Aquafeed Market: Introduction

Aquafeed is defined as food specifically prepared for aquatic animals in order to fulfil their nutritional requirements. Aquafeed is generally prepared with specific ingredients and additives that are nutritive in nature, and are supplemented in very small amounts. Aquafeed is now available in vast product ranges, owing to increased consumer attraction towards its functionality and species-specific requirements. Aquafeed is derived from plant sources only, such as corn gluten meal, canola oil, soy meal, and sunflower protein concentrate. Among them, the most commonly used ingredient in aquafeed is marine sources such as fish meal and fish oil. The most marketed and preferred form of aquafeed among the entire global aquafeed products, nowadays, is the extruded type of aquafeed, due to its high disintegration rate and faster onset of action in fish.

Aquafeed: Market Outlook

Aquaculture production is anticipated to play a crucial role in the aquafeed sector in the coming decade, as most countries are stepping up their production activities and revising the regulations to ease down the aquaculture ecosystem into more friendly international trade zones. At a country level, governments are projecting optimistic forecast overproduction at very realistic levels, which is a great driver for players to invest more into the aquafeed market. Key authorities are indicating strong reforms to be pushed in for aquafeed products in the European market, for which players in key producing countries such as China, Peru, and Norway, among others, have to increase their standard of production for aquafeed to safeguard themselves from the restraints caused by these regulations.

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Intensive Growth of the Fish Segment

Among the species type segments, the fish segment is expected to register a significant growth rate of around 5.5%, owing to the increasing utilization of fish trimmings in the aquafeed market. Nowadays, marine fish farming industries are shifting towards the use of co-products such as fish trimmings as aquafeed in order to leverage the resources that otherwise go waste. For instance, recently, Cargill Inc. started using fish trimmings as co-products from fisheries in aquafeed in order to reduce the dependency on forage fish.

Increase in Marine and Terrestrial Land Growth

Data provided by the World Bank indicates that, marine and terrestrial protected areas covered by the UN Environmental Program & the World Conservation Monitoring Centre provide ample opportunities to aquaculture companies to cater to the increasing demand efficiently, which is also anticipated to bolster the growth of aquafeed over the forecast period. The data states that, in the year 2000, the percentage of marine and terrestrial land was around 8.79%, which went up to 12.8% by the end of 2014, showing an opportunistic growth over the years.

High Demand for Digestive Nutrients in Aquafeed

In order to minimize the environmental and ecosystem impact caused by aquafeed, several companies are drifting their research towards innovative aquafeed formulations to increase its nutrient digestibility. According to FAO, high digestibility of aquafeed ingredients indicates lesser loss is the nutrient and aquafeed wastage, supporting elimination of negative environmental and ecosystem impacts.

Consumer Preference for Convenience Packaging

Aquafeed is easily available through wider market penetration with various retail formats. The ease of access across the world drives consumers towards having aquafeed. The liking for aquafeed is predominantly compelled by mounting demand for accessible packaging. In fact, this is a key factor that can be associated with the growth of the aquafeed packed in small sachets, in both, Japan and Eastern Europe. Consumers, nowadays, have shown increasing fondness for handy, convenient, and efficient packaging, and sachets are supposed to fulfill all these three requirements. This aspect is estimated to drive growth of the aquafeed market over the years.

Increasing Demand for Premium Products

The aquafeed industry will be affected by expected growth within premium lines of aquafeed, appealing to consumers looking for a better product containing high nutrition content required for aquaculture production. Various manufacturers of premium aquafeed products use different captivating advertisements to evoke a sense of authenticity to buy the product. The sales of premium products is currently mainstream in Japan, and is increasingly been differentiated from private label. Premium 'selected' versions target consumers who are willing to pay more for high-quality ingredients and better aquafeed products.

Consumer Preference for Aquafeed Products

Consumer preference for aquafeed products is expected to observe a significant upsurge over the next couple of years. Manufacturers and suppliers of aquafeed products are optimizing product offerings according to consumer demand. Owing to high profits margins, various manufacturers are increasingly entering the aquafeed market in Europe. Many companies are expected to launch aquafeed products with high nutrient value in the next three to four years. Additionally, manufacturers are also expected to market their aquafeed products with natural labels, to attract existing, and increase the number of new customers. The entry of new players is anticipated to significantly drive the growth of the aquafeed market over the forecast period.

