Global Aquafeed Market Propelled by Increasing Demand for SeafoodThe global aquafeed market has witnessed a positive growth over the past few years. The growing aquaculture industry and the introduction of new technologies aimed to improve feed quality have provided an impetus to the market growth.
IMARC Group’s recent study, titled “Aquafeed Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the global aquafeed market reached a volume of more than 44 Million Tons in 2017. Aquafeed has become a vital part of the aquaculture industry owing to its growth promoting and nutritional properties. A wide range of ingredients are used in the preparation of aquafeed, such as marine animals, plants, terrestrial-based live feeds, plant or grain products and by-products. The high-quality commercial aquafeed is more advantageous to crustaceans, mollusks, fishes, etc. than farm-made feeds due to their need-specific and balanced composition. Nowadays, various finished products and ingredients are also being tested to ensure that the essential nutrients are present in aquafeed and are suitable for the aquatic species.
Global Aquafeed Market Trends:
There has been a rise in the overall consumption of seafood due to increasing awareness among consumers about their high-protein content. This has encouraged the farmers to utilize improved aquafeed for the production of aquatic animals. Apart from this, with rising importance of aquaculture, the requirement of natural resources for producing aquafeed ingredients has intensified. The manufacturers are also producing safe and sustainable feed products that secure human, animal and environmental health. Additionally, new technologies are being introduced so as to improve the feed quality in order to attain higher productivity. Moreover, research and development activities, especially in Europe, have resulted in the introduction of alternative raw materials and low-cost production techniques which are anticipated to augment the growth of the aquafeed market. However, the fluctuating prices of raw materials used in the production of aquafeed can hinder the market growth. Looking forward, the market is projected to exceed a volume of 82 Million Tons by 2023, expanding at a CAGR of 11% during 2018-2023.
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Global Aquafeed Market Summary:
- Based on specie, carp feed is witnessing the fastest growth as it provides high amounts of protein that are low in fats and are rich in omega-3 fatty acids. Carp feed is followed by marine shrimp, tilapias, catfish, marine fishes, salmon, freshwater crustaceans, trout and others.
- On the basis of ingredients, the market has been segmented into soybean, corn, fish meal, fish oil additives and others. Currently, soybean is the leading segment, accounting for the majority of the global share. This can be attributed to its easy availability and low cost coupled with relatively high amount of digestible protein.
- Based on additives, the report finds that vitamins and minerals hold the largest market share. They are followed by antioxidants, feed enzymes and others.
- On the basis of product forms, the market has been segregated as pellets, extruded products, powdered products and liquid products. Amongst these, pellets represent the leading segment.
- Region-wise, Asia Pacific enjoys the dominant position in the global aquafeed market. Other major regions include Europe, Latin America, Middle East and Africa, and North America.
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