Global Aquafeed Market size to hit $185bn by 2023

The increasing global population base, which has already crossed the 7 billion mark is leading to scarcity of resources. Health constraints are one of the major issues, arising by this tight imbalance of supply/demand of these essential resources. However, people in this technologically advanced era are well-aware and informed about their health and the nutrition their body demands. This rising awareness and health consciousness among the people has led to a high demand for fish consumption globally. Fishes are a rich source of protein and omega-3 fatty acid, which enables the body to be resistant against diseases such as cardiovascular disorders, diabetes, obesity, etc. The intake of fishes demands for their healthiness as well, which is fostering the growth of aquafeed market worldwide. As per Global Market Insights, Inc., ‘the global aquafeed market is anticipated to surpass a revenue of USD 185 billion by 2023.

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The human fish consumption accounted for nearly 138 million tons in 2015, and is estimated to surpass 205 million tons by 2023, which in turn will stimulate the demand for aquafeed market. Moreover, surging demand from the pharmaceutical industries for the fish oil will also drive the industry growth over the coming years. The aquaculture additives market is also witnessing high growth, with CAGR estimations of 4% over 2016-2023. These additives are added to the fish food to enhance its nutritional value, thereby, ensuring sound health of the aquatic animals. These additives are mostly added in the form of Antibiotics, Amino Acids, Feed Acidifiers, and Vitamins.

The government initiatives towards animal health management coupled with regulatory norms restricting any harm to the wildlife will further boost the aquafeed and the aquaculture additives market share. The antibiotics additives may witness a declining market over the coming years, owing to the FDA norm towards eradicating the use of antibiotics. EU commission indeed insisted on plant-based growth promoters in the animal feed industry. Amino acids market dominated the aquaculture additive product landscape in 2015, with a revenue of USD 255 million. The trend is likely to continue owing to the benefits offered by these additives such as faster metabolism, nutrient and protein absorption, etc. Feed acidifiers additives will also witness huge demand with the market witnessing the highest CAGR of 6% over the period of 2016-2023.

Carp, being the most popular aquatic species contributed towards a major share of the overall aquafeed market, having had a revenue of USD 21.5 billion in 2015. They are estimated to witness substantial growth over the coming years, owing to the high nutritional value and various health benefits such as lowering cholesterol levels, offered by these species. Another attractive class of aquatic animal contributing towards the aquafeed market share is Salmon. The recent estimates depict salmon farming to have been increased by almost 10 times in countries such as Chile and Norway. Salmons are an excellent source for strengthening muscles, improve cardiac health, and increase the metabolism process. Owing to these health perks, the salmon aquafeed market is anticipated to grow at a CAGR of 11% over 2016-2023.

Browse key industry insights spread across 90 pages with 67 market data tables & 16 figures & charts from the report, “Aquafeed Market”:
https://www.gminsights.com/industry-analysis/aquafeed-and-aquaculture-additives-market

Key insights from the report include:

Global aquafeed market size may reach 107.7 million tons by 2023 with expected gains at 11.2% CAGR.

North America, led by U.S. aquafeed market size, may register over USD 22 billion by 2023. Rising demand for high quality seafood and polyculture systems importance in the U.S. may promote aquatic species farming and favor product demand.

Growing krill fish demand in the U.S. owing to DHC owing to composition of antioxidants and vitamins A & E may influence product demand.

Europe, led by Germany aquafeed market size, may grow significantly over 11.2% CAGR. Mollusks farming dominated the application landscape in Europe and may register over USD 7 billion revenue by 2023.

Feed acidifiers may witness highest gains at 6.0% CAGR and register over USD 105 million revenue by 2023.

Global aquafeed market share is fairly fragmented. Key industry participants include Cargill Inc, Biomin, Biomar Alltech, Addcon, Ridley and Aller Aqua. Other prominent companies include Beneo, BASF SE, DSM, Cermaq ASA, Avanti Feeds and Skretting.

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Table of contents for Food Additives Market is as given below: -

Chapter 1. Methodology and Scope
1.1. Research Methodology
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.2. Data Sources

Chapter 2. Executive Summary
2.1. Aquafeed & aquacyulture additives 3600 synopsis, 2012 – 2023
2.1.1. Business trends
2.1.2. Application trends
2.1.3. Regional trends

Chapter 3. Aquafeed & Aquaculture Additives Industry Insights
3.1. Industry segmentation
3.2. Industry Size and forecast, 2012 - 2023
3.3. Industry ecosystem analysis
3.4. Industry Impact forces
3.4.1. Growth drivers
3.4.1.1. Increased fish and fish food consumption
3.4.1.2. Aquaculture industry expansion
3.4.2. Industry pitfalls & challenges
3.4.2.1. Raw material price fluctuation
3.5. Growth potential analysis
3.6. Porter's analysis
3.7. PESTEL analysis

Browse Related Reports:

Animal Feed Additives Market Size By Livestock (Poultry, Aquaculture, Pork/Swine, Cattle), By Product (Vitamins, Antibiotics, Amino Acids, Antioxidants, Feed Acidifiers, Feed Enzymes), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2015 – 2022

https://www.gminsights.com/industry-analysis/animal-feed-additives-market

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