Aquafeed Market Size to Reach USD 84.76 Billion by 2027 at 4.8% CAGR - Report by Market Research Future (MRFR)
Market Research Future
5 min read
Aquafeed Market Insights and Industry Analysis by Ingredients (Oilseeds, Wheat, Pulses, Corn, Others), Additive Type, by Aquatic Species (Carps, Catfish, Molluscs, Shrimps, Trouts, Crustaceans, Others), Life Cycle, and Region, Competitive Market Size, Share, Trends, and Forecast to 2027
New York, US, July 13, 2021 (GLOBE NEWSWIRE) -- Aquafeed Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Aquafeed Market Information by Ingredients, Aquatic Species, Life Cycle, and Region - Forecast till 2027”, the market is projected to garner USD 84.76 Billion by 2027 witnessing a CAGR of 4.8%.
Market Scope:
Aquafeed also contains various ingredients such as corn, wheat, pulses, and oilseeds. Aquafeed is mainly known as fish feed and is produced to feed many aquatic species. It makes available a comprehensive diet for fishes and other aquatic groups and provides the essential nutrients to them. The purpose of aquafeed is to make an environmentally justifiable and cost-effective new feed option that can maximize fish development while restraining the potential for water pollution throughout the fish-farming method. Diverse feed additives are applied to increase the functionality of the aquafeed. It can also be modified to the unique requirements of the aquatic animals based on their life cycle. Recently, research carried out by a team of investigators from UC Santa Cruz's ecological aquaculture lab earned a three-year, USD1 million grant from the Agriculture and Food Research Initiative at the USDA National Institute of Food and Agriculture. This backing will encourage collaborative research to test, develop, and assess new low-polluting fish feed formulations for farm-raised rainbow trout.
Market Drivers:
The aquafeed market is estimated to be driven by the Increasing eating of fish, trailed by the enormous growth of the processed seafood business, which will play a central role in driving the aquafeed market's growth. The growing middle-income populace and development in their per capita disposable revenue are manipulating their interest regarding preference for high nutritional foods, which is accountable for the collective surge in demand for seafood. As fishes are well known to contain high nutritional value and are rich in protein content, the demand for the products is estimated to rise. Furthermore, they are established in the diets of certain regions, which drives the growth of the aquafeed market.
The Important Companies in the Aquafeed Market are.
BASF (Germany)
Alltech Inc. (U.S.)
Cargill Inc. (U.S.)
Coppen International BV (Netherlands)
Ridley Corporation (Australia)
Zeigler bros. Inc. (U.S.)
Marvesa (Netherland)
Evonik Industries (Germany)
BioMar Group (Denmark)
Waterbase Ltd (India)
RIDLEY Corporation Limited is proceeding with the planned sale of its pellet factory in Tasmania to Skretting Australia for $54.85 million. Skretting, a Norway-based global aquafeed company, will run a second Australian aquafeed plant to enhance production from its Cambridge facility. Ridley revealed the deal of the Westbury mill will permit the company to rearrange its manufacturing cost base to improved service to the aquafeed market.
Market Restraints
The variability in pricing policies is estimated to create a turbulent backdrop for development in the coming period. The instability in demand for the ingredients needed is likely to further hinder the aquafeed market.
COVID 19 Analysis
The lockdown procedures engaged in several regions to limit the coverage of COVID-19 are estimated to disrupt the transportation of aquaculture inputs and productivities since then. The impact of the pandemic initially at the beginning of the season when aquaculture operations were in progress prevented the aquaculture industries from exporting their fish, discharging their ponds, and organizing for the fresh cycle. The delays in movement in the subsequent months further deepened the issues plaguing the aquafeed market due to the global pandemic since the market last year.
The species segment of the market has the shrimp segment accounting for the key market share throughout the forecast period.
The ingredients segment has the wheat segment dominating the global aquafeed market. It is anticipated to hold its domination throughout the forecast period.
The additive type reveals the vitamins segment projected to lead the aquafeed market with the uppermost CAGR in the forecast period.
The life cycle segment has the smolt segment anticipated to be controlling the market. It is anticipated to be the fastest increasing segment.
The Asia-Pacific regional market for aquafeed directs the global market. In the Asia-Pacific region, China is leading the aquafeed market and is the key exporter of aquafeed. Though, it is witnessed that India is the quickest growing region for aquafeed in the Asia-Pacific regional market. The North American and the European regional aquafeed market are also viewing tremendous evolution in the aquafeed market on the growing use of seafood among the inhabitants. Furthermore, the vital players mainly concentrate on developments in the aquafeed market, which is driving the growth of the aquafeed market in this region. The development in the local demand for fish and other fish-based products is estimated to spur the global aquafeed market in the coming period.
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