Aquafeed Market Development, Trends, Demand and Forecast Till 2024
The latest report by IMARC Group, titled “Global Aquafeed Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, estimates that the global aquafeed market reached a volume of more than 49.3 Million Tons in 2018. Aquafeed refers to commercially manufactured feed for aquatic animals. It is usually made up of various raw materials and additives including plants, marine animals, terrestrial-based live feeds, grain products, vegetable protein and fish oil. The feed provides a balanced diet which is essential for rearing healthy fishes. It is rich in nutrients like protein, vitamins, minerals, carbohydrates, and lipids and fats which aid in promoting efficient growth and encourage reproduction among aquatic animals.
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Aquafeed Market Trends:
Improved aquaculture activities along with the increasing demand for seafood owing to the growing awareness about its nutritional benefits is one of the key factors driving the market growth. Consumers are now more inclined toward incorporating seafood such as tuna and crab in their daily diet. Moreover, the demand for high-quality seafood products has positively influenced the supply of improved aquafeed across the globe. Also, the availability of ready-to-eat products caters to the diversified taste and preferences of the consumers. Furthermore, manufacturers are constantly utilizing natural resources and sustainable raw materials to produce aquafeed that is beneficial for both the human and environment health. For instance, the new algae- and plant-based raw materials are continually replacing fish oil, whereas soybean meal is substituting fish meal protein in aquafeed. Owing to the aforementioned factors, the market is expected to reach a volume of 90.4 Million Tons by 2024, growing at a CAGR of 10.5% during 2019-2024.
Aquafeed Market Summary:
On the basis of the species, carps represent the biggest market segment. Other major types include marine shrimps, tilapias, catfishes, marine fishes, salmon, freshwater crustaceans, trout and others.
Based on the ingredient, the market has been divided into soybean, corn, fish meal, fish oil additives and others. Amongst these, soybean accounts for the majority of the overall market share.
On the basis of the additive, vitamins and minerals exhibit a clear dominance in the market. Other major segments include antioxidants, feed enzymes and others.
Based on the product form, the market has been categorized into pellets, extruded products, powdered products and liquid products. At present, pellets account for the dominant market share.
On the geographical front, Asia Pacific holds the leading position in the market. Other key regions include Europe, Latin America, Middle East and Africa, and North America.
The competitive landscape of the market has also been examined with the detailed profiles of the key players operating in the market.
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