Aquafeed Market: Introduction

The proposed market report of TMR on the global aquafeed market evaluates opportunities in the current market, and provides updates and insights corresponding to different segments involved in the global aquafeed market over the forecast period 2018–2026. The global aquafeed market report further exhibits the estimated data for 2018, and forecast data up to 2026 in terms of value (US$ Mn) and volume (MT). In terms of value, the aquafeed market is anticipated to increase at a CAGR of 5.7% during the forecast period. The present study exhibits the trends and market dynamics of the aquafeed market in five major regions - North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The report also includes the study of current issues with consumers and various future opportunities for the aquafeed market.

Aquafeed Market: Report Description

The report explores the global aquafeed market for the period 2018–2026. The primary objective of the report is to provide insights into key developments in the market that are consistently supporting the transformation of global businesses that are associated with aquafeed. It is very important to consider that, in an ever wavering economy, we provide the estimated (Y-o-Y) year-on-year growth rate in addition to the Compound Annual Growth Rate (CAGR) for the overall forecast, to better understand the analysis and evaluation of the global aquafeed market, and to discover equitable opportunities.

Yet another key feature of this report is that, the estimation of the global aquafeed market and the corresponding revenue forecast is carried out in terms of absolute dollar opportunity. This is usually not prioritized while forecasting overall market numbers. Absolute dollar opportunity analysis is very essential in evaluating the degree of opportunity that a provider can observe to execute, as well as to contrast the potential resources from a sales perspective in the global aquafeed market.

The report starts with an elaborated executive summary, and the market definition of various segmentations that are included and their respective shares in the global aquafeed market. The report further incorporates the major macroeconomic factors that have an effect over the growth of the aquafeed market. The report also highlights the various market dynamics, which includes the drivers, restraints, opportunities, and trends in the global aquafeed market. The report further underlines the study of the present issues with industrial processing, and opportunities for the aquafeed market. It also encompasses value chain analysis that provides a structural view of overall profitability from the manufacturer to the end user of the aquafeed market. In order to provide users with a clear view of the global aquafeed market, we have exhibited the competitive analysis of key market players and their strategic expansions. The competitive dashboard presents a detailed comparison of aquafeed manufacturers on valuable parameters such as key product offerings, total revenue, key developments, and key strategies. The study intensifies the global aquafeed market attractiveness analysis by form, species, function, and region.

To evaluate the overall market size of aquafeed, the report considers various fundamental aspects based on secondary research. Furthermore, it emphasizes quantitative evaluation such as market shares by form, species, function, and region, and other qualitative data from primary respondents, which have been consolidated to arrive at clear and accurate market estimations. The forecast presented in the aquafeed market report arrives at the total revenue being generated, and expected revenue contribution in the future by the global aquafeed market.

The detailed profiles of companies that manufacture aquafeed are included in the report to analyze their developmental strategies, key product offerings, and recent developments, as they have a significant role in the global aquafeed market. Major market players covered in the aquafeed market report are Cargill Inc., BENEO GmbH, Aller Aqua A/S, Skretting, Cermaq, Sonac B.V, Koninklijke DSM N.V., Clextral, Ridley Corporation Limited, ADM, Novus International, Biomin Holding GmbH, Nutriad NV, Dibaq, Biomar, INVE Aquaculture Inc., Nutreco N.V, Alltech Inc., Zeigler Bros., Inc., and Norel SA, among others.

Aquafeed Market: Segmentation

The subsequent sections analyze the global aquafeed market on the basis of form, species, function, and region, and presents a forecast for the period 2018–2026. The market is segmented as follows:

Aquafeed Market by Form

  • Extruded
  • Pellets
  • Powder
  • Liquid

Aquafeed Market by Species

  • Fish
    • Salmon
    • Tilapia
    • Sea Bass/Bream
    • Sturgeon
    • Trout
    • Others
  • Crustaceans
    • Prawns
    • Shrimp
    • Crabs
    • Krill
  • Others

Aquafeed Market by Function

  • Health
  • Digestibility
  • Palatability
  • Special Nutrition
  • Others

Aquafeed Market by Region

  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Peru
    • Chile
    • Colombia
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • France
    • U.K.
    • Spain
    • Italy
    • Russia
    • Poland
    • NORDIC
    • BENELUX
    • Rest of Europe
  • Asia Pacific
    • India
    • China
    • Japan
    • Australia & New Zealand
    • ASEAN
    • Rest of APAC
  • Middle East & Africa
    • GCC Countries
    • Turkey
    • North Africa
    • South Africa
    • Rest of MEA
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