Aquafeed Market to Witness High Growth Owing to Rising Fish and Seafood Consumption

 

Aquafeed refers to feed given to farmed fish and crustaceans. It contains protein-rich ingredients like fishmeal, soy meal, wheat, corn and vegetable oils. Aquafeed provides balanced nutrition and maximizes growth of farmed seafood. The global aquaculture industry has been growing steadily owing to rising demand for fish and other seafood products. As aquaculture becomes more intensive to meet this demand, there is increased reliance on commercial aquafeed.

The Global Aquafeed Market is estimated to be valued at US$ 71.2 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Aquafeed Market are Oracle Corporation, Microsoft Corporation, Google LLC, IBM Corporation, Salesforce.com Inc. These players are investing heavily in R&D to develop innovative and sustainable aquafeed products. The market offers opportunities for players offering organic and plant-based aquafeed as consumer preference shifts towards sustainable seafood. North America and Europe currently dominate the aquafeed market. However, Asia Pacific is anticipated to witness highest growth owing to rising aquaculture in China, India, Vietnam and other developing nations. Key global players are expanding their presence in emerging markets through partnerships and acquisitions.

Market drivers:

The primary driver for the aquafeed market is rapid growth of the global aquaculture industry. Farmed fish and seafood production has been rising consistently to meet growing consumer demand. This drives increased consumption of commercial aquafeed. Rising incomes and growing middle class in developing nations fuels demand for fish and seafood, positively impacting the aquafeed market.

Market restraints:

Volatility in prices of key aquafeed ingredients like fishmeal and soy can hamper market growth. Overfishing has led to shortage of fishmeal in recent years, impacting aquafeed production. Strict environmental regulations pertaining to pollutants from intensive aquaculture limit the market scope. Additionally, high R&D costs asociated with developing organic and sustainable aquafeed formulations act as a restraint.

Segment Analysis

The aquafeed market has three major segments - fish feed, crustacean feed, and mollusk feed. The fish feed segment dominates the market due to the rising fish production and demand worldwide. Within the fish feed segment, the salmon feed sub-segment holds the highest share as salmon is one of the most popular types of farmed fish globally and requires specialized diet ingredients to cater to its high nutrient requirements. The shrimp and prawn feed sub-segment is also significant given the importance of shrimp farming industry.

Global Analysis

Regionally, Asia Pacific holds the largest share in the aquafeed market and is expected to remain dominant during the forecast period. Countries like China, India, Vietnam, Indonesia, Thailand, and Bangladesh are major producers of aquaculture products in Asia, thereby driving the growth of aquafeed market. Europe and North America are also sizable markets, though their growth is likely to be slower than Asia Pacific. Some of the key factors contributing to market growth in Asia Pacific include increasing aquaculture production, rising disposable incomes, growing consumption of fish and other seafood.

Get More Insights On This Topic: https://www.ukwebwire.com/aquafeed-market-size-share-analysis-2023-2030/


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