COVID19:AQUAFEED MARKET TO REACH USD 79.4 BILLION BY 2027 | CAGR 6.7% — FORENCIS RESEARCH
Global Aquafeed Market: Key Highlights
- According to the new market research report “Aquafeed Market by Additives (Minerals, Vitamins, Antioxidants, Enzymes, Amino Acid, Acidifiers, Others), by Ingredients (Soybean, Corn, Fish Meal, Fish Oil, Others), by Form (Dry, Wet, Moist), by Lifecycle (Grower Feed, Finisher Feed, Starter Feed, Brooder Feed), by Application (Fish, Mollusks, Crustaceans, Others)by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) — Global Forecast (2020 to 2027)”, the global aquafeed market is estimated to reach USD 79.4 Billion by 2027 at a CAGR of around 6.7% during the review period.
- Aquafeed is prepared for aquatic animals by mixing additives and raw materials are called as aquafeed
- Aquafeeds are gaining importance in aquaculture due to its immune resistant, nutritional and growth promoting properties
- High quality aquafeed is exponentially more beneficial to fish, mollusks, crustaceans & other aquatic animals than farm-made feed due to their balanced and need specific composition
Global Aquafeed Market: Key Market Dynamics
- Growing need of aquafeed in aquaculture industry, due to increased sea food consumption, opening commercially viable business opportunities, and growing exports has anticipated to drive the growth of the product market
- Increasing direct human consumption (DHC) of fish and fish products has expected to boost growth of aquafeed market during the forecasted period
- Increasing government regulation due to environmental impact may hinder the growth of aquafeed market
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Global Aquafeed Market: Regional Overview
- Asia Pacific
Asia Pacific is expected to dominate aquafeed market during the forecasted period owing to the increasing aquaculture production and growing seafood consumption. Moreover, ease availability of natural resources, induces conditions for aquaculture, and cheap labor are some of other factors boosting the market growth. China, India, Indonesia, Viet Nam, Bangladesh, Egypt, Norway and Chile are among major aquaculture production countries in the region.
Europe is anticipated to have sustainable growth during the forecasted period owing to increased demand for processed food & fast food, rising disposable income, and changing consumer preference towards seafood. Countries such as Denmark, Norway, U.K, Spain, and France are major producers of fish in the region. According to eurofish.dk, in 2017 Norway production of salmon and trout was nearly 12,84,682 tones, of which 12,19,235 tones were salmon and 65 447 tones were trout.
Global Aquafeed Market: Key Players Overview
- ADM Animal Nutrition:
ADM Animal Nutrition is a US based company engaged in manufacturing and marketing wide range of products for the animal nutrition. The Company operates through three business segment including, specialty ingredients, premixes & blending, and feed business segments. Aquafeed products are offered by ADM through specialty ingredients business segment. ADM Animal Nutrition has its manufacturing facilities located in Canada, U.S., Mexico, Puerto Rio, and China and has distribution network in North America, Latin America, Asia Pacific, and Europe. In March 2017, ADM Animal Nutrition, announced expansion of new feed premix facility in Xiangtan, China. This expansion will help to increase the capacity of feed production by 120,000 metric tons annually.
- Cargill, Incorporated:
Cargill, Incorporated is a U.S. based company engaged in innovating and manufacturing products for food, agriculture, and nutrition. The company operates through food ingredients & bio-industrial, animal nutrition, protein & salt, agriculture supply chain, metal & shipping business segments. Aquafeed products are manufactured and distributed under animal nutrition business segment and are marketed through Cargil, Purina and EWOS brands.. In May 2017, Cargil, Incorporated introduced it’s new aquaculture feed line in Vietnam with production capacity of 3,000 MT per month with an aim to improve its customer access in the region.
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