ID: MRFR/AGR/1388-HCR | 110 Pages | Author: Varsha More | December 2023
Aquafeed Market Size is Anticipated to reach USD 87 billion by 2030 with CAGR of 6.80% from 2020 to 2030.
The aquafeed market analysis shows that the market is primarily driven by the substantial degree of increase in the seafood trade followed by an excellent degree of growth in aquaculture production. Also, the market trends show that the global market is witnessing a rising degree of demand for seafood followed by its large-scale consumption among consumers due to the increasing need for protein-rich diets.
Covid-19 Analysis
The arrival of the novel coronavirus pandemic was no good for the aquafeed market size that was eyeing global expansion and growth during the forecast period that had begun in 2021. The imposition of lockdown and functional restrictions have created a lot of issues for the functioning of the global market and hence, struggles for the global market are in full swing. The lack of skilled labor followed by a reduction in funding in investments for qualitative market strategies and product portfolios might hamper the market from growing during the period that will be ending in.
However, during the forecast period, the aquafeed market size is expecting good growth owing to the people finding a good time investment in learning about fish food items as a hobby and further, feeding it to their pets or various other places. The global government is rendering its support to such initiatives and also, collaborating with the key market players to enhance the products, their flavors, presentation, availability, and much more. All these factors will help the market operations revive during the forecast period that ends in that was stopped owing to the pandemic outbreak.
Market Dynamics
Drivers
A substantial level of global growth for the Aquafeed Market is expected for the market during the forecast period. Soybean is being considered an excellent non-fish source of omega-3 fatty acids, proteins, and unsaturated fats. Soy protein is also, fed to farm-reared fish and shellfish. It helps to enhance their overall growth and development. Some of the commonly used soybean products in aquafeed are inclusive of heat-processed full-fat soybean, mechanically extracted soybean cake, solvent-extracted soybean meal, and others like dehulled solvent-extracted soybean meal. Since soybean meal is likely to be priced significantly lesser than fishmeal, the consumption of soybean meal is relatively high.
Restraints
People are witnessing an increase in awareness related to the fact of leading a healthy lifestyle and reducing the sugar intake of their pets. However, the pet parents are downright trusting the internet sources and hence, are blindly opting for what suits their needs the most without having any idea about the disadvantages, advantages, or health hazards.
Technology Analysis
The world population is rising and there are vibrant changes in tastes and food preferences. Also, with the rise in the disposable income of people, they are increasing their purchasing capacity that bringing a positive impact on the global market. The Aquafeed Market players are working on the easy availability of bakery products in both convenience stores and supermarkets which promise a fruitful future for the market demand and operations by the end of the forecast period in.
Study Objectives
Segment Overview
The aquafeed market share is increasing owing to its rising demand amongst the population of various economies across the global market premises. The global market segments help in having an idea about the expanding scope of the market which further helps to depict the market valuation in the forecast period that ends in. The segments are as follows:
Species:
Form:
Lifecycle:
Ingredient:
Additive:
By Region:
Regional Analysis
During the forecast period, the European regions are likely to hold the largest market share and hence, attain the maximum market revenue. The main reason behind this propelling growth is that the Western European region is working on large-scale development of the aqua feeding products and hence, gaining dominance over the trends of the market that are prevailing in the Eastern European market. Also, the sale of a variety of aquafeed food items is very high as they enjoy the advantage of being convenient and easily available food products. Also, this market has a commendable network and well-established delivery channels followed by a reliable way that skillfully maintains the supply chain mechanism of the products towards the end-users especially during the ongoing forecast period that will be ending in.
The Aquafeed Market was dominated by the Asian Pacific region that had ended in 2019. The market had dominated the global market operations in terms of value and volume. This regional market is majorly driven by the propelling trends in the Chinese region. The Chinese country, as a part of the global APAC region, was likely to emerge as a major producer of aquafeed. China is also emerging as the leading producer, consumer, and processor of aquaculture products. The main reason behind this is the rising contribution to about one-third of the global supply. Moreover, the processed seafood market in the APAC region that is inclusive of other countries like India, Japan, and Korea, amongst others, is also currently undergoing a significant transformation in response to rapid urbanization and diet diversification. Hence, the APAC region is also, likely to show good signs of growth during the ongoing forecast period.
Competitive Landscape
The aquafeed market is exposed to a highly competitive degree and the significant presence of the various market players across the globe cater to the vibrant audience’s demands that are rising at an excellent scale. Also, the discussion of the prominent players of the aquafeed market is necessary for the report to help and further, draw a globally competitive graph amongst the players and also, have an idea about the major companies and regions by discussing the market recent developments. The key market players functional across 5 major geographies are as follows:
Recent Developments
Report Overview
The report helps to discuss the Aquafeed Market dynamics and the way they’ll help the market reach the expected valuation figures. The report discusses the market segments that affect the revenue cycle of the market and also helps in analyzing the competitive degree that prevails amongst the key market players. Also, the report analyzes the recent developments that have been undertaken by prominent market players. The report aims to conduct a deep yet meaningful market analysis of the market functions and the factors that have an impact on the same. The report helps in understanding the prevalent market trends that either might strengthen the market position or further, lead to major losses during the ongoing forecast period that ends in.
Report Attribute/Metric | Details |
---|---|
Market Size | USD 87 billion |
CAGR | 6.80% (2020-2027) |
Base Year | 2019 |
Forecast Period | 2020-2027 |
Historical Data | 2018 |
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 |
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.
Key Questions Answered
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