Press release
Aquafeed Market Trends, Surging Demand, Detailed Analysis, And Forecast To 2033
Aquafeed Market
Aquafeed Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $138.75 billion In 2028 At A CAGR Of 8.8% :
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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Aquafeed Market Major Segments
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
Key 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.
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Prominent Trend - Key Player Embracing Technological Advancements For Enhanced Nutrition And Efficiency In The Aquafeed Market
Technological advancement is a key trend gaining popularity in the aquafeed market. The companies operating in the aquafeed market are focusing on developing innovative products with better nutrition and improved feed conversion. In September 2022, Secma Cabon Solution Vide, a France-based equipment designing and constructing company, launched MultyWays, a unique aquafeed delivery system, The CleanPipe system, DosAir, and Multiway valves are the company's patented inventions. The interaction of these three elements maximizes output and profitability. While increasing yield and allowing for more frequent daily feedings, MultyWays also gives farmers more time to devote to other duties. Additionally, it lowers labor costs, restricts manual handling, and lessens accidents brought on by frequent feeding motions.
Aquafeed Market Players
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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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the aquafeeds market in 2023. North America is expected to have the highest CAGR in aquafeeds market. The regions covered in the aquafeed market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Aquafeed Market Report Structure
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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