Aquafeed Market to Witness Unprecedented Growth in Coming Years

10/giu/2020 11:30:26 MarketsandMarkets Contatta l'autore

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The aquafeed market is estimated to account for USD 47.3 billion in 2019 and is projected to reach USD 71.7 billion by 2025, recording a CAGR of 7.2% during the forecast period. The market is primarily driven by the increasing seafood trade, growth in aquaculture production, and rising seafood consumption among consumers due to the increasing need for protein-rich diets.

Aquafeed Market

The amino acids segment, by additive, is projected to dominate the aquafeed market during the forecast period.

Amino acids are important in animal nutrition and are the building blocks of protein, which play an essential role in the growth, production, and overall maintenance of aquatic animal health. Amino acids provide the energy required for the growth of muscles and bones for muscle movement, digestion, and blood circulation. Owing to these factors, the amino acids segment dominates the aquafeed market, by additive.

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On the basis of species, the fish segment is projected to witness higher growth in the aquafeed market.

The aquafeed market, by species, is segmented into fish, crustaceans, mollusks, and others (turtles and sea urchins). Fish farming in ponds, lakes, rivers, and coastal waters is increasing to fill the gap between demand and supply. The increase in fish farming activities and aquaculture has led to the increased demand for fish feed. Among fish, carp and tilapia are high consumers of aquafeed. Also, carps are being extensively reared, owing to their adaptability to changing climates, while Tilapia culturing has increased in recent years due to the growing supply of high-quality protein tilapia species at lower prices.

Asia Pacific is projected to account for the largest share in the aquafeed market during the forecast period.  

The Asia Pacific market accounted for the largest share in 2019; this market is majorly driven by China and Vietnam, which are major markets for aquafeed. China is among the leading producers of aquafeed in the Asia Pacific region. Due to the significant growth of seafood consumption and trade in this region, the aquafeed market is projected to grow in the region. The processed seafood market in the region is also currently undergoing significant transformation in response to the rapid urbanization and diet diversification. Also, consumer demand for convenience and processed seafood offers profitable growth prospects and diversification to the region's food sector.

The major vendors in the global aquafeed market are Cargill (US), Archer Daniels Midland Company (US), Alltech (US), Purina Animal Nutrition (US), Nutreco NV (Netherlands), and Ridley Corporation Ltd. (Australia).

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Key questions addressed by the report:

  • Which region will account for the highest share in the aquafeed market?
  • How would the fluctuations in ingredient prices impact the growth of the aquafeed market globally?
  • What is the level of support offered by governments across these countries to aquafeed manufacturers?
  • Which are the key players in the market and how intense is the competition?
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