2023-2029 is the forecast period in the market report.
Aquafeed products provide nutritional, growth-promoting, and immune-resistant benefits to farmed aquatic animals. These products are generally prepared by combining different raw materials and additives, such as fish feed and fish oil, depending upon the age of the animal and requirements of the species. The growth of the United States Aquafeed market is driven by an increasing demand for seafood due to high seafood consumption in the United States along with an increase in seafood trade. Furthermore, the presence of a well-developed aquaculture industry in the region and favourable regulatory scenario is expected to positively contribute to the growth of the market.
A high seafood consumption in the United States is expected to drive the growth of the market. According to the National Oceanic and Atmospheric Administration’s (NOAA), Americans consumed 19 pounds of seafood per capita in 2020. Shrimp continued to dominate the US seafood consumption charts in 2018, increasing 4.5 percent to 4.6 pounds per person. The increase outpaced the tiny 0.6 percent increase in overall seafood consumption during the year, which was driven by the same 10 species that have dominated the US seafood charts for several years. Salmon was the second-most consumed species by US consumers during the year, and saw the largest increase, continuing its steady infiltration of the market with a 5.8 percent rise to 2.55 pounds per capita. The data from the National Fisheries Institute found that Americans consumed 16 pounds of seafood in 2017. The number is up over 7% from the previous year. Thus, high seafood consumption is expected to create a demand for aquafeed. This is expected to drive the growth of the market over the forecast period. Furthermore, the emergence of fish farming trend is expected to positively impact the growth of the market.
The National Marine Fisheries Service has introduced strict regulatory frameworks for the production, use and marketing of the fishing industry, which makes the aquafeed market more organized and modern. Recently, the United States banned the use of antibiotics as growth promoters in feed additives for aquatic animals. Due to this ban, other natural alternatives have increased the demand for essential oils as they provide the required production with cost advantages, increasing the demand for water. This is expected contribute to the growth of the market.
The rise in raw material costs as the majority of high-quality feed is prepared with fish meal and fish oil is likely to hamper the growth of the market. Additionally, an increase in concern for the environment and sustainability, as many fish are produced in public water bodies is a key factor expected to restrain the growth of the market over the forecast period.
A limited knowledge regarding the nutritional requirements of fish and crustacean species may negatively impact the growth of the market. Also, the COVID-19 pandemic is expected to challenge the market growth over the forecast period.
The report provides an in-depth analysis of the United States Aquafeed market, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. An increase in health awareness has led to a rise in demand for Aquafeed in various applications, and therefore, the market is expected to witness growth at a specific CAGR from 2023-2029.
The United States Aquafeed market comprises of different market segments like additives, form, feed and end users.
By additives, the United States Aquafeed market includes the key segments like
The amino acid segment is expected to dominate the market over the forecast period. Amino acids offers several advantages like improved immunity, improved larval performance, optimized metabolic transformation efficiency in fish, and increased tolerance to environmental stress. It also helps improve the taste and texture of fillets when added to aquafeed.
The antibiotics segment is expected to witness high growth over the projected time period. Antibiotics are the commonly used additives in aquafeed. They promote better growth by improving overall health and are used to maximize productivity and efficiency.
By form, the Aquafeed market includes segments like
The dry form is expected to lead the market over the forecast period. Dry aquafeed products are very palatable. Its ability to increase the fish feed conversion ratio is a key factor fuelling the growth of the segment.
The wet form is projected to witness high growth over the forecast period. Wet food is a commonly used form of water-based food. They are made with ingredients with a high moisture content, such as slaughterhouse waste, undried feed and peach waste. These wet foods are mainly intended for use in carnivorous fish such as sea bream, bass and eel, among others.
By feed, the United States Aquafeed market includes key segments such as
The grower feed segment is expected to dominate the market over the forecast period. Rise in use by animals aged 6 to 20 weeks to meet their nutritional needs is a key factor which is expected to drive the growth of the segment. Grower feed is given to the animal until it is ready to start breeding and laying eggs.
