Aquafeed Global Market Report 2022 provides the strategists, marketers and senior management with the critical information they need to assess the global aquafeed market.
This report focuses on aquafeed market which is experiencing strong growth. The report gives a guide to the aquafeed market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.
Major players in the aquafeed market are Cargill Incorporated, Archer Daniels Midland Company, Alltech Inc, Purina Animal Nutrition, Ridley Corp Ltd, Nutreco N.V, Aller Aqua A/S, Biomar A/S, Beneo GmbH, Biomin GmbH, Coppens International B.V, Nutriad, De Heus, Biostadt India Limited, Dibaq Aquaculture, Evonik Industries, SONAC, Marubeni Nisshin Feed Co., Ltd, Japfa Comfeed, Cpf Plc, Growel Feeds, and Sonac.
The global aquafeed market is expected to grow from $75.55 billion in 2021 to $82.2 billion in 2022 at a compound annual growth rate (CAGR) of 8.8%. The market is expected to grow to $110.09 billion in 2026 at a compound annual growth rate (CAGR) of 7.6%.
The aquafeed market consists of sales of aquafeed by entities (organizations, sole traders, and partnerships) that refer to the feed for aquatic organisms as part of aquaculture. Aquatic feed is a complex mixture of ingredients designed to fulfill the nutritional requirements. The growth, health and reproduction of fish and other aquatic animals are primarily dependent upon an adequate supply of nutrient, both in terms of quantity and quality, irrespective of the culture system in which they are grown.
The main types of aquafeed includes vitamins, antioxidants, amino acids, enzymes, acidifiers, and binders in dry, wet and moist form. These products are distributed through direct sales, indirect sales, hypermarket/supermarket, wholesalers, online, others.
Asia Pacific was the largest region in the aquafeeds market in 2021. North America is expected to have the highest CAGR in aquafeeds market. The regions covered in the aquafeeds market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Increasing seafood consumption is expected to propel the growth of the aquafeed market. Aquaculture production plays an increasing role in satisfying the demand for human consumption of fishery products. According to the study published by Organisation for Economic Co-operation Development (OECD) and the Food and Agriculture Organization (FAO), human consumption of fish is expected to increase by 180 Mt by 2029. The increase in demand for seafood or fishery products is expected to boost demand for high-quality aquafeed to maintain the quality of the products to the customers. Therefore, increasing seafood consumption is driving the growth of the aquafeed market.
Technological advancement is a key trend gaining popularity in the aquafeed market. The companies operating in the aquafeed market are focusing on developing innovative products with better nutrition and improved feed conversion. For instance, in February 2019, Aller Aqua, a Denmark-based manufacturer of aquafeed, developed new feed technology PowerRAS to meet the requirement RAS feed in terms of feed efficiency, fish growth and water quality.
In March 2021, BioMar, a Denmark-based producer of fish feed products has acquired the majority of shares in Viet-Uc for an undisclosed amount. Through this acquisition, BioMar is expected to grow the market for high-end feed products focusing on sustainability, traceability, quality, and performance. Also, BioMar is expected to expand its aquafeed business in Vietnam which is the world’s one of the leading shrimp-producing countries with a production of close to 500,000 tons of shrimp. Viet-Uc is a Vietnam-based aquafeed company that specializes in the hatchery, nurturing, and incubating shrimp through several phases.
The countries covered in the Aquafeed market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
