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Aquafeed can be described as a mixture of raw materials, additives, and other supplements, sourced from natural or synthetic sources, fed to farmed fish. It supplies the nutritional requirements for their normal physiological functions. The growth of the North America Aquafeed market is driven by an increasing demand for seafood due to high seafood consumption in the United States and Canada along with an increase in seafood trade. Furthermore, the presence of a well-developed aquaculture industry in the region is expected to positively contribute to the growth of the market.
A key driver of the market is high seafood consumption in the United States and Canada. According to the National Oceanic and Atmospheric Administration's (NOAA), in 2019, U.S per capita seafood consumption hit 19.2 pounds per person. This total is an increase of 0.2 pounds from the 19 pounds consumed in 2018, due to a small increase in the consumption of canned seafood. For 2019, per capita consumption of fresh and frozen products was 15 pounds, with fresh and frozen finfish accounting for 9 pounds, while fresh and frozen shellfish consumption was 6 pounds per capita. Consumption of all canned fishery products was 3.9 pounds per capita in 2019, up 0.2 pounds from 2018. Cured fish estimated to be 0.3 pounds per capita, the same as in previous years. US commercial fishermen landed 9.3 billion pounds of fish and shellfish in 2019 valued at $5.5 billion (€4.1 billion). Canadians eat finfish an average of 3.7 times per month, and average shellfish consumption frequency is 1.9 times per month.
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 at a lower cost, 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, there has been an increase in concern for the environment and sustainability, as many fish are produced in public water bodies, which is a key factor expected to restrain the growth of the market over the forecast period.
The limited knowledge regarding the nutritional requirements of fish and crustacean species is a key factor which may negatively impact the growth of the market. Also, the COVID-19 pandemic is expected to challenge market growth over the forecast period.
The report provides in-depth analysis of the North America 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 North America Aquafeed market comprises of different market segments like additives, form, feed, end users and geography
By additives, the North America Aquafeed market includes the key segments like
The amino acid segment is expected to dominate the market over the forecast period. Amino acids offers improved immunity, improved larval performance, and optimized metabolic transformation efficiency in fish, increased tolerance to environmental stress, and, improves time spawning. 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 North America 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 that 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 North America 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.
The North America Aquafeed market is studied for the following countries
United States is expected to dominate the market over the forecast period. The presence of a well-developed aquaculture industry and rising seafood demand are key factors driving the demand for aquafeed in the region. In 2017, the aquaculture industry in the United States generated 283 million Kg of produce which is worth USD 1.4 billion.
Canada is anticipated to witness high growth during the estimated time period owing to rising seafood consumption along with supportive government initiatives and schemes. For instance, on November 9th, 2021, NFACC (National Farm Animal Care Council) and CAIA (Canadian Aquaculture Industry Alliance) announced and released the Canadian Code of Practice for the care and handling of farmer salmonids for the first time ever in the country to further support the aquaculture sector's sustainability. This code was expected to improve practices and inspire innovations for better aquaculture.
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors in the North America Aquafeed market. In addition, a complete analysis of changes in North America Aquafeed market expenditure, economic and international policies on the supply and demand side is provided in this exclusive report. The report also studies the impact of the pandemic on North America 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 a rise in e-commerce sales which has stimulated the demand for aquafeed products. According to the 2021 Global Altech Feed Survey there was 2% growth factor in North America 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 noted 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, the 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 North America Aquafeed market is primarily focused on expanding the growth of Aquafeed industry in North America region with new product innovation, and business expansion. An increasing range of manufacturers operating in the aquafeed sector has led to growing demand for the market. Besides, the market offers range of products in different applications to fulfil the required demand of consumers, which further contributes healthy growth in the market.
The key players studied in market are
June 2021: Cargill 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.
March 2021: Alltech, an animal nutrition company, had partnered with Corey Nutrition, a Canada-based aquatic feed nutrition company. The two companies have made a commitment to bringing innovative and quality products across the aquaculture market and generating superior results.
By additives, the North America Aquafeed market includes 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 North America Aquafeed market includes segments like dry, moist and wet. The dry segment is expected to lead the market over the estimated time period. By feed, The North America 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 the market during the forecast period. The North America Aquafeed market is studied in countries like the United States, Canada, and Mexico. United States is expected to dominate the market over the forecast period.
| Market
Sizing for Year: | 2019-2029 |
| Base
Year: | 2022 |
| Forecast
Period: | 2023-2029 |
| Value: | USD million |
| Market
Segment studied: | Additives Form Feed End Users |
| Market
Players and its Competitors: | Ridley
Corporation Limited Cargill,
Incorporated BioMar
Group Charoen
Pokphand Foods Public Company Limited NUTRECO
N.V. Alltech Avanti
Feeds Limited AKER
BIOMARINE Biomin
GmbH Coppens
International B.V. Purina
Animal Nutrition LLC Archer
Daniels Midland Company Charoen
Pokphand Foods PCL BENEO
GmbH INVE
Aquaculture |
FREQUENTLY ASKED QUESTIONS
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 North America 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).
