Aquafeed market is projected to witness a compound annual growth rate of 10.73% during the forecast period to reach a total market size of US$164.53 billion by 2022, increasing from US$98.84 billion in 2017. With the growing human population, the need for the increase in food production stands a foremost concern for sustaining future’s growing appetite. In order to reduce the gap between demand and supply of food, people are turning to the sea for solutions. According to World Bank, aquaculture is expected to be the prime source of seafood by 2030, as demand breeds from the global middle class and wild capture fisheries. The rising aquaculture industry is expected to augment the aquafeed market in this segment. Moreover, the growth in seafood trade owing to globalization and increase in spending power further augments the aquafeed market. However, the fluctuating prices of raw materials like fish oil and fish meal drive the need for cost effective substitutes while restraining the market growth.
By additive, Amino acid is expected to grow at a high rate over the forecast period owing to the growing demand for nutritional animal products among consumers. Amino acids are significant in animal nutrition and are the building blocks of protein. This helps in production, growth and overall maintenance of aquatic animal health. Likewise, feed acidifiers are also expected to witness high growth in the upcoming years. The ease of application and high efficiency of feed acidifiers augments its adoption.
Geographically, Asia Pacific accounted for a large market share in 2016 and is expected to hold a notable position by the end of the forecasted period. The flourishing aquaculture industry owing to the availability of cheap labour and natural resources is the major factor driving this regional growth. The rising consumption and trading of sea food, especially in China, further contribute to this growth. Likewise, high growth has been observed in European aquafeed market as a result of rising consumption of sea food in countries like Germany and Norway.
The Aquafeed market is highly competitive owing to the presence of numerous small and large vendors. The major players discussed in the report include Alltech Inc, Biomar, Ridley, Aller Aqua, Dibaq Aquaculture, Cargill Incorporated, Norel Animal Nutrition, and Ridley Corporation Limited. The large market with continuous growth and favorable regulation attracts new players within the industry which further propels the competitive rivalry. Mergers and acquisitions are the key strategies adopted by these players to enhance their market reach and offerings thereby, increasing their market share.
Aquafeed market has been segmented by additive, end-user, and geography.
Middle East and Africa