The finisher feed segment is expected to witness high growth over the forecast period. Finisher food is usually given to adult fish/animals over 20 weeks old. It provides the nutrients that meet the animal's key needs. It provides a high level of energy, so that normal activities run smoothly.
The United States Aquafeed market includes major end users like
The carp segment is expected to dominate the market over the estimated time period. The growth rate of the segment can be attributed to the increasing consumption of this strain for its associated health benefits, such as strengthening immunity, improving heart health, managing chronic disease, and protecting gastrointestinal functions.
Furthermore, the catfish segment is expected to witness high growth over the forecast period. Catfish is raised in freshwater ponds with rice, corn and soy as water fodder. It is the preferred group of farmed aquaculture species due to its ease of cultivation in less than ideal climatic conditions. The rise in demand for catfish due to its rich content of vitamin D and omega-6 fatty acids is expected to increase the demand for aquatic feed.
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors on the United States Aquafeed market. In addition, a complete analysis of changes on the United States Aquafeed market expenditure, economic and international policies on supply and demand side is provided in this report. The report also studies the impact of the pandemic on United States economies, international trade, business investments, GDP, and marketing strategies of key players present in the market.
The pandemic had a moderate effect on the market due to rise in e-commerce sales which has stimulated the demand for aquafeed products. According to 2021 Global Altech Feed Survey there was 2% growth factor in United States amidst the global pandemic. Despite the panic and disruption globally, the rise in e-commerce was observed during the period and has offset the decline in sales due to the closure of public outlets. About 77% of the countries participating in the survey remarked that a significant or moderate rise in e-commerce during the pandemic. About 65% of the survey’s respondents remarked the steady development of RAS was ongoing within their countries. Thus, rise in e-commerce sales is expected to contribute to the growth of the market in the upcoming years.
The competitive landscape analysis of the United States Aquafeed market is primarily focused on expanding the growth of the Aquafeed industry in the United States region with new product innovation, and business expansion. An increasing range of manufacturers operating in aquafeed sector has led the growing demand for the market. Besides, the market offers range of products in different applications to fulfil the required demand of consumer, which further contributes healthy growth in the market.
The key players studied in market are
June 2021: Cargill had announced that it had started producing AquaXcel feed in its Serang plant with the aim of enabling aquaculture customers to thrive by achieving more sustainable growth.
January 2020: ADM acquired Neovia which is formerly known as InVivo NSA (France) for USD 1.82 billion (Euro 1.54 billion). This acquisition is expected to provide the company with a stronger platform for ADM’s future growth.
By additives, the United States Aquafeed market includes the key segments like antibiotics, vitamins and minerals, antioxidants, amino acids, feed acidifiers, anti-parasitic, enzymes and probiotics and prebiotics and others. The amino acid segment is expected to dominate the market over the forecast period. By form, the United States Aquafeed market include segments like dry, moist and wet. The dry segment is expected to lead the market over the estimated time period. By feed, the United States Aquafeed market include segments such as starter feed, grower feed, finisher feed and brooder feed. The grower feed segment is expected to dominate the market over the forecast period. The market has major end users like carp, rainbow trout, salmon, crustaceans, tilapia, catfish, sea bass, grouper and molluscs and others. The carp segment is expected to dominate market during the forecast period.
Sizing for Year:||2019-2029|
Players and its Competitors:|
Ridley Corporation Limited
Charoen Pokphand Foods Public Company Limited
Avanti Feeds Limited
Coppens International B.V.
Purina Animal Nutrition LLC
Archer Daniels Midland Company
Charoen Pokphand Foods PCL
INVE AquacultureBiostadt India Limited
What would be forecast period in the market report?
2023-2029 is the forecast period in the market report.
Which is the leading form segment for United States Aquafeed market?
The dry form segment is expected to lead the market during the forecast period.
Which country is gaining majority of market share during the forecast period (2023-2029)?
United States is expected to gain a major share of the market during the forecast period (2023-2029).