Press release
Aquafeed Market Size, Share 2019, Key Players Review | Cargill, BioMar Group, Waterbase Ltd, BASF, Alltech and Coppen International BV | Upcoming Trend by Forecast to 2023
Market Analysis:
The acceleration witnessed in aquaculture production will drive the market growth of the aquafeed market. The rising demand for sea food will accelerate the demand for aquaculture farming which is expected to steer growth in the aquafeed market. The nutritional value of fish, awareness about the benefits of omega 3 enriched diet, etc. are propelling the demand for aquafeed among the aquaculture farmers and is anticipated to demonstrate similar trend throughout the projection period.
The catalyzed demand demonstrated by crustacean and carp farming has also multiplied the revenue generation in the aquafeed market. Other factors such as increasing population, rising per capita income, urbanization, etc. are obliquely fueling the growth and expansion of the market. Furthermore, the increasing product offering with an innovative blend of additives and ingredients are poised to generate more demand in the market over the next couple of years. However, the price fluctuations of raw materials used to produce aquafeed will restrict the growth and expansion of the market during the forecast period.
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Market Segmentation:
By aquatic species, the global aquafeed market is segmented into carps, molluscs, shrimps, crustaceans, catfish, trouts, and, others.
By ingredients, the global market for aquafeed has been segmented into wheat, corn, other grains, pulses, oilseeds, and, others.
By additive type, the global aquafeed market is segmented into vitamins, antioxidant, antibiotics, feed enzymes, amino acid, and, others.
By life cycle, the aquafeed market has been segmented into alevin, fry, smolts, and, adult.
Major Key Players:
The key players profiled by MRFR in its latest report are Cargill Inc. (U.S.), Waterbase Ltd (India), Alltech Inc. (U.S.), Ridley Corporation (Australia), Evonik Industries (Germany), BioMar Group (Denmark), BASF (Germany), BASF (Germany), Coppen International BV (Netherlands), Zeigler bros. Inc. (U.S.), and, Marvesa (Netherland). The strategies planned and implemented by the market players to gain a competitive edge over others include product portfolio expansion, acquisitions & mergers, inauguration of manufacturing plants, increased production, etc.
Industry News:
BioMar, a leading aquaculture feed company, announced the investment of USD 14.47 Mn for expansion of its production capacity at its factory in Denmark. The new product line will be highly specialized and dedicated fry and RAS feed production.
Animal feed group Ridley Corporation has hired Investec, an international specialist banking and asset management group, to recognize growth opportunities for its prawn feed ingredient product named Novacq.
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Regional Analysis:
By region, the Global Aquafeed Market is segmented into Europe, North America, Asia Pacific and Rest of the world. The Asia Pacific market is projected to grow at a robust CAGR across the assessment period. The increase in aquaculture production in the region will fuel growth and expansion of the market. China plays a crucial role in the growth of Asia Pacific market and is expected to retain its position over the forecast period persistently.
The market in Europe is poised to thrive at a moderate pace from 2017 to 2023 owing to increased demand for sea food and its nutrients. The growth strategies executed by the prominent players in the region is also expected to accelerate the expansion of the market.
The growth in North America market can be attributed to the presence of key players in the market such as Cargill Inc., Zeigler bros. Inc., Alltech Inc., etc. The market will benefit from the rising awareness about fish as a protein-rich diet which will catapult the aquaculture farming in the region. The growing demand for omega 3 enriched diet will catalyze the aquaculture production in the RoW market.
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