Global Aquafeed Market Size To Grow At 5.4% CAGR From 2023 to 2030.

Global Auqafeed Market Analysis (2023-2030)

As per our research report, the global aquafeed market size is estimated to be growing at a CAGR of 5.4% from 2023 to 2030.

Aquafeed is the diet and food which are given to aquatic animals. This market has seen some significant improvements up until now owing to extensive research activities, technological developments, creative nutrient formulations, and rising investments. Shortly, with growing concerns regarding our environment and global expansion, this market is set to see rapid and notable growth.

One of the significant drivers of this market is the growing popularity of seafood. People have realized the numerous benefits that seafood offers helping an individual to protect his overall health. Additionally, there has been a lot of economic development over the years. This has increased the number of restaurants, hotels, and other fast-food chains. Due to this, there are a lot of varieties and delightful foods which are appealing to consumers. By breeding and producing more aquatic animals, the market's growth is stimulated by supplying the feed required to maintain the animals.

Another major factor is the rise in awareness regarding our environment. Ensuring a balanced and stable aquafeed helps in reducing certain hazards. For instance, by consumption of aquafeed, animals release various chemicals which in turn help the water by maintaining the necessary conditions for aquatic life's survival. Additionally, they help in the development of aquatic plants as well.

The COVID-19 pandemic had a profound impact on the market. To prevent the spreading of the virus, rules and regulations were implemented globally. This led to the closure of restaurants and hotels causing a decline in the consumption rate. Moreover, the growing health concerns about changing lifestyles and eating healthy food further incurred losses. However, the market showed progress after the relaxation of all these guidelines and the opening of the food industry. Furthermore, digital transformation helped the market to grow.

However, the market is subjected to a few hurdles. One of them is the costs associated with the various ingredients required for the feed creation. Secondly, limited knowledge about feed formulation and dosage can hamper the development. Thirdly, the consumption of vegan foods to avoid and prevent the cruelties of the animal industry can generate a loss. Along with this, a shift towards eating habits to have good health and food less in fat as well as sugar can hold back the market from expanding.

The aquafeed market has room for a lot of opportunities. The increasing involvement of Governmental agencies has helped the market with money and technology. Secondly, the rising focus on sustainability and creating organic formulations to improve the health of aquatic animals has helped the market. Thirdly, R&D activities are being given prominence to find solutions and implement the same for betterment.

KEY MARKET INSIGHTS: 

• Based on species, the fish segment is the largest and fastest-growing segment in this market. There are a lot of varieties available in the fish category. Carps are the most dominating and tilapias are the fastest growing fish variety. This is mainly due to their health benefits. This helps the immune system and the overall health of an individual. Therefore, the demand for aquafeed for these animals increases.
• Based on form, the dry segment is the largest and fastest growing in this market. They have a lot of advantages like longevity, accurate nutrient delivery, disease prevention, customization, and cost-effectiveness. Additionally, they can be stored and transported easily.
• Based on feed, the grower segment is the largest growing in this market. This is because they provide optimized nutrition, balanced growth, feed efficiency, flexible formulations, and enhanced performance. However, starter feed is the fastest-growing category. They are very crucial during the starting stages to ensure rapid growth, development, delivery of essential nutrients, and uniform growth making them a popular segment.
• Based on ingredients, soybean is the largest growing in this market owing to nutritional value, protein content, and cost-effectiveness. Additives are the fastest-growing segment. They help to improve weight, psychological functions, and the overall immunity of aquatic creatures.
• Based on additives, amino acids are the largest growing in the market. They are essential building blocks helping with metabolism, feed efficiency, protein quality, and specific species formulations. However, acidifiers are considered to be the fastest growing segment because of their advantages like aiding digestion, protection against bacteria like E. coli and Salmonella, and delivery of other vital components.
• Based on region, Asia Pacific will be the largest shareholder region in 2022. This is owing to factors like significant aquaculture production, diverse aquatic species, economic developments, a larger consumer base, and Governmental support. Europe is one of the fastest-growing regions due to rising demand, improvements in aquaculture, and a focus on sustainability.
• Companies playing a leading role in the global aquafeed market profiled in this report are Cargill, Alltech, Ridley Corporation Limited, BioMar Group, Archer Daniels Midland, Skretting, Avanti Feeds Limited, Charoen Pokphand Group, Purina Animal Nutrition, and Norel Animal Nutrition.

MARKET SEGMENTATION:

By Species:

• Fish

  • Carps
  • Tilapias
  • Catfish
  • Salmon
  • Others
• Crustaceans
• Mollusks
• Others

By Form:

• Dry
• Wet

By Feed:

• Starter Feed
• Grower Feed
• Finisher Feed
• Brooder Feed

By Ingredient:

• Soybean
• Fish Oil
• Fish Meal
• Corn
• Additives
• Others

By Additives:

• Vitamins
• Antioxidants
• Amino Acids
• Enzymes
• Acidifiers
• Binders

By Region:

• North America
• Asia-Pacific
• Europe
• South America
• Middle East & Africa

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