Aquafeed Market Synopsis:
Aquafeed, also known as fish feed, is fed to aquatic species for their commercial breeding. The availability of a wide range of feed catering to different type of demands based on the materials used and nutrient profile is expected to boost the sales in the years to come. The study offered by Market Research Future (MRFR) has asserted that the global aquafeed market is expected to expand at a steady but constant growth rate over the projection period 2021 to 2027.
Increasing consumption of seafood, especially fishes, is expected to revolutionize the growth curve of the aquafeed market over the next couple of years. The rising awareness about the nutrient profile of seafood is a major factor anticipated to continue expediting the pace of expansion of the aquafeed market in the nearby future.
The growing demand for omega 3 fatty acid across the food beverage industry is also expected to have a positive influence on the growth rate of the aquafeed market over the next few years. In addition, the global economic development and rising disposable income are likely to act as a growth catalyst for the market players.
Competitive Dashboard:
The aquafeed key market players are Cargill Inc. (U.S.), BioMar Group (Denmark), BASF (Germany), Waterbase Ltd (India), Evonik Industries (Germany), Alltech Inc. (U.S.), Ridley Corporation (Australia), Coppen International BV (Netherlands), Zeigler bros. Inc. (U.S.), and Marvesa (Netherland).
Market Segmentation:
Based on species, the global aquafeed market overview has been segmented into molluscs, carps, shrimp, catfish, trout, crustaceans, and others. The shrimps segment is poised to hold the major share of the market in the years to come.
On the basis of ingredients, the aquafeed market has been segmented into corn, pulses, wheat, oilseeds, and others. Among these, the wheat segment is projected to dominate the growth rate of the market over the next couple of years.
On the basis of additive type, the global aquafeed market has been segmented into amino acids, antioxidants, antibiotics, vitamins, feed enzymes, and others. The vitamins segment is poised to hold the lion’s share of the market and grow at a rapid pace in the foreseeable future.
On the basis of life cycle, the aquafeed market has been segmented into fry, smolts, alevins, and adults. Among these, the smolts segment is anticipated to dictate the growth trajectory of the market and register the highest CAGR across the review period.
Regional Analysis:
For a detailed geographical evaluation, the global aquafeed market size has been segmented into four regions - North America, Europe, Asia Pacific, and the Rest of the World (RoW). Asia Pacific is the most prominent regional segment of the global market. It is expected to dominate the growth of the market while exhibiting a comparatively higher CAGR over the projection period. The growth of the region is expected to be led by China. It is the most significant country-level market in the region. The increasing population witnessed in the region has led to an exponential increase in demand for food. This, in turn, is likely to reflect on the expansion of the aquafeed market over the next couple of years.
North America is an important growth pocket of the global aquafeed market. Increasing consumption of seafood is expected to boost the revenue growth of the market in the region in the years to come. The key players based out of the region are also anticipated to support the expansion of the aquafeed market over the next couple of years. Europe is poised to exhibit similar growth trends in the near future. The growing consumption levels of seafood in the region are expected to catalyse market expansion across the projection period.
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