Aquafeeds are combined meals manufactured for aquatic animals by combining varied raw materials and additives. These blends are prepared in line with specific necessities of the species and age of the animal. Aquafeed has become crucial to aquaculture business because of its nutritional wealth, immune resistant, and growth promoting properties. High-quality aquafeed is exponentially more helpful to fish and alternative aquatic animals than farm-made feed because of their balanced and requirement specific composition.
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Commercial Aquafeed Market was worth USD 110.5 billion in 2016 and estimated to be growing at a CAGR of 8.5%, to reach USD 166.15 billion by 2021. Increasing regional seafood consumption and growing shopper awareness of the standard of food products are also boosting the aquafeed market growth.
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Drivers and Restraints:
Aqua feed is often a demand-driven business. This business is driven by the rise within the fish meat consumption that is because of the rise within the population of the region. The supply of fish meal and different protein sources has enhanced the regional demand for aqua feed within the western world predominantly. There is a transparent trend towards the introduction and implementation of safety and quality standards. Farmers have been shifting from ancient strategies of feeding aquatic species to industrial feeding; in conjunction with the assorted schemes and subsidies enforced by the government to encourage cultivation, is hastening the regional commercial aqua feed market.
The global aqua feed market is driven by numerous factors similar to growth in the aquaculture trade, ever increasing consumption of fish and seafood and also the flexibility within the use of secondary raw materials. The rising per capita income, particularly from developing nations, is anticipated to keep up the expansion of aquaculture and aqua feed business. The increasing demand for both standard and practical aqua feed in the region is anticipated to offer new opportunities to the market’s growth.
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Based on geography, the global market is analyzed under various regions namely North America, Europe, Asia-Pacific, Latin America and Middle East and Africa. The Commercial Aquafeed Market is dominated by North America in 2016 with the region accounting for 36% of the overall market share. North America was followed next in line by Europe and Asia-Pacific.
Key market players dominating the market with their products are Archer Daniels Midland Company, Ridley Corporation Limited, Cargill, Nutreco N.V, and Avanti Feeds Ltd., Purina Animal Nutrition LLC, Nutriad, Alltech, Biostadt India Limited, Aller Aqua A/S, Biomar, BIOMIN Holding GmbH, Norel Animal Nutrition, Dibaq A.S, and De Heus Animal Nutrition.
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