Rising consumption of fish, followed by massive growth of processed seafood, is significantly driving the growth of the market. Increasing middle-income population and growth in their per capita disposable income is influencing their interest towards high nutritional foods, which is responsible for the increasing demand for seafood. Fish contain high nutritional value and are high in protein content. Furthermore, they are traditional food for a few populations, which drives the growth of the market.
Globalization of seafood is highly contributing to the growth of the Aquafeed Market and is expected to surge the market growth in the coming years. Large-scale manufacturers are also inclined towards aquafeed production owing to its huge opportunity in the market. Moreover, increasing food service industries also contribute to the growth of seafood, which, in turn, is supporting the growth of the aquafeed industry.
Aquafeed Market is slated to reach USD 87 billion by 2027 registering a CAGR of 6.80% from 2020 to 2027. Aquafeed is primarily known as fish feed, which is commercially produced to feed various aquatic species. It provides a complete diet for fish and other aquatic species and assists in providing the required nutrients to them. The various aquatic species include Carps, Molluscs, Shrimps, Crustaceans, Catfish, Trouts, and others. Aquafeed contains various ingredients such as wheat, corn, pulses, and oilseeds in which different feed additives are applied to enhance the functionality of the aquafeed. It is provided to the aquatic animals based on their life cycle.
Aquafeed Market Segments
Aquafeed is segmented based on species into Carps, Molluscs, Shrimps, Crustaceans, Catfish, Trouts, and others. Among them, Shrimps is witnessed to account for the major market share during the forecast period.
Based on ingredients, the aquafeed is segmented into wheat, corn, pulses, oilseeds, and others. Among all, the wheat segment is dominating the market and is expected to hold its dominance during the review period.
Based on additive type, the aquafeed is segmented into vitamins, antioxidant, antibiotics, feed enzymes, amino acid, and others. Among them, vitamins segment is projected to dominate the market with the highest CAGR during the forecast period.
Based on life cycle, aquafeed is segmented into Alevin, Fry, Smolts, and Adult. The smolt segment is anticipated to be dominating the market and is projected to be the fastest growing segment.
The aquafeed market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (ROW). Asia-Pacific dominates the aquafeed industry. In Asia-Pacific, China is dominating the aquafeed market and is the major exporter of aquafeed. However, it is observed that India is the fastest growing region for aquafeed in Asia-Pacific .
North America and Europe are also witnessing tremendous growth in the aquafeed market based on increasing consumption of seafood among the population. Moreover, the key players are mainly focusing on developments in the aquafeed industry, which is driving the growth of the market in this region.
The key players profiled in aquafeed market are Cargill Inc. (U.S.), BioMar Group (Denmark), Waterbase Ltd (India), BASF (Germany), Alltech Inc. (U.S.), Coppen International BV (Netherlands), Ridley Corporation (Australia), Zeigler bros. Inc. (U.S.), Evonik Industries (Germany), and Marvesa (Netherland) among others.
The Aquafeed market is segmented into the following regions
Rest of the world
The report for Aquafeed market of Market Research Future covers extensive primary research. This is accompanied by a detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions .
|Market Size||USD 87 billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Aquatic Species, Ingredients, Additive Type and Life Cycle|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Cargill Inc. (U.S.), BioMar Group (Denmark), Waterbase Ltd (India), BASF (Germany), Alltech Inc. (U.S.), Coppen International BV (Netherlands), Ridley Corporation (Australia), Zeigler bros. Inc. (U.S.), Evonik Industries (Germany), and Marvesa (Netherland)|
|Key Market Opportunities||Rising consumption of fish, followed by massive growth of processed seafood, is significantly driving the growth of the market|
|Key Market Drivers||Globalization of seafood and increasing consumption of fish are the key factors driving the aquafeed market growth|
Frequently Asked Questions (FAQ) :
The APAC region is expected to dominate the aquafeed market.
Wheat segment will lead the aquafeed market.
Globalization of seafood and increasing consumption of fish are the key factors driving the aquafeed market growth.
Different types of aquatic species include trouts, catfish, crustaceans, shrimps, molluscs, carps, and others.
Vitamins will lead the aquafeed market growth.