2022-2088 is the forecast period in the market report.
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global aquafeed market. In addition, complete analysis of changes on the global Aquafeed market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market.
The global fish feed market is primarily driven by increasing seafood trade, growth in aquaculture production, and increasing consumer consumption of seafood due to the growing need for high protein diets. Aquafeed comprises one or more artificial and/or natural foods in the form of pellets or extruded pieces for commercial fish, crustaceans and molluscs. Growth in global aqua feed consumption continues to be significant due to the growth of the aquaculture industry. Global aquaculture production has grown rapidly over the past decades, contributing significantly to the global supply of fish and seaweed for human and animal consumption.
Rising per capita income, especially in developing countries, is expected to support the growth of aquaculture and the feed industry. Most of the seafood demand is supplied by the US market. The National Marine Fisheries Service has introduced strict regulatory frameworks for the production, use and marketing of the fishing industry, making 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. As a result of this ban, other natural alternatives have increased the demand for essential oils as they serve the required production with cost advantages, increasing the demand for feed for water. This is expected to be an innovative growth opportunity for the market.
The market has major restraining factor like rise in raw material costs as majority of high-quality feed is prepared by fish meal and fish oil. Besides, increasing concern for the environment and sustainability, which is heightened by the fact that so many fish are produced in public water bodies is another factor which is expected to restraining the growth of the market over the forecast period.
The Covid-19 pandemic hampered the growth of market to major extent which has created a major challenges for the market growth. Also, the limited knowledge of the nutritional requirements of the vast majority of the fish and crustacean species currently farmed today is one of the biggest challenges currently facing aquafeed producers. This factor is expected to be a major challenge for the market growth over the forecast the period.
The report provides in-depth analysis of global aquafeed market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing demand for various aquafeed in various aquaculture applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2021-2028.
Aquafeed is an ideal formulation of complete diet for food fish. Producing aquafeed requires high-level technical and scientific skills. The aim of aquafeed production is to provide feed which meets the fish’s nutritional requirements, although not exactly replicate the sources of food in a fish’s natural diet. Ingredients from land and marine animals as well as plants are used in aquafeed. Ingredients and finished products are rigorously tested to guarantee the necessary nutrients are present and in a form that is digestible by the fish. The report analyses the global aquafeed market based on ingredients, end users, additives and geography. Based on ingredients the market is divided into soybean, corn, fish meal, fish oil and others. The global aquafeed market on basis of end user is bifurcated into fish, mollusks, crustaceans and others. The fish segment is further divided into tilapia feed, salmon feed, carp feed and catfish feed. Mollusks includes oyster feed and mussel feed. Likewise, crustaceans include shrimp feed and crab feed. Based on additives, the global aquafeed market is bifurcated into antibiotics, vitamins, antioxidants, amino acids, feed enzymes, feed acidifiers and others. Other feed additives include acidifiers and probiotics & prebiotics. By geography aquafeed market is studied across the countries of key regions such as, North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Europe accounted for the largest share in the aquafeed. Rapid industrial and development in the fish farming sector and rising income and expenditure of the expanding middle class in developing nations are the major factors that robust the growth of aquafeed market in Europe. Some of the key participants in global aquafeed market are Archer Daniels Midland Company, Ridley Corporation Limited, Avanti Feeds Ltd, Nutreco N.V, Cargill, Incorporated, Purina Animal Nutrition (Land O’ Lakes Inc.), Alltech, Biostadt India Limited, Nutriad, Aller Aqua Group, BioMar Group, Biomin Holding GmbH, Dibaq a.s., Norel S.A, DE HEUS, etc
Sizing for Year:
Players and its Competitors:
Ridley Corporation Limited (Australia)
Cargill, Incorporated (US)
BioMar Group (Denmark)
Charoen Pokphand Foods Public Company Limited
NUTRECO N.V. (Netherlands)
Avanti Feeds Limited (India)
AKER BIOMARINE (Norway)
Biomin GmbH (Austria)
Coppens International B.V.
Purina Animal Nutrition LLC (US)
Archer Daniels Midland Company (US)
Charoen Pokphand Foods PCL (Thailand)
BENEO GmbH (Germany)
INVE Aquaculture (Belgium)
What would be forecast period in the market report?
2022-2088 is the forecast period in the market report.
What are the drivers for Aquafeed market?
The key driving factors of the market are increasing seafood trade, growth in aquaculture production, and rising seafood consumption among consumers.
Which region is gaining majority of market share during the forecast period (2022-2028)?
Asia Pacific is expected to gain major market share during the forecast period (2022-2028).