APAC to Dominate Aquafeed Market During Forecast Period
Increasing seafood trade is expected to drive the growth of global aquafeed market
According to TechSci Research report, “Global Aquafeed Market By Ingredient (Soybean, Fish Meal, Corn, Fish Oil, Additives, Others), By Additives (Amino Acids, Vitamins & Minerals, Prebiotics & Probiotics, Enzymes, Antibiotics, Other), By Species (Fish, Crustaceans, Molluscs, Other), By Form (Dry Form, Wet Form, Moist Form), By Lifecycle (Grower feed, Finisher feed, Starter feed, Brooder feed), By Region, Competition, Forecast & Opportunities, 2025”, global aquafeed market is expected to witness significant CAGR during the forecast period. Growth in aquaculture production is one of the major factors accounting for the growth of global aquafeed market. Moreover, rise in global population and increasing food demands are further expected to bode well for the growth of global aquafeed market through the forecast period. In addition to this, rising seafood consumption among consumers because of increasing requirement for protein-rich diets., thereby projected to positively influence the growth of global aquafeed market in the years to come. Also, rising consumer awareness pertaining to the quality of seafood products is further making headway for the growth of global aquafeed market. Some of the challenges that are anticipated to hamper the aquafeeds market in the years to come are increasing raw material costs and restrictions on fish catches, which is affecting fish meal production.
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Global aquafeed market can be segmented based on ingredients, additives, species, form, lifecycle, and region. Based on species, the market can be categorized into fish, crustaceans, mollusks, and others. Out of which, the fish segment dominated the market until 2019 and is expected to maintain its dominance during the forecast period as well on account of increase in fish farming activities and aquaculture which in turn has led to the increased demand for fish feed. Among fish, carp and tilapia are high consumers of aquafeed owing to their adaptability to changing climates. Also, the mollusks were the second largest species segment of aquafeed until 2019 as several mollusks like clams and oysters are an important source of food to humans. Additionally, the oyster shell extracts are being increasingly used in cosmetics, thereby anticipated to propel the growth of segment in the years to come. Along with this, growing meat consumption at a global level has led to a growing demand for clams and oysters, thereby aiding the segmental growth.
Archer Daniels Midland Company, Ridley Corporation Limited, DE Heus Animal Nutrition B.V., Biostadt India Limited, NK Ingredients Pte Ltd., Marubeni Nisshin Feed Co., Ltd., Cargill, Inc, Nutreco N.V, Avanti Feeds Ltd, Charoen Pokphand Foods Public Company Limited are among others are the leading players operating in global aquafeed market. The leading players are adopting several growth strategies to enhance the market scenario of aquafeed. Other competitive strategies include new technological developments; mergers & acquisitions; agreements, partnerships, and collaborations; and expansions to diverse their product portfolio in order to strengthen their market position.
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“Asia Pacific is expected to dominate the global aquafeed market in the next five years on account of high growth in the aquaculture industry which can be attributed to certain factors such as ease of availability of natural resources and cheap labor. Furthermore, China is the leading producer, consumer, and processor of aquaculture products, which is further anticipated to boost the market growth for aquafeed over the coming years as the country contributes about one-third of the global supply. Along with this, induced conditions for aquaculture in the region is expected to contribute to the growing trend in the upcoming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Aquafeed Market By Ingredient (Soybean, Fish Meal, Corn, Fish Oil, Additives, Others), By Additives (Amino Acids, Vitamins & Minerals, Prebiotics & Probiotics, Enzymes, Antibiotics, Other), By Species (Fish, Crustaceans, Molluscs, Other), By Form (Dry Form, Wet Form, Moist Form), By Lifecycle (Grower Feed, Finisher Feed, Starter Feed, Brooder Feed), By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of global aquafeed market and provides statistics & information on market size, structure and market growth future. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global aquafeed market.
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Source : TechSci Research