Aquafeed Market Anticipated to Garner a Revenue of $120,719.70 Million By 2028, Growing at a CAGR of 10.5% from 2021-2028

The aquafeed market is anticipated to prosper tremendously by 2028 due to the increased consumption of seafood and awareness about its health benefits. The Asia-Pacific region is expected to witness lucrative growth during the forecast period.

According to the report published by Research Dive, the global aquafeed market is estimated to gather a revenue of $120,719.70 million and rise at a CAGR of 10.5% over the forecast period from 2021-2028.

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Dynamics of the Market

Drivers: Growing demand for seafood among people across the world is estimated to drive the aquafeed market growth by 2028. The health benefits of consuming seafood is attracting many individuals towards seafood consumption. In addition, several small-scale industries have started their own aquaculture industry because of the growing demand for seafood. These factors are also predicted to boost market enhancement during the analysis period.

Restraints: High costs of aquafeed products and ingredients like corn, fish oil, and soybean is the prime factor expected to impede the market growth during the analysis timeframe.

Opportunities: Increasing development of product portfolios and new product launches by key market players are anticipated to drive the aquafeed market growth by 2028.

COVID-19 Impact on the Market

The COVID-19 pandemic outbreak has negatively impacted the global aquafeed market. The rapid spread of the corona virus affected the health and wellbeing of people across the world, injecting and elevating the fear of infection along with its severe symptoms. In addition, high rate of corona virus transmission, prevalence of its symptoms, and the fear of catching infection through food repelled people from consuming seafood. This greatly decreased the demand for seafood and less production in aquaculture. All these factors contributed to the declining global aquafeed market revenue and growth during the COVID-19 pandemic.

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Segments of the Market:

The report has divided the aquafeed market into a few segments based on form, product, species, and regional analysis.

By form, the dry aquafeed sub-segment is predicted to gather the largest market revenue of worth $71,878.30 million by 2028. Rising demand for dry aquafeed among people due to easy storage under normal temperature and atmospheric conditions is estimated to boost the sub-segment's growth during the forecast years. Moreover, dry aquafeed can be easily manufactured in companies in different shapes and sizes and exported without many hassle and compromises in the food texture. These factors are anticipated to further drive the aquafeed market's sub-segment development by 2028.

By product, the amino acids sub-segment is predicted to have a dominating market share and garner a revenue of $30,213.80 million during the forecast period. Increasing demand for protein within seafood items is anticipated to drive the sub-segment's development by 2028. Moreover, worldwide inclination towards amino acids, which is an essential protein component, for adequate nutrition is another factor expected to boost the market's sub-segment enhancement during the analysis timeframe.

By species, the fish sub-segment is expected to have a dominating market share and gather a revenue of $73,035.40 million by 2028. Rising consumption of fishlike catfish and salmon among millennials across the world has led to increased cultivation of the same. This factor is anticipated to drive the sub-segment's growth during the forecast period.

By region, the Asia-Pacific region is expected to have a dominant market share with the fastest growth rate and register a revenue of $48,046.50 million by 2028. The rapidly increasing aquaculture production in countries like Indonesia and China is expected to boost the market growth in the region during the analysis period. Moreover, the presence of some key market players in these countries helps in accelerating the maximum production of aquatic animals and seafood items. This is predicted to further bolster the aquafeed market growth in the Asia-Pacific region during the 2021-2028 forecast timeframe.

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Significant Market Players

Some prominent market players are Coppens International B.V., Aller Aqua A/S, Biomin GmbH, Alltech, Inc., Schouw & Co. (Biomar A/S), Beneo Gmbh (Suedzucker Group), Avanti Feeds Limited, Charoen Pokphand Foods Public Company Limited, NUTRECO N.V., Cargill Incorporated, among others. These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain market growth.

The report also summarizes many important facets including financial performance of the key players of the aquafeed market, SWOT analysis, product portfolio, and the latest strategic developments.

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