Press release
Aquafeed Market Trends, Size, Strategies, Scope By 2024-2033
Aquafeed Market
The Business Research Company offers in-depth market insights through Aquafeed Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The aquafeed market size has grown strongly in recent years. It will grow from $91.05 billion in 2023 to $99.02 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to aquaculture expansion, increased seafood consumption, increased awareness of health benefits, global protein demand, sustainable aquaculture practices.
The aquafeed market size is expected to see strong growth in the next few years. It will grow to $138.75 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to aquaculture intensification, expanding middle-class population, disease prevention in aquaculture, climate change adaptation, quality and safety assurance. Major trends in the forecast period include precision feeding technologies, customization of feeds for specialized aquaculture, blockchain for traceability, biofortified feeds, integration of digital technologies.
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Market Segmentation:
The aquafeed market covered in this report is segmented -
1) By Additives: Vitamins, Antioxidants, Amino Acids, Enzymes, Acidifiers, Binders
2) By Form: Dry Form, Wet Form, Moist Form
3) By Distribution Channel: Direct Sales, Indirect Sales, Hypermarket/supermarket, Wholesalers, Online, Other Distribution Channel
Major Driver - Rising Seafood Consumption Fuels The Aquafeed Market Growth
Increasing seafood consumption is expected to propel the growth of the aquafeed market. Aquaculture production plays an increasing role in satisfying the demand for human consumption of fishery products. According to the study published by the Organization for Economic Co-operation and Development (OECD) and the Food and Agriculture Organization (FAO), human consumption of fish is expected to increase by 180 Mt by 2029. The increase in demand for seafood or fishery products is expected to boost demand for high-quality aquafeed to maintain the quality of the products for the customers. Therefore, increasing seafood consumption is driving the growth of the aquafeed market.
Competitive Landscape:
Major companies operating in the aquafeed market report are Cargill Incorporated, Archer Daniels Midland Company, Marubeni Nisshin Feed Co. Ltd., Evonik Industries AG, Charoen Pokphand Foods Public Company Limited, Royal De Heus B.V., Nutreco N.V., ForFarmers N.V., PT Japfa Comfeed Indonesia Tbk, BioMar A/S, Adisseo, Alltech Inc., Ridley Corporation Limited, Skretting USA, Wilbur-Ellis Nutrition LLC, Purina Animal Nutrition LLC, Aller Aqua A/S, Biomin GmbH, Biostadt India Limited, Growel Feeds Private Limited, Norel Animal Nutrition, Sonac B.V., Coppens International B.V., EnviroFlight LLC, Beneo GmbH, Nutriad International NV, Dibaq Aquaculture S.L., Melick Aquafeed, Rangen Inc.
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Top Trend - Innovative Solutions Enhanced Nutrition And Sustainability In Aquafeed Market
Major companies operating in the aquafeed market are focusing on product innovation, such as omega-3 dry powder, to enhance the nutritional value and health benefits of feed for farmed aquatic species, promoting growth and sustainability. Omega-3 dry powder typically consists of concentrated omega-3 fatty acids extracted from sources such as fish oil or algae and used as a nutritional supplement in various food products, including aquafeed, to promote health benefits in aquatic organisms. For instance, in April 2023, MiAlgae, a US-based biotech company, launched NaturAlgae, an omega-3 product. It is a dry powder with a high concentration of DHA and other oils that can be added to recipes for aquafeeds, providing the well-known health benefits that omega-3 provides, and it can be used as a fish feed and pet food ingredient. With this innovation, companies can reduce their global reliance on wild-caught fish, the traditional source of omega-3.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Aquafeed Market Characteristics
3. Aquafeed Market Trends And Strategies
4. Aquafeed Market - Macro Economic Scenario
5. Aquafeed Market Size And Growth
…..
27. Aquafeed Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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