Global Aquafeed Market Outlook
Aquafeed Market Size is Anticipated to reach USD 87 billion by 2030 with CAGR of 6.80% from 2020 to 2030.
The significant factor driving the growth of the aquafeed market is the rising fish consumption coupled with the increasing growth of processed seafood products. Rising middle income population group in developing economies directly influencing the sales of aqua feed products during the Aquafeed Market forecast period. Increasing demand for high protein food among the consumer.
Fish and shellfish contain high quality protein and other essential nutrients and are an important part of a healthful diet. Apart from that, doctors are also prescribing to adopt sea fish to fulfil their daily dose of nutrients. The aqua feed is anticipated to witness a substantial growth in the upcoming decade due to increasing globalization of seafood value chain for that processing of seafood is getting outsourced to various countries. High quality aqua feed is helpful to fish, mollusks, crustaceans & other aquatic animals than farm-made feed due to their balanced and need specific composition. The large scale manufacturers & producers use the aqua feed to obtain the steady supply of nutrients to fish and also to increase the production of fish. Also, increasing food service industry is witnessing a massive growth
Latest Industry Updates
May 2020 Cargill, Inc. expanded their new aqua food manufacturing plant in Vietnam. New manufacturing capacity of the plant is catering the excessive demand of aqua feed in Vietnam.
April 2020 EVONIK launched AQUAVI® Met-Met as an aqua feed. The product strengthens the overall market position in the Asia pacific region.
May 2020 Bio Mar expanded their presence in Africa region by introducing aqua feeds for tilapia and catfish.
March 2020 Archer Daniels Midland expanded their presence in China by introducing new plant in China.
June 2020 Archer Daniels Midland launched algae derived DHA which is especially used in the aqua feed.
Global Aqua Feed Market - Competitive Analysis
Market players in aqua feed market are emphasizing in the merger & acquisition activities in order to upsurge the product portfolio of the company. Also, the manufacturers are also investing in the aqua feed processing plant to increase the product portfolio.
The strategic sales plan of aqua feed manufacturers include use of online channels for marketing. For that, key manufacturers are entering into a collaboration with the online channels in order to reach maximum customers and also to upsurge the brand value of the product. Key players are penetrating into the untapped market to increase the overall profitability. Key industrial players create and run awareness campaign to educate consumers and drive them to make a rational choice.
The key players profiled in aqua feed are Cargill Inc. (U.S.), BioMar Group (Denmark), Waterbase Ltd (India), BASF (Germany), Alltech Inc. (U.S.), Coppen International BV (Netherlands), Ridley Corporation (Australia), Zeigler bros. Inc. (U.S.), Evonik Industries (Germany) and Marvesa (Netherland)
Global Aqua Feed Market – Segments
Global Aqua feed market has been divided into aquatic species, ingredients, additive type, life cycle, and Region
On the Basis of Aquatic Species: Carps, Molluscs, Shrimps, Crustaceans, Catfish, Trouts, and Others
On the Basis of Ingredients: Wheat, Corn, Other Grains, Pulses, Oilseeds, and Others
On the Basis of Additive Type: Vitamins, Antioxidant, Antibiotics, Feed Enzymes, Amino Acid, and Others
On the Basis of Life Cycle: Alevin, Fry, Smolts, and Adult
On the Basis of Region: North America, Europe, Asia Pacific, and Rest of the World
Regional Analysis
The global aqua feed market is segmented into North America, Europe, Asia Pacific and Rest of the World. Among all the region, Asia Pacific region is estimated to account for the major market proportion in the year of 2017. The region is estimated to retain its dominance throughout the forecast period of 2020-2027. East & south eastern part of Asia Pacific region is the largest producer of seafood products. Also, the consumption of aqua feed products is increasing extensively owing to the fish farming in that particular countries especially Philippines, Thailand and other South East Asian countries. However, China and India are also one of the attractive destination among the aqua feed manufacturers due to the rising fish consumption. However, Europe is expected to witness high growth in the global aqua feed market as compare to the other region. Also, changing consumer’s food habit is considered to be a significant factor for increasing growth of the fish & seafood market which in turn escalates the sales of aqua feed in the European countries. Among the European countries, Germany is accounting for major market proportion in the aqua feed market.
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