Aquafeed Market growth prospects with challenges, key players - Archer-Daniels-Midland Company, Land O'Lakes, Inc., Nutreco N.V., Cargill, Incorporated, De Heus Animal Nutrition BV, Biomin Holding GmbH, Alltech Inc., Sonac Burgum B.V.

Commercially produced food for aquatic species such as crustaceans, fish, and mollusks is known as aquafeed, which is widely used in aquaculture. Aquaculture is an increasingly important means of food production that encompasses farming of aquatic species. Ingredients from marine and land animals and plants are used as aquafeed ingredients.

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Market Dynamics

Growing aquaculture industry is expected to drive growth of the aquafeed market over the forecast period. For instance, according to Food and Agriculture Organization of the United Nations (FAO), the global aquaculture production reached 106 million tonnes in 2015.

Market Trends

On the basis of species type, fish segment is expected to show a significant growth in the aquafeed market over the forecast period owing to a large consumption of fishes. According to British Columbia Ministry of Agriculture, the fish consumption in Japan was 2,512 thousand tonnes and is continuously growing whereas the consumption of crustaceans was 472 thousand tonnes in 2017.

Market Outlook

North America holds a significant position in the global aquafeed market. This is owing to high presence of major players operating in aquafeed market in the region. The manufacturers are engaged in various business strategies to enhance their aquaculture division, which in turn results in expansion of aquaculture industry, fueling growth of aquafeed market. For instance, in April 2018, Kemin Industries, the nutritional ingredient company in the U.S., launched new aquaculture division, which will help aqua farms, aquafeed companies, and fish meal producers to achieve growth.

Asia Pacific is expected to be the fastest growing region in the global aquafeed market over the forecast period, owing to increasing aquaculture production. According to United States, Food and Agriculture Organization, the aquaculture production in China was 45,468,960 metric tons in 2014. According to Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES), in 2014-15, the gross value of aquaculture production and Australian fisheries was increased by 12% to US$ 1.99 billion.

Key Players

Some of the leading players operating in the global aquafeed market include Archer-Daniels-Midland Company, Land O'Lakes, Inc., Nutreco N.V., Cargill, Incorporated, De Heus Animal Nutrition BV, Biomin Holding GmbH, Alltech Inc., Sonac Burgum B.V., Zeigler Bros., Inc. (ZBI), BENEO GmbH, Koninklijke DSM N.V., and Nutriad International NV.

Aquafeed Market Taxonomy

On the basis of form type, the global aquafeed market is segmented into:

Extruded
Pellet
Liquid
Powder

On the basis of species type, the global aquafeed market is segmented into:

Fishes
Crustaceans
Mollusks

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