The Global Aquafeed Market was valued at US$ 57.91 billion in 2021 and is predictable to reach US$ 95.23 billion by 2030; growing at a CAGR of 5.7 % during the forecast period from 2021- 2030.
Foods prepared for the aquatic organisms by combing numerous raw materials and additives are termed as aquafeeds. Owing to its numerous benefits offered such as immune resistance, nutritional benefit, and growth-promoting properties. Over several years, aquaculture is gaining popularity which includes molluscs, farming of fish among others. Aquafeed is prepared by the combination of several raw materials and additives including fish oil, and fish fees depending on the age of aquatic organisms and their specific requirements.
The rising growth of the aquafeed market is attributed to the growth of aquaculture production, increasing seafood consumption among the consumers owing to the demand for nutrients and protein-rich diets, and favorable trade relations for seafood products. Such prime reasons are prompting for the increase of the market growth for the aquafeeds. Further, the availability of vast area for the cultivation of corn, wheat, soybean among others which acts as a main ingredient for the aquafeed production which is expected to increase the growth for aquafeed market.
Increasing demand for seafood such as fish has been increased owing to the indispensable incomes of the consumers and rich sources from fishes such as proteins, vitamins. Numerous varieties of fish are available as compared to other types of meats and the consumer preference for such different types of fish is expected to gain momentum to raise the revenue for the aquafeed market in the forecast period. However, fluctuating raw materials prices such as soybean, or corn, adverse weather, and increasing global currency values are the major reasons restraining the global aquafeed market.
The Global Aquafeed Market is segmented by species, lifecycle, form, ingredient, additives, and region. Based on species, it is categorized into marine shrimps, catfishes, salmons, trout, carps, tilapias, marine fishes, freshwater crustaceans, and others. By lifecycle, it is bifurcated into starter feed, grower feed, finisher feed, and brooder feed. Form type segments into dry, moist and wet. Aquafeed ingredient segments into corn, fish oil, soybean, fishmeal, additives, and others (wheat, poultry by-products, barley, others). By additives, it segments into vitamins & minerals, amino acids, probiotics & prebiotics, antibiotics, antioxidants, enzymes, and others. Based on regional insights, the global aquafeed market is categorized into North America (US, Canada, Mexico, Rest of America), Asia Pacific (India, China, Rest of Asia Pacific), Europe (UK, Germany, Russia, Rest of Europe) and Rest of the world (Latin America and Middle East & Africa).
Asia Pacific is expected to witness the highest growth owing to an increase in the dispensable income of the consumers and increasing demand for seafood in the regions like China and India. North America is also expected to witness market growth owing to the presence of the key players in the region and rising interest from the consumers for a variety of seafood consumption such as fish and salmon.
Prominent players inducing the Global Aquafeed Market are Archer Daniels Midland Company, Purina Animal Nutrition, Nutreco N.V., BioMar A/S, Beneo Gmbh, Cargill Incorporated, Alltecch Inc., Ridley Corp Ltd., Aller Aqua A/S, and Dibaq Aquaculture among others.
Segmentation and Scope of the Global Aquafeed Market
Global Aquafeed Market is segmented by species, lifecycle, form, ingredient, additives, and region.
Rest of World
Middle East & Africa
Prominent players in the Global Aquafeed Market among other includes