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Global aquafeed market Size, Regional Share, Top Key Players, Latest trends, Growth, Competitive Intelligence 2013 to 2017 and Forecast 2018 to 2024
Global aquafeed market
Aquafeed is a compounded feed prepared by mixing of various raw materials with additives, which are administered to various aquatic species such as crustaceans, fish, and mollusks for aquatic species growth. Aquafeed is commonly used in the aquaculture sector and prepared according to the specific requirements of the age and species of animals. Aquafeed is available as the medicated and non-medicated feed. Medicated feed is used for the nutritional supplement, growth-promoting properties, and immune resistant.
The global fish feed industry market is growing at a significant rate due to increase in the farming of aquatic species. Increase in the seafood consumption around the globe, rise in the awareness regarding quality of seafood, increase in the global population, growing dependence on fisheries, and availability of better arable land for the farming of non-medicated aquafeed such as wheat, soybean, corn, and maize might bolster the aquafeed additives market. In addition, rise in the per capita income in the developing countries, lack of nutritional values in the non-medicated aquafeed, and availability of the products fuel the fish feed industry market. However, high cost for the medicated aquafeed, cost fluctuations for the ingredients used for the production of aquafeed such as fish meal and fish oil, and environmental factors hamper the growth of fish feed market.
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The global aquafeed supplement market is divided into following categories-
1. Product type
• Non-Medicated feed
o Soybean
o Fish meal
o Corn
o Fish oil
o Others
• Medicated feed
o Vitamins
o Amino acids
o Antibiotics
o Anti-oxidants
o Feed enzymes
o Others
2. Species
• Fish
• Molluscs
• Crustaceans
• Others
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And lastly, on the basis of geographical regions, the global aquafeed market is segmented into the following regions- North America, Europe, Asia Pacific, Latin America, and the the Middle East & Africa. Asia Pacific holds the dominant share in global aquafeed additives market owing to increase in the consumption and production of aquatic products in Asia Pacific region majorly in India, China, Bangladesh, Thailand, and Vietnam. Increase in the farming of aquatic products, rise in the awareness regarding healthy seafood products, and high dependence of people on the fishery in rural regions also expected to propel the aquafeed market growth in Asia Pacific region. Europe holds the significant share in aquafeed additives market attributed to increase in the production of aquatic products in Norway, Denmark, Ireland, and U.K. Increase in the per capita income in developing countries, the rise in the consumption of seafood products might bolster the aquafeed supplement market in the Europe region. North America, Latin America, and the Middle East and Africa also play a major role in the aquafeed market due to increase in the production of aquatic products in Chile, Peru, Egypt, and Brazil etc.
Some of the key players in aquafeed supplement market are Ridley Corporation Ltd (Australia), Nutraid (Belgium), Alltech (U.S.), Biomar (Denmark), Avanti Feeds Ltd. (India), Aller Aqua A/S (Denmark), Tongwei Co. Ltd (China), Zhuhai Shihai Feed Co. Ltd (China), Nutreco N. V (Netherlands), Terravia Holdings Inc. (U.S.), Bunge Ltd. (U.S.), and Archer Daniels Midland Company (U.S.) to name a few. Some of the notable market developments include De Heus Nutrition Animal entered into Spanish animal feed market by the acquisition of Acorex in 2017.
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A global fish feed market is in the flourishing stage as several local and international players are engaged in the development of novel aquafeed products which help to increase the production of aquatic products. Acquisitions & mergers, collaborations, joint ventures, and product launch are the key strategies adopted by fish feed market players. For instance, in 2015, Biomar Group signed a MoU with the Tongwei Co. Ltd for the expansion of its business in China and South East Asia.
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