The aquafeed market is estimated to account for USD 47.3 billion in 2019 and is
projected to reach USD 71.7 billion by 2025, recording a CAGR of 7.2% during
the forecast period. The market is primarily driven by the increasing seafood
trade, growth in aquaculture production, and rising seafood consumption among
consumers due to the increasing need for protein-rich diets.
On
the basis of ingredient, the soybean segment is estimated to account for a
major share, in terms of value, in 2019.
Soybean is among the non-fish sources of
omega-3 fatty acids, proteins, and unsaturated fats. Soy protein is fed to
farm-reared fish and shellfish to enhance their overall growth and development.
Some of the commonly used soybean products in aquafeed include heat-processed
full-fat soybean, mechanically extracted soybean cake, solvent-extracted
soybean meal, and dehulled solvent-extracted soybean meal. Since soybean meal
is priced significantly lesser than fishmeal, the consumption of soybean meal
is high.
Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1151
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1151
The
amino acids segment, by additive, is projected to dominate the aquafeed market
during the forecast period.
Amino acids are important in animal nutrition
and are the building blocks of protein, which play an essential role in the
growth, production, and overall maintenance of aquatic animal health. Amino
acids provide the energy required for the growth of muscles and bones for
muscle movement, digestion, and blood circulation. Owing to these factors, the
amino acids segment dominates the aquafeed market, by additive.
On
the basis of species, the fish segment is projected to witness higher growth in
the aquafeed market.
The aquafeed market, by species, is segmented
into fish, crustaceans, mollusks, and others (turtles and sea urchins). Fish
farming in ponds, lakes, rivers, and coastal waters is increasing to fill the
gap between demand and supply. The increase in fish farming activities and
aquaculture has led to the increased demand for fish feed. Among fish, carp and
tilapia are high consumers of aquafeed. Also, carps are being extensively
reared, owing to their adaptability to changing climates, while Tilapia
culturing has increased in recent years due to the growing supply of
high-quality protein tilapia species at lower prices.
Asia Pacific
is projected to account for the largest share in the aquafeed market during the
forecast period.
The Asia Pacific market accounted for the
largest share in 2019; this market is majorly driven by China and Vietnam,
which are major markets for aquafeed. China is among the leading producers of
aquafeed in the Asia Pacific region. Due to the significant growth of seafood
consumption and trade in this region, the aquafeed market is projected to grow
in the region. The processed seafood market in the region is also currently
undergoing significant transformation in response to the rapid urbanization and
diet diversification. Also, consumer demand for convenience and processed
seafood offers profitable growth prospects and diversification to the region’s
food sector.
The major vendors in the global aquafeed
market are Cargill (US), Archer Daniels Midland Company (US), Alltech (US),
Purina Animal Nutrition (US), Nutreco N.V. (Netherlands), and Ridley
Corporation Ltd. (Australia).
Speak to Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=1151
Key
questions addressed by the report:
- Which region will account for the highest share in the aquafeed market?
- How would the fluctuations in ingredient prices impact the growth of the aquafeed market globally?
- What is the level of support offered by governments across these countries to aquafeed manufacturers?
- Which are the key players in the market and how intense is the competition?
