Zion Market Research, the market research group announced the analysis report titled ‘Aquafeed Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2022’
The study concludes that the global Aquafeed Market is expected to grow at a CAGR of 12.5% between 2017 and 2022. The market revenue of $70.00 billion in 2016, is expected to reach $155.50 billion by end of 2022. The main drivers for the growth of the market increase in numbers of women working outside the home.
Aquafeed is compounded meal intended for consumption by aquatic animals, which is produced by mixing various raw materials and additives. These aquafeeds are prepared according to specific required of the aquatic animals and age of the animal. High-quality aquafeed is beneficial to fish, mollusks, crustaceans & other aquatic animals than farm-made feed owing to its balanced and need specific composition.
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Increasing demand for seafood coupled with consumer awareness regarding a quality of seafood products is expected to drive the market growth over the years to come. Moreover, increasing per capita income, especially in developing countries is expected to have a positive impact on an aquafeed industry. However, rising cost of raw material is expected to pose a threat to the market growth in the near future. Nonetheless, high demand for conventional and functional aquafeed from emerging economies especially in China and Rest of Asia is expected to offer new opportunities for the growth of the aquafeed market in the near future.
On the basis of ingredients, the market can be segmented into soybean, fish meal, fish oil, corn, additives, & others. Soybean was the leading segment and it accounted for significant share of the total demand in 2016. Soybean has one of the best amino acid profiles of all vegetable oil meals. Additives are another key important segment of this market and are expected to grow at a decent rate in the years to come.
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The market can be segmented on the basis of end-use into mollusks, carp, crustaceans, carp, tilapia, catfish, salmon, and others. Carp was the leading segment and it held around 22% share of the total market in 2016 on account of owing to their compatibility in harsh environmental conditions.
The market for aquafeed in Asia-Pacific registered a share of over 60% of the overall consumption in 2016. This growth is mainly attributed to increasing aquaculture production and growing seafood consumption in this region. Europe is anticipated to show noticeable growth owing to the presence of favorable regulations and rules. In 2015, Norway constitutes large chunk market share the total European aquafeed market due to high demand for salmon fish feed. Latin America is another key important regional market and is expected to witness substantial growth within the forecast period.
The global aquafeed market is fragmented in nature with a large number of medium and small scale aquafeed manufacturers across the globe. Key players present in this market include Alltech Inc, Biomar, Ridley, Aller Aqua, Dibaq Aquaculture, Nutreco N.V., Addcon Group GmbH, Cargill Incorporated, Cermaq ASA and Biomin. Some of the major players used acquisition and joint venture and expansion into emerging economies as key strategies for market growth. For instance, in 2015, Cargill signed joint venture agreement with Naturisa SA to develop a shrimp feed facility in Ecuador.
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