Increase in Consumption of Seafood and Growth in the Aquaculture Industry to Drive the Aquafeed Market

The aquafeed market is estimated to account for USD 47.3 billion in 2019 and is projected to reach USD 71.7 billion by 2025, recording a CAGR of 7.2% during the forecast period. The market is primarily driven by the increasing seafood trade, growth in aquaculture production, and rising seafood consumption among consumers due to the increasing need for protein-rich diets.

Aquafeed Market

Report Objectives:

  • 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
  • To analyze strategic approaches such as mergers & acquisitions, investments & divestments, expansions, product launches, agreements, collaborations and partnerships in the aquafeed market

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The fish segment, by species, is projected to witness the highest growth in the aquafeed market during the forecast period, due to the increased consumption of seafood products.

The fish segment is projected to record the highest CAGR during the forecast period. Fish farming and aquaculture in controlled conditions or under artificial settings have become an easier way to increase fish production and its availability for consumption. Fish farming in ponds, lakes, rivers, and coastal waters is increasing to fill the gap between demand and supply. The increase in fish farming activities and aquaculture has led to increased demand for fish feed.

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 2019; 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).

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Key questions addressed by the report:

  • Which region will account for the highest share in the aquafeed market?
  • How would the fluctuations in ingredient prices impact the growth of the aquafeed market globally?
  • What is the level of support offered by governments across these countries to aquafeed manufacturers?
  • Which are the key players in the market and how intense is the competition?