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Aquafeed Market is expected to grow at a CAGR of 4.9% during the forecasted period | Evolve Business Intelligence
• The global Aquafeed Market size was valued at USD 72.5 billion in 2022 growing at a CAGR of 4.9% from 2023 to 2033.
• Asia Pacific dominated the market in 2022
• North America is expected to grow at the highest CAGR from 2023 to 2033
As per the study initiated by Evolve Business Intelligence, the global Aquafeed Market size accounted for USD 72.5 billion in 2022, growing at a CAGR of 4.9% from 2023 to 2033.The aquafeed market involves the production and distribution of specialized feed for aquatic species, including fish and shrimp, raised in aquaculture. This market is driven by the expanding global demand for seafood, prompting the need for nutritionally balanced and sustainable feed solutions. Key components of aquafeed include proteins, lipids, vitamins, and minerals to support the optimal growth and health of aquatic organisms. Increasing aquaculture activities, advancements in feed technology, and a focus on alternative protein sources contribute to the continuous growth of the aquafeed market. Sustainable and eco-friendly practices are gaining importance in this market to address environmental concerns associated with aquaculture.
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The aquafeed market is primarily driven by the rising global demand for seafood, fueling the growth of the aquaculture industry. Increasing awareness of the importance of specialized and nutritionally balanced feed for optimal aquatic species growth is a key driver. The market is further propelled by innovations in feed formulations, sustainable sourcing of ingredients, and the adoption of advanced aquafeed technologies to enhance productivity and minimize environmental impact.
Key Players
Some of the major Aquafeed Market players holding high market shares include Cargill Inc. (U.S.), BioMar Group (Denmark), Waterbase Ltd (India) and BASF (Germany).These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Alltech Inc. (U.S.), Coppen International BV (Netherlands), Ridley Corporation (Australia), Zeigler bros. Inc. (U.S.), Evonik Industries (Germany), and Marvesa (Netherland).
Report Description: https://evolvebi.com/report/aquafeed-market-analysis/
Segmental Analysis
Based on Form, the Aquafeed market is segmented into Dry, Moist and Wet.In 2022, the dry form type segment held the largest share of the global industry, accounting for about 42.70% of total sales. This is explained by its capacity to raise fish feed conversion ratios. Given how appealing the dry form feed is, the segment is predicted to increase at the highest rate possible and hold its top spot for the duration of the forecast.
Based on Additives, the Aquafeed market is segmented into Amino Acids, Antibiotics, Vitamins & Minerals, Feed Acidifiers, Antioxidants, Enzymes, Anti-parasitic, Probiotics & Prebiotics and Others.In 2022, the amino acids market led the industry and generated the largest percentage of revenue-more than 32.80%-of all market segments. This high percentage is explained by its benefits, which include boosting immunity, raising larval performance, optimizing fish metabolic transformation efficiency, raising tolerance to environmental stressors, regulating spawning efficiency and timing, and enhancing the flavor and texture of fillets when added to aquafeed.
Based on Feed, the Aquafeed market is segmented into Starter Feed, Grower Feed, Finisher Feed, Brooder Feed.In 2022, the grower feed segment held a dominant position in the industry, contributing approximately 34.25% of total sales. Its large percentage is explained by the fact that animals between the ages of 6 and 20 weeks increasingly use it to meet their nutritional needs.
Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)
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