The report “Aquafeed Market by Species (Fish, Crustaceans, and Mollusks), Ingredient (Soybean, Corn, Fishmeal, Fish Oil, and Additives), Lifecycle (Starter Feed, Grower Feed, Finisher Feed, and Brooder Feed), Form, Additive, and Region – Global Forecast to 2025″, The aquafeed market is projected to reach USD 71.6 billion by 2025; it was estimated at USD 50.6 billion in 2020, recording a CAGR of 7.2% from 2020-2025. One of the major factors driving the aquafeed market is increasing seafood consumption. Also, increasing seafood trade has been driving the growth of this market.
- To describe and forecast the aquafeed market, in terms of ingredient, species, form, additive, lifecycle, and region
- To describe and forecast the aquafeed market, in terms of value, by region–Asia Pacific, Europe, North America, South America, and the Rest of the World—along with their respective countries
- To provide detailed information regarding the major factors influencing market growth (drivers, restraints, opportunities, and challenges)
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
- To study the complete value chain of aquafeed
- To analyze opportunities in the market for stakeholders by identifying the high-growth segments of the aquafeed market
- To strategically profile the key players and comprehensively analyze their market positions, in terms of ranking and core competencies, along with detailing the competitive landscape for market leaders
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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.
Asia Pacific is projected to account for the largest share in the aquafeed market during the forecast period.
The Asia Pacific market accounted for the largest share in 2020; this market is majorly driven by China and Vietnam, which are major markets for aquafeed. China is among the leading producers of aquafeed in the Asia Pacific region. Due to the significant growth of seafood consumption and trade in this region, the aquafeed market is projected to grow in the region. The processed seafood market in the region is also currently undergoing significant transformation in response to the rapid urbanization and diet diversification. Also, consumer demand for convenience and processed seafood offers profitable growth prospects and diversification to the region’s food sector.
The major vendors in the global aquafeed market are Cargill (US), Archer Daniels Midland Company (US), Alltech (US), Purina Animal Nutrition (US), Nutreco N.V. (Netherlands), and Ridley Corporation Ltd. (Australia).
- In January 2019, ADM acquired Neovia (formerly known as InVivo NSA) (France) for USD 1.82 billion (Euro 1.54 billion). This acquisition would provide a strong platform for ADM’s future growth.
- In November 2018, Cargill invested USD 70 million in Thailand to provide innovative technology to the aquaculture and poultry industries located in Thailand.
- In June 2017, Nutreco completed the acquisition of Hi-Pro Feeds LP (Canada). The acquired entity would trade under its global brand, Trouw Nutrition.