Aquafeed Market Expected to Reach a Valuation of US$70.09 bn by 2022
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Many players are expected to focus on improving aquafeed product manufacturing techniques, thus making an assortment of aquafeed products available to consumers. Making unique commodities is a key area where a high emphasis will be put by most of the players in the global aquafeed market.
Cermaq Group AS, Koninklijke DSM N.V., BENEO GmbH, Dibaq Diproteg SA, Ridley Corp. Ltd., Nutreco N.V., Aller Aqua Group A/S, Cargill Inc., and Archer Daniels Midland Co., are key players operating in the global aquafeed market. Owing to innovative production methods introduced, several players are aiming towards increasing product yield and production capacity, as well as regulating product costs.
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According to experts from Transparency Market Research, the global aquafeed market is expected to fetch revenue worth US$70.09 bn by the end of 2022, which is a decent increase in its earlier revenue of US$51.12 bn registered in 2017. This growth is projected to occur at an impressive CAGR of 6.50% measured during the forecast period from 2017 to 2022.
Increasing Demand for Keeping Fishes as Pets Boosts Demand for Aquafeed
Growth in the global aquafeed market is largely boosted due to rising awareness about the protein-based health benefits of consuming seafood products. With high-protein rich diets that involve eating aquafeed varieties being followed all over the globe, the global aquafeed market is progressing rapidly to showcase a positive growth curve in the near future.
Several health conscious people need a high intake of proteins in their diets. As aquafeed items provide such nutrients, several health freaks regularly consume these foods, thus causing a rise in their demand. Moreover, people are increasingly keeping fishes in aquariums as pets, thus contributing towards a rise in the need for appropriate aquafeed. This feed needs to be provided to the fishes on a regular basis.
Rapid urbanization and a surge in disposable income with improving lifestyles have led towards people trying out different options for gaining proteins as key nutrients, thus leading to an increase in demand for aquafeed products. Such factors are prophesized to continue propelling the global aquafeed market’s growth in the upcoming years. Growing popularity of aquaculture production in prime economies such as China and India also is a prime factor propelling the market’s growth.
Expensive Production Techniques Stunts Progress in Aquafeed Market
However, strict regulations regarding use of fishes and other sea creatures for aesthetic purposes, as well as for consumption purposes, is greatly hampering the global aquafeed market’s growth. Moreover, processing aquafeed could be expensive, further translating into expensive products for consumers. Nevertheless, many businesses are soon expected to introduce cost-effective aquaculture solutions, thereby attempting to reduce the effects of restraints acting on the market.
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