| A01018 | Pages: 257 | Oct 2021 | 17121 Views | ||
| Author(s) : Jaya Bundele , Roshan Deshmukh | Tables: 106 | Charts: 62 |
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Pandemic disrupted the entire world and affected many industries.
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Request Now !The global aquafeed market size was valued at $78,686.7 million in 2020, and is projected to reach $131,926.4 million by 2030, registering a CAGR of 5.6% from 2021 to 2030.
Aquafeeds are compounded meals prepared for aquatic animals by mixing various raw materials and additives. These blends are prepared according to specific requisite of the species and age of the animal. Aquafeed has become crucial to aquaculture industry due to its nutritional, immune resistant, and growth promoting properties. High quality aquafeed is exponentially more beneficial to fish, mollusks, crustaceans, and other aquatic animals than farm-made feed due to their balanced and need-specific composition.
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Increase in global seafood consumption and surge in consumer awareness on quality of seafood products have boosted the aquafeed market growth. Furthermore, rise in per capita income, especially in developing nations, is expected to maintain the growth of aquaculture and aquafeed industry. In the long-term, rise in raw material costs is projected to restrict the market growth as majority of high-quality feed is prepared by fish meal and fish oil.
Majority of the sea food demand is catered by the U.S. market. National Marine Fisheries Service has implemented stringent regulatory frameworks for fishing industry production, usage, and marketing, which has made the aquafeed market more organized and modern. Recently, the U.S. banned the use of antibiotics as growth promoters in feed additives for aquatic animals. Owing to this ban, other natural alternatives have increased the demand for essential oils, as they serve the purpose of required production outputs with cost benefits, thus increasing the demand for aquafeed.
The COVID-19 pandemic had a negative impact on global aquafeed market due to supply chain disruptions. However, the removal of lockdowns is expected to expand the market in the coming years.
According to the aquafeed market analysis, the aquafeed market is segmented based on additives, end use, and region. On the basis of additives, the aquafeed market is segmented into vitamins, minerals, antioxidants, amino acids, enzymes, acidifiers, and binders. The demand for amino acids has increased owing to its extensive application in aquafeed additives. Amino acids are the main components of protein, since animals require continuous supply of protein in their diet; it is considered as an essential component of aquafeed. Amino acids held a aquafeed market share of 19% in the total of aquafeed market size in 2020.
The end use segment is further classified into fish, mollusks, crustaceans, and others. The demand for fish and mollusks has increased due to rise in income levels and upsurge in demand for protein rich healthy food products globally. Seafood is a good source of protein, which is available on 3/4th of the planet. The burden on land-based food products is required to be controlled with current population and consumption trends. Hence, the aquafeed industry is experiencing growth due to rise in aquaculture to sustain the demand for seafood for growing population. Fish is further segmented into various types such as carp, salmon, tilapia, and catfish. Carp fish type has been observed to have the highest market share in aquafeed market forecast. This is due to their abundant availability and popularity as common carp fish types are tolerant to most water conditions.
Region wise, the aquafeed market is segmented into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific and LAMEA are expected to provide lucrative growth opportunities until 2030, owing to considerable increase in aquaculture production and rise in global seafood consumption.
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In Asia-Pacific, meat consumption is correlated to income of the consumers in numerous countries. India is among those countries, which falls under this spectrum. However, people have inclined toward fish and other seafood to fulfil their protein requirements in the diet. This rise in awareness has led to increase in the demand for aquafeed products in India. However, with majority farmers feeding aquatic species with traditional feeds, such as rice/wheat bran, groundnut cake, and other agro products, the transition toward commercial feed would change eventually.While India is competitive in terms of labor costs, it is highly uncompetitive with respect to feed and energy costs.
The prominent aquafeed industry players include AllerAqua A/S, Cargill, Inc., Beneo GmbH, Biomar A/S, Avanti Feeds Ltd, Alltech Inc., Biomin GmbH, Charoen Pokphand Foods Public Company Limited, Nutreco N.V. and Coppens International B.V.
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Product launch is the most important growth strategy used by aquafeed market players, followed by collaboration &agreement, expansion, and acquisition. Several businesses have created innovative products to diversify their product offerings. Various companies use product launches to expand their market reach and serve global customers.
Nutreco N.V. used acquisition and joint venture as key strategies for market growth, whereas AllerAqua A/S expanded into emerging economies to increase their geographic reach. Cargill Inc., Nutreco N.V., and Alltech Inc. are leading players that provide a wide range of aquafeed products across all aquatic animal sectors worldwide.
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Key Benefits for Stakeholders
Key Market Segments
Key Market Players
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Aquafeed are crucial for aquaculture and for keeping up with the global seafood consumption. Various feed additives are used for fish nutrition, globally; however, aquafeed additives included in this report are vitamins, minerals, antioxidants, acidifiers, amino acids, binders, and enzymes. The growth of the global aquafeed market is primarily supplemented by rise in seafood consumption, growth in concerns over fish quality, and outbreak of diseases. However, increase in raw material prices and stringent regulatory structures formulated for feed additives have discouraged the market growth.
The surge in need for protein in animals for various body functions such as development of organs, reproduction, and optimal functioning of immune systems has increased the consumption of aquafeed. Asia-Pacific and LAMEA are the major consumers of aquafeed. However, in terms of value, Asia-Pacific and Europe together held a major market share of about 54% in the year 2020. Asia-Pacific is the fastest growing aquafeed market in the world, registering a CAGR of 6.5%, for value, during the forecast period. The demand for aquafeed in the Asia-Pacific market is primarily attributed to the increase in aquaculture activities in India, China, Japan, Thailand, and Indonesia.
Leading players in the global aquafeed market include AllerAqua A/S, Cargill, Inc., Beneo GmbH, Biomar A/S, Avanti Feeds Ltd, Alltech Inc., Biomin GmbH, Charoen Pokphand Foods Public Company Limited, Nutreco N.V., and Coppens International B.V.
A. The global aquafeed market was valued at $78,686.7 million in 2020, and is projected to reach $131,926.4 million by 2030, registering a CAGR of 5.6% from 2021 to 2030.
A. The CAGR of Aquafeed Market is 5.6% from 2021 to 2030.
A. The sample report of Aquafeed Market is available on request on the website of Allied Market Research.
A. The forecast period in the Aquafeed market report is 2021-2030.
A. The top companies profiled in global aquafeed market includes AllerAqua A/S, Cargill, Inc., Beneo GmbH, Biomar A/S, Avanti Feeds Ltd, Alltech Inc., Biomin GmbH, Charoen Pokphand Foods Public Company Limited, Nutreco N.V. and Coppens International B.V
A. The global aquafeed market is segmented based on additives, end use, and region. Based on additives, the market is segmented into vitamins, minerals, antioxidants, amino acids, enzymes, acidifiers, and binders. The end use segment is further bifurcated into fish, mollusks, crustaceans, and others. Region wise, the global aquafeed market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
A. Aquafeed's remarkable properties, such as increased protein content, uniform distribution of components, and healthy growth of aquacultural species, are expected to drive product demand. Furthermore, aquafeed decreases the possibility of infections in different species and makes food dishes more edible, which is boosting the aquafeed market.
A. Asia-Pacific holds the maximum market share of the Aquafeed Market.
A. The COVID-19 pandemic has hindered operations in the aquafeed market due to staff shortages and increased sanitary rules for fisheries and processing. It has also impacted the supply chains and distribution channel network. As lockdown is lifted in many countries, the aquafeed market will try to recover at a rapid pace.
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