COVID-19 Impact: Global Aquafeed Market Expected to Exceed $81,039.6 Million by 2027

The increasing consumption of sea food and growing demand for effective aquafeed products and techniques are driving the global aquafeed market growth. The Asia-Pacific region is likely to dominate the market growth.

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Research Dive has added a new report on the global aquafeed market to its offerings. The report divulges that the aquafeed market is projected to hit $81,039.6 million by 2027, rising at a CAGR of 8.3% from 2020 to 2027.

This report sheds light on the present panorama and future scope of the market. The report is formulated by experts by evaluating all the significant factors impacting the growth of the market. The report contains:

• An outline of the market with its definition, advantages, and application areas.
• Comprehensive insights on the market condition, dynamics, statistics, growth rate, revenues, market shares, and future forecasts.
• Key market segments, drivers, limitations, and investment opportunities.
• Present state of the global and regional market from the viewpoint of companies, countries, and end industries.
• Insights on leading market players, current market trends & advances, Porter Five Analysis, SWOT Analysis, and proven business strategies.

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Factors Impacting the Market Growth:

As per the report, growing consumption of sea food and increasing demand for better-quality aquafeed products and techniques to boost the production of aquatic animals are the factors propelling the growth of the global aquafeed market. Furthermore, the increasing per capita income has led to increased consumption of aquatic food, which is considerably contributing to the growth of the market. However, lack of availability and the fluctuating prices of the raw materials needed to produce aquafeed are expected to restrain the aquafeed industry growth.

Segment Analysis:

The report segments the aquafeed market into end-use, additives, and region.

Based on end-use, the report classifies the market as follows:

• Mollusks
• Crustaceans
• Fish

Among these, the fish segment is expected to grab a major market share during the estimated period. This is mainly due to growing practices of fish farming in coastal waters, rivers, lakes, and ponds for balancing the supply and demand ratio of aquatic products.

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Based on additives, the report classifies the market into the following sub-segments:

• Binders
• Minerals
• Antioxidants
• Vitamins
• Enzymes
• Acidifiers
• Amino Acids

Among these, the amino acids segment is projected to witness highest growth in the aquafeed market in the forecast period. This is mostly because amino acids are one of the vital sources of proteins that play a major role in the production, growth, and overall maintenance of aquatic animals.

Regional Analysis:

The report reveals the position of the global aquafeed market across different regions including the following:

• Europe
• North America
• LAMEA
• Asia Pacific

Among these, the Asia Pacific region is anticipated to dominate the market growth during the forecast period. This is mainly owing to the higher consumption of sea food in the region. Moreover, rising aquaculture farms in the Asian countries including Japan, South Korea, China, and other South-East Asiatic nations is also boosting the growth of the Asia Pacific aquafeed market.

Market Players and Business Strategies:

The report offers a list of global key players in the aquafeed market as mentioned below:

• BioMar Group
• ERBER AG
• Alltech
• Cargill, Incorporated
• Nutreco N.V.
• BENEO
• Charoen Pokphand Foods PCL.
• Avanti Feeds Ltd.
• Aller Aqua Group
• ADM

These players and some other market players are contributing to the growth of the market by taking initiatives such as mergers and acquisitions, ground-breaking advances, geographical expansions, new product inventions, and many more.

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This release was published on openPR.