Market Overview:
Aquafeed is a blend of raw materials, additives and supplements, obtained from either natural or artificial sources and are fed to the aquaculture. Aquafeed additives involve amino acids, vitamins, minerals, enzymes, probiotics, antibiotics, flavors and colorants that are blended to form fish feed. Fish production on the globe is majorly from both Aquaculture and Capture. The declining natural sources have decreased the dependence on Captured Fisheries. A big part of fish production is employed for human consumption directly, and a small portion is used for feed purposes. The end customers of Aquafeed are fish, molluscs, crustaceans etc. The global aquafeed market size was valued at USD 133.5 billion in 2019 and expected to rise at a CAGR of 10.71% to reach USD 221.9 billion by 2024.
Market drivers and restraints:
The Global Aquafeed Market is mainly driven by factors such as the growth in global fish consumption, rise in mass production of fish, increasing customer awareness relating to the protein content in fishes, and limited availability of marine feed resources. Globally rising population is also supporting the growth of the fish market, ultimately increasing the demand for aquafeed. Nevertheless, environmental regulations on wild, marine and inland fisheries have made it challenging to procure primary raw materials.
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Report segmented as:
By end use:
Fish
Mollusca
Crustaceans
By additives:
Vitamins
Minerals
Antioxidants
Amino Acids
Enzymes
Acidifiers
Binders
Geographical analysis:
The market has also been geographically segregated into North America, Europe, Asia-Pacific and the Rest of the World. North America accounted for the prominent share in the Global Aquafeed Market. The Asia-Pacific aquaculture industry is the biggest in the world comprising of more than one third of the global market. The highest growth for fish consumption is estimated from the Asia-Pacific and Latin American regions, due to the changing diet patterns, urbanization, population, and economic growth.
Important market players:
Some of the key companies dominating this market are Cargill, Inc., Nutreco N.V., Alltech Inc., AllerAqua A/S, Beneo GmbH, Biomar A/S, Charoen Pokphand Foods Public Company Limited, and Coppens International B.V.
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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