Aquafeed Market Growth Opportunities and Recent DevelopmentsThe aquafeed market is estimated to account for USD 50.6 billion in 2020 and is projected to reach USD 71.6 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.
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On the basis of ingredient, the soybean segment is estimated to account for a major share, in terms of value, in 2019.
Soybean is among the non-fish sources of omega-3 fatty acids, proteins, and unsaturated fats. Soy protein is fed to farm-reared fish and shellfish to enhance their overall growth and development. Some of the commonly used soybean products in aquafeed include heat-processed full-fat soybean, mechanically extracted soybean cake, solvent-extracted soybean meal, and dehulled solvent-extracted soybean meal. Since soybean meal is priced significantly lesser than fishmeal, the consumption of soybean meal is high.
The amino acids segment, by additive, is projected to dominate the aquafeed market during the forecast period.
Amino acids are important in animal nutrition and are the building blocks of protein, which play an essential role in the growth, production, and overall maintenance of aquatic animal health. Amino acids provide the energy required for the growth of muscles and bones for muscle movement, digestion, and blood circulation. Owing to these factors, the amino acids segment dominates the aquafeed market, by additive.
On the basis of species, the fish segment is projected to witness higher growth in the aquafeed market.
The market, by species, is segmented into fish, crustaceans, mollusks, and others (turtles and sea urchins). 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 the increased demand for fish feed. Among fish, carp and tilapia are high consumers of aquafeed. Also, carps are being extensively reared, owing to their adaptability to changing climates, while Tilapia culturing has increased in recent years due to the growing supply of high-quality protein tilapia species at lower prices.
Asia Pacific is projected to witness the highest growth in the aquafeed market during the forecast period.
The global market was dominated by Asia Pacific in 2020, in terms of value and volume; this market is majorly driven by China, which is a major producer of aquafeed. China is the leading producer, consumer, and processor of aquaculture products, contributing to about one-third to the global supply. Moreover, the processed seafood market in the region is also currently undergoing a significant transformation in response to the rapid urbanization and diet diversification.
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Many domestic and global players provide aquafeed products to improve fish health. Major manufacturers have their presence in the North American and European countries. The report scope has been restricted to the market for commercial aquafeed products marketed across the globe. The key companies in the market are Cargill (US), Archer Daniels Midland Company (US), Alltech (US), Purina Animal Nutrition (US), Nutreco N.V. (Netherlands), and Ridley Corporation Ltd. (Australia). Various strategies, such as expansions & investments, partnerships, collaborations, and agreements, were adopted by the key companies to remain competitive in the aquafeed market.
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