Aquafeed Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2029
Global Aquafeed Market – Overview
Aquafeeds are compounded meals made for aquatic animals by combining several raw materials and additives. These combinations are made as per specific requirements of the species and age of the fish. Aquafeed has become important to the aquaculture industry because of its nutritional, immune resistant, and growth promoting properties. Better quality of aquafeed is much more beneficial to fish, mollusks, crustaceans & other aquatic animals than farm-made feed due to their balanced and need specific composition.
Increasing global seafood consumption and growing consumer awareness on quality of seafood products are boosting the aquafeed market growth. Furthermore, rising per capita income, especially from developing nations, is expected to maintain the growth of aquaculture and aquafeed industry. In the long term Increasing raw material costs may restrict the market growth as majority of high quality feed is prepared by fish meal and fish oil.
Global Aquafeed Market – Competitive Landscape
The global aquafeed market features a fragmented landscape owing to the strong presence of several key players in the market. These leading companies in the global market are constantly focusing on enhancing the efficiency of products by offering classes, seminars, and aquafeed tours. These educational practices are working in favor of the development of the global market and are also being utilized as a free marketing tool. The existing market players are deploying various strategies and advanced techniques to divert potential traffic towards being market participants.
Some of the leading companies in the global aquafeed market include names such as Alltech, BioMar, Cargill Incorporated, Ridley Corporation,
Aller Aqua A/S, Beneo GmbH, Cermaq, Norel Animal Nutrition, Biomin Holding GmbH, Archer Daniels Midland (ADM), and Avanti Feeds Ltd. among others.
Global Aquafeed Market – Drivers and Restraints
The shrinking of arable lands owing to rapid urbanization and industrialization is increasing the salability for aquafeed as it requires least aquatic space for husbandry of vegetables. As a result aquafeed is gaining popularity, which is fueling the advancement of the global aquafeed market. The fish waste acts as natural fertilizer for the vegetables that grow inside the water solvent. As a result, the organic produce acquired is free from any pesticides or fertilizers and even curbs the expenses for fertilizers. According to a USA based company known as Nelson and Pade, aquafeed produces eight times more food per acre in 1/6th of the space required by traditional agriculture. The lack of agricultural machinery, expensive equipment, and fertilizers for the whole process of aquafeed offer environment sustainability as well as economic efficiency. These characteristics are boosting the progress of the global aquafeed market.
Global Aquafeed Market – Geographical Outlook
The global aquafeed market has five main regions that provide the reader with the intricate details of the working dynamics of the regional landscape. These regions are North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Of these, currently, the global aquafeed market is being dominated by the regional segment of North America. The growing uptake in the region is significantly contributing to the growth of the global aquafeed market. The market is majorly driven by China, which is a major producer of aquafeed. China is the leading producer, consumer, and processor of aquaculture products, contributing to about one-third to the global supply. Moreover, the processed seafood market in the region is also currently undergoing a significant transformation in response to the rapid urbanization and diet diversification.
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