Key Factors Driving the Aquafeed Market
The aquafeed market is estimated to account for USD 50.6 billion in 2020 and is projected to reach USD 71.6 billion by 2025, recording a CAGR of 7.2%
The aquafeed market is estimated to be valued at USD 50.6 billion in 2020 and is projected to reach USD 71.6 billion by 2025, recording a CAGR of 7.2% during the forecast period. The growth of the aquafeed market is driven by factors such as the growth in the aquaculture industry and growing seafood trade, which demands aquafeed.
The amino acids segment, by additive, is projected to dominate the aquafeed market during the forecast period.
Amino acids are important in animal nutrition and are the building blocks of protein, which play an essential role in the growth, production, and overall maintenance of aquatic animal health. Amino acids provide the energy required for the growth of muscles and bones for muscle movement, digestion, and blood circulation. Owing to these factors, the amino acids segment dominates the aquafeed market, by additive.
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Drivers and Restraints:
The several factors analyzed in the report positively influence as well as negatively affect each of the sub-segments of the market. The thriving aquaculture industry has gradually paved the way for the increased organized production of seafood products, which is, in turn, boosting the aquaculture industry. The key drivers and restraints to the aquafeed market are enlisted below:
Key Drivers to Aquafeed Market include:
- Growth in the aquaculture industry
- Rise in seafood trade propelling the demand
Key restraint to the Aquafeed Market include:
Fluctuations in raw material prices
Fluctuations in feed prices have impacted the farming of different fish species in several countries. The main consequence of the rising prices of ingredients is the shortage in the local supply of fish and unsecured future food supply. Small companies and rural farmers, in particular, are susceptible to these global changes.
Major ingredients segments impacting the aquafeed market are:
- Fish Meal
- Fish Oil
These key ingredients are traditionally used in recipes for commercial and on-farm aquaculture feeds and internationally traded commodities. The quality and cost-effectiveness of commercial feed are a primary concern for farmers and feed manufacturers. To produce quality feed, an understanding of the variations in ingredient cost, quality, and availability is critical.
Major additives segments impacting the aquafeed market are:
- Vitamins & minerals
- Amino acids
- Probiotics & prebiotics
Feed additives are supplements that are intended to prevent and treat animal diseases. Aquaculture disease outbreaks, such as early mortality syndrome, have resulted in increased concerns over shrimp and fish health, and are driving the growth of aquafeed for the better health and disease protection of aquaculture.
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Top market players for the aquafeed market include:
- Cargill (US)
- Archer Daniels Midland Company (US)
- Alltech (US)
- Purina Animal Nutrition (US)
- Nutreco N.V. (Netherlands)
- Ridley Corporation Ltd. (Australia).
- Nutriad (Belgium)
- Aller Aqua A/S (Denmark)
- Biomin (Austria)