Aquafeed Market – Global Growth, Trends, and Forecast-2023
Aquafeed Market Overview
The Aquafeed is a mix of raw materials, additives, and other supplements, sourced from both natural or synthetic sources and are fed to the aquaculture. Aquafeed additives hold amino acids, vitamins, minerals, enzymes, probiotics, antibiotics, flavors, and colorants are the most basic additives combined to form fish feed. Fish production in the world is essentially from both Aquaculture and Capture. Including fish species like Tilapia, Catfish, Carp, and Salmon etc. The dwindling natural sources and other reasons have reduced the dependence on Captured Fisheries. The huge part of fish production is utilized for human consumption directly and a small portion is used for feed purposes. The end consumers of Aquafeed are fish, mollusks, crustaceans etc. Tilapia is the commonly farmed fish, raised in 135 countries whereas Shrimp is the largest aquaculture commodity.
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The growth of the Global Aquafeed Market is majorly driven by factors such as the maturity in global fish consumption, increase in mass production of fish, increasing consumer awareness regarding the protein content in the fish food, and limited availability of marine feed resources. The globally growing population is also supporting the growth of the fish market, ultimately boosting the demand for Aquafeed. Though, environmental regulations on wild, marine and inland fisheries have made it tough to procure major raw materials like fish meal, fish oil for feeds. Regulatory structure of the animal feeds industry which restricts the use of specific materials such as antibiotics, and increasing costs of raw materials are the main factors hindering the growth of the market.
Aquafeed Market Report (2018-2023)
The Global Aquafeed Market Size was worth $120.68 Billion in 2018 and anticipated to be growing at a CAGR of 10.60%, to reach $199.72 Billion by 2023.
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Aquafeed Market Segmentation
The Global Aquafeed Market is divided based on End-Use and Additives. On the basis of End Use, the Global Aquafeed Market is segmented into Fish, Mollusca, and Crustaceans. Fish is additionally sub-segmented into Carp, Salmon, Tilapia, Catfish, and others. Mollusca is further segmented into Shrimp, Crab, and others. Crustaceans are further sub-segmented into Mussel, Oyster, and others. Carp fish type has been seen to have the highest market share in Aquafeed market. This is because of their abundant availability and popularity as usual carp fish types are tolerant to most water conditions. On the basis of Additives, the Global Aquafeed Market is classified into Vitamins, Minerals, Antioxidants, Amino Acids, Enzymes, Acidifiers, Binders. Amino acids are a necessary component of aquafeed with a market share of almost 21% in the total of the aquafeed market in 2018.
Geographically the market is segmented into North America, Europe, Asia-Pacific and the Rest of the World. North America accounted for the highest share in the Global Aquafeed Market, accounting for around 32% of the global market. Asia-Pacific aquaculture industry is highest in the world comprising more than one-third of the global market.
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Major Players
Some of the major companies operating in the current Market are
- Cargill, Inc.,
- Nutreco N.V.,
- Alltech Inc.,
- AllerAqua A/S,
- Beneo GmbH,
- Biomar A/S,
- Charoen Pokphand Foods Public Company Limited,
- Coppens International B.V.
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