What will be the Aquafeed Market Size?
Aquafeed Market is slated to reach USD 87 billion by 2027 registering a CAGR of 6.80% from 2020 to 2027
Market Research Future (MRFR) in their recent report on the aquafeed market claimed that the market could enjoy a robust growth during the forecast period (2020-2027) and exceed anticipated valuation by the end of 2027. Aquafeed is the commercially produced food for fish. It provides fish and other aquatic species such as shrimps, mollusks, and many others with proper nutrients. Aquafeeds comprises wheat, corn, pulses, oilseeds, and many other products, along with additives which can increase the functionality of the aquafeeds. Mostly these feeds come in pellet or granule format with nutrients concentrated in that. Some fishes follow a typical carnivorous diet, and for them, fish meal and fish oil are served, along with vegetable proteins, cereal grains, vitamins, and minerals. MRFR, in their recent article on the market, puts the spotlight on the segments where the report discusses the value-wise and volume-wise distribution of the entire market. Also, the report includes factors that can substantially push the market forward during the forecast period.
The market is getting high traction from the changes in the common dietary patterns. Fishes are quite easily available and affordable and are rich sources of several nutrients and fatty acids which is why the middle-class population is banking much on the consumption of this. In addition, many companies are taking a keen interest in the production as the scope for expansion in the aquafeed market is quite substantial.
Major players profiled in the aquafeed market report published by MRFR are BioMar Group (Denmark), Cargill Inc. (U.S.), BASF (Germany), Waterbase Ltd (India), Alltech Inc. (U.S.), Coppen International BV (Netherlands), Zeigler bros. Inc. (U.S.), Ridley Corporation (Australia), Evonik Industries (Germany), Marvesa (Netherland), and others.
The global aquafeed market statistics, as per MRFR, can be segmented by species, ingredients, additive type, and life cycle.
Based on the species, the aquafeed market size can be segmented into carps, mollusks, shrimps, crustaceans, catfish, trouts, and others. The shrimp segment is having a great go in the market, and the rank-wise scenario would not change much in the coming years.
Based on the ingredients, the aquafeed ingredients market can be segmented into wheat, corn, pulses, oilseeds, and others. The wheat segment is currently holding the maximum share of the market, and the situation is going to remain the same during the forecast period.
Based on the additive type, the fish feed market includes vitamins, antioxidant, antibiotics, feed enzymes, amino acid, and others. The vitamins segment has the rein, and the segment can expect the fastest CAGR over the review period.
Based on the life cycle, the aquafeed market comprises alevin, fry, smolts, and adult. The smolt segment is spearheading the market and can shoulder the growth in the coming years as well.
MRFR segments the global aquafeed market on the basis of the region into North America, Europe, Asia-Pacific (APAC), and the Rest-of-the-World (ROW).
The APAC market has the upper hand in the global market. Several countries, with huge coastline, are depending much on the fishing industry. At the same time, the local industry is banking much on the fishing culture as it can provide substantial nutrients to the plate of consumers. China is leading the regional market with substantial market share and is also exporting much worldwide and fetching in unparalleled revenue. Meanwhile, India is promoting itself as one of the fastest growing regions. Strong preference for fish as a dietary option is providing substantial thrust to the regional market.
North America and Europe can expect tremendous growth in aquafeed additives market due to a substantial rise in the consumption of seafood. At the same time, companies in these regions are trying to come out with products that would be high on nutrients to meet the regular consumption pattern of people.
In 2018, Green Plains Inc. and Optimal Fish Food LLC had announced a joint venture where the motif is to make better products with good nutritional value. In this regard, these companies have vowed to integrate new technologies and innovations.
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
Market Research Future (part of Wantstats Research and Media Private Limited),
99 Hudson Street,5Th Floor, New York, New York 10013, United States of America