The global Aquafeed market size is expected to be worth around US$ 89.4 billion by 2027, according to a new report by Vision Research Reports.
The global Aquafeed market size was valued at US$ 63.7 billion in 2019 and is anticipated to grow at a CAGR of 4.2% during forecast period 2020 to 2027.
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Aquafeed Market Size, Share, Growth, Trends, Company Analysis, Regional Insights and Forecast 2020 – 2027 – Breakdown Data by Regions, Type, Manufacturers and Applications
The rapidly flourishing industry, along with increasing fish and fish product consumption across the globe, is one of the major factors driving the market growth over the forecast period.
Primarily, fish oil and meal were used as prominent raw materials in aquafeed manufacturing. However, surging prices of these ingredients due to the scarcity of captured fish have resulted in the inclusion of other crops and grains containing equivalent nutrition levels. Rising awareness among breeders regarding the benefits of providing sufficient nutrition to fish has been one of the primary factors driving the market over the forecast period.
Other ingredients such as wheat, corn, and soybean are used in the manufacturing of aquafeed. Increasing demand for these raw materials from other applications, including direct human consumption, pharmaceuticals, and industrial processes, is anticipated to result in tight raw material supply over the forecast period.
Furthermore, several feed additives such as amino acids, vitamins, and antibiotics are incorporated in the feed. These additives help enhance the overall nutritive value of the product, thereby improving the overall health. The contents of these additives in the feed can be altered based on various factors, including age, species, climatic conditions, and environment. Rising demand for high-quality fish products is driving the consumption of feed additives in feed products.
Dry form led the market and accounted for more than 36.0% share of the global revenue in 2019. Dry form feed is relatively easy to manufacture, store, and transport. One of the advantages of such type of feed is that it can be produced in a variety of sizes to suit specific needs. A variety of feed sizes and the production of specialized feed with such form are projected to fuel the segment growth over the forecast period.
Moist form of feed is prepared using both wet as well as dry form of feed. Such a form is more palatable with a soft consistency and promotes feed efficiency. However, such form is limited by the parameters, such as transportation and storage, as it needs a favorable environment or refrigeration to prevent spoilage.
Catfish led the market and held more than 25.0% share of the overall revenue in the U.S. Increasing demand for fish products, along with growing direct human consumption of farm-raised catfish in the U.S., has fostered the segment growth. Carp is one of the prominent aquaculture species in the Asian and European countries. Carps are extensively farmed in China and Indonesia owing to the high profitability associated with their cultivation. Moreover, better management practices for carp production in Central and Eastern Europe are expected to positively impact segment growth.
The grain by-product segment led the market and accounted for more than 37.0% share of the global revenue in 2019. This segment includes grain by-products such as soybean meal, cottonseed meat protein, canola meal, and cornmeal. Cost-effectiveness in feed formulation compared to animal by-products is one of the major factors fueling the segment growth. In addition, advances in amino acid profiles for the above-mentioned grains are projected to foster the segment growth.
Other types of ingredients include oils and fats, additives, and grains. Increasing demand for fish oil owing to its high content of omega-3 fatty acids, along with additives such as feed acidifiers, vitamins, and anti-parasitic, is projected to drive the product demand. Moreover, incorporation of grains, such as rice, wheat, rapeseed, and corn, to strengthen the nutritional profile of formulation is expected to fuel the industry growth.
The grower feed segment led the market and accounted for 34.17% share of the global revenue in 2019. Grower feed has a high capacity in terms of protein deposition and better feed conversion rates. Moreover, such feed type allows high flexibility in terms of formulations. Increasing demand for supplementary feeds with the growing standing stock of grower fish is projected to foster segment growth over the forecast period.
Asia Pacific led the market and accounted for over 40.0% share of the global revenue in 2019 and is expected to maintain its lead over the forecast period. Aquaculture production in the region, predominantly in China, as well as factors such as the ease of fish farming, durability of species, and better water quality within closed farm systems are projected to drive the product demand over the forecast period.
- Cargill, Incorporated
- Ridley Corporation
- Aller Aqua A/S
- Beneo GmbH
- Norel Animal Nutrition
- Biomin Holding GmbH
- Archer Daniels Midland (ADM)
- Avanti Feeds Ltd.
- Form Outlook
- Ingredient Outlook
- Animal By-product
- Grain By-product
- Oils & Fats
- Amino Acids
- Feed Acidifiers
- Application Outlook
- Rainbow Trout
- Feed Type Outlook
- Starter Feed
- Grower Feed
- Finisher Feed
- Brooder Feed
- Regional Outlook
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
- South Africa
- North America
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2016-2019) and forecast (2020-2027);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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