes, probiotics & prebiotics, and others (acidifiers, mycotoxin binders, phosphates, and carotenoids). Geographically, the market is divided into the Americas, Asia-Pacific, MEA, Europe, and the rest of the world.
Global Aquafeed Market - Regional Analysis
Europe emerges as the dominant region in the global aquafeed market, driven by the growing seafood culture and high demand for seafood. Consumer preferences for high-quality seafood, coupled with the strong presence of aquafeed manufacturers and suppliers, contribute to market growth. Large-scale developments in fish food products and the availability and sales of a variety of aquafeeds further substantiate the market size in Europe.
Global Aquafeed Market - Competitive Analysis
The aquafeed market is characterized by intense competition, with several major players holding significant market shares. These companies employ strategies such as mergers and acquisitions, joint ventures and collaborations, product innovations, and technological advances to stay competitive.
Major Players
Leading players in the aquafeed market include BioMar Group (Denmark), Cargill Inc. (U.S.), Waterbase Ltd. (India), Alltech Inc. (U.S.), BASF (Germany), Coppen International BV (Netherlands), Zeigler bros. Inc. (U.S.), Ridley Corporation (Australia), Marvesa (Netherlands), and Evonik Industries (Germany), among others.
Industry/Innovation/Related News:
On July 11, 2023, Houdek (formerly Prairie Aquatech) announced its efforts to improve the digestibility and sustainability of soybean meal, addressing the limited supply of fishmeal in the aquafeed industry. Houdek's new fermentation technique aims to open up fresh prospects for soy and distiller grains in aquafeeds. The patented fermentation process utilizes a food-grade microbe to reduce anti-nutritional factors and increase the availability of nitrogen and phosphorus in soybean meal, creating a protein-rich feed ingredient called ME-PRO. This innovation holds promise for enhancing the overall sustainability and efficiency of the aquafeed industry.
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