Aquafeed Market Overview
Aquafeeds are specifically prepared for various aquatic animals using raw materials and additives. The aquafeeds are made as per the species and age of the aquatic animals. Aquafeeds are mainly given to fishes, molluscs and crustaceans reared in aquaculture. High-quality aquafeeds provide essential nutrients to aquatic animals, improve immunity, and promote growth.
The global aquafeed market was valued at USD 87 billion in the year 2019. In 2020-2027, this market is projected to grow with a compound annual growth rate of a CAGR of 6.80%.
The increase in global demand for seafood and increasing awareness about high-quality seafood are the main factors driving the growth of the aquafeeds market. The growth of the aquaculture industry, especially in developing countries, is also a major factor propelling the growth of the aquafeeds market. Fish is a rich source of vitamins and proteins, which has led to rising demands for fish worldwide. This has also led to increasing demand for aquafeeds. Technological advancements in the aquafeed formulation methods in developed countries is also a growth driver.
Volatility in the prices of raw materials such as corn and soybean has a restraining effect on the growth of the aquafeeds market. The Covid-19 pandemic disrupted the supply chain and led to the closures of many aquafeeds manufacturing facilities which slowed down the market's growth.
Competitive Landscape:
Major players profiled in the aquafeed market report published by MRFR are BioMar Group (Denmark), Cargill Inc. (U.S.), BASF (Germany), Waterbase Ltd (India), Alltech Inc. (U.S.), Coppen International BV (Netherlands), Zeigler bros. Inc. (U.S.), Ridley Corporation (Australia), Evonik Industries (Germany), Marvesa (Netherland), and others.
Market Segmentation
Based on form, the aquafeed market overview is divided into three categories: dry, wet, and moist. The dry form segment holds the largest share in the market. It accounted for 36% of the revenues in 2019 and is expected to grow at the fastest rate in the forecast period. The dry form has multiple advantages over the wet and moist forms. These include ease of manufacturing, transport, and storage, high shelf life; and good palatability.
Based on ingredients, the aquafeed market is divided into corn, soybeans, fish meal, fish oil, additives, and others. The grain segment, such as corn and soybean, accounts for the largest share in the market mainly due to the high amino acid content required for aquatic animals and cost-effectiveness.
On the basis of application, the aquafeed market trends are divided into fish, crustaceans, molluscs, and others. The fish segment held the largest revenue share in 2020 and is projected to grow fastest in the forecast period. This is mainly due to the rising number of fish farms to fulfil the growing demand for fish products.
Regional Segmentation
On the basis of regions, the global aquafeed market share is divided into North America, Europe, Asia Pacific, South America, the Middle East, and Africa. The Asia Pacific region accounted for 40% of the revenues in 2019 and is likely to hold the largest share of the aquafeed market size in the forecast period. The main reason is a rapid increase in fish production and aquaculture in the region, especially in India and China.
Industry News
- In January 2020, BioMar opened its new aquafeed manufacturing facility in Wesley Vale, Tasmania. This facility has an annual capacity of 110,000 tonnes.
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