Global Aquafeed Market: Snapshot
The continual increase in the consumption of seafood across the world has a significant influence on the growth of the global market for aquafeed. With consumers being aware of the benefits of high quality seafood products, the demand for better-quality aquafeed has augmented, boosting this market remarkably. The consumption of seafood is expected to remain high in the near future, thanks to the escalating disposable income of consumers, especially in emerging economies, which is likely to boost the growth of this market substantially over the forthcoming years.
The worldwide aquafeed market is estimated to touch US$51.12 bn by 2017 in revenues. The market’s opportunity is anticipated to witness continued increment at a CAGR of 6.50% between 2017 and 2022, reaching a value of US$70.09 bn by the end of 2022. However, in the long run, this market may face severe challenge from the price volatility of raw materials used in the preparation of aquafeed products in the years to come.
Extruded Aquafeed to Report 8.70% CAGR between 2017 and 2022
Broadly, the global market for aquafeed is evaluated on several important market parameters, including the form, end user, function, and ingredient. In terms of the form, the market is classified into extruded, powder, pellet, and liquid aquafeed. Extruded aquafeed has emerged as the leading segment in this section. Rising at a CAGR of 8.70%, this segment is anticipated to remain on the top over the period from 2017 to 2022.
Fishes and crustaceans have surfaced as the key end users of aquafeed, worldwide. With the rising need for protein-rich healthy food items, the consumption of fish has increased significantly, which, consecutively, is compelling aquaculturists to provide them with high-quality aquafeed. Researchers anticipate this scenario to remain so over the next few years. Based on the global market is bifurcated into land animals, marine, carotenoids, veg/grains, and additives. Health, palatability, digestibility, and special nutrition are considered as the key functions of aquafeed across the world.
APEJ to Lead Global Aquafeed Market
The global aquafeed market is also studied on the basis of the geography. Latin America, the Middle East and Africa (MEA), Europe, North America, Asia Pacific excluding Japan (APEJ), and Japan have surfaced as the main regional markets for aquafeed across the world. With a prominent aquaculture production in Asian countries, especially China, the Asia Pacific excluding Japan region has surfaced as the dominant regional market for aquafeed, worldwide.
The increasing focus of aquaculturists in this region towards salmon farming on the grounds of several factors, such as the ease of farming, hardiness of the species, better quality of water within closed farm systems, and the rising government support is expected to boost the Asia Pacific excluding Japan market for aquafeed in the near future. Among other regional markets for aquafeed, Europe is projected to witness steady growth over the next few years due to the rising popularity of protein-rich diet among consumers in this region. North America will benefit from the presence of established vendors of aquafeed in the years to come.
With a large pool of players, the global market for aquafeed is demonstrating a competitive and fragmented structure. Cermaq Group AS, Koninklijke DSM N.V., BENEO GmbH, Dibaq Diproteg SA, Ridley Corp. Ltd., Nutreco N.V., Aller Aqua Group A/S, Cargill Inc., and Archer Daniels Midland Co. are some of the key players functioning in this market.
Global Aquafeed Market: Overview
The global market for aquafeed is extremely dynamic and is influenced by the rising demand for seafood across the world. This report on the global market for aquafeed assesses the current and future prospects of this market. It consists of a detailed executive summary, including a snapshot of this market, which offers overall information of various market segment and sub-segments.
This study is a combination of primary and secondary research. The primary research is the bulk of TMR researchers’ efforts, together with the information gathered via telephonic interviews and interactions through e-mails. The secondary research involved study of the websites, press releases, annual reports of the leading companies as well as a thorough examination of the stock analysis presentations, and various regional and international databases. Considering the macro and micro environmental factors, the report provides the data about the size of the market in terms of US$ Mn for each of the segments over the period from 2017 to 2022.
The estimations of the market size involved an in-depth study of the product features and functions of different types of aquafeed. In addition to this, various important factors related to this market, such as the increasing preference for superior quality feed, innovation in products, rising consumption of fish in various geographies, and the historical year-on-year growth have been considered while estimating the size of the overall market.
Global Aquafeed Market: Segmentation
The global market for aquafeed is broadly assed on the basis of the form, function, end user, ingredient, and the geography. Based on the form, the market is classified into, extruded, pellet, powder, and liquid aquafeed. By the end user, the market is bifurcated into fishes and crustaceans. In terms of function, health, digestibility, palatability, and special nutrition are considered as the key segments of this market. On the basis of the ingredient, the market is divided into marine, land animals, veg/grains, carotenoids, and additives.
On the regional basis, the market is segmented into North America (Canada and the U.S.), Latin America (Argentina, Mexico, and Brazil), the Middle East and Africa (Israel, South Africa, Turkey, and GCC countries), Asia Pacific excluding Japan (India, South Korea, China, Australia, Indonesia, and Singapore), Europe (the U.K., Germany, Italy, Spain, France, and Nordic countries), and Japan. The cumulative average growth rates for each of the segment within the global aquafeed market have been identified after a detailed assessment of the prominent trends, future potentials, demographics, developments in technologies, and regulatory requirements.
An in-depth qualitative assessment of factors that are responsible for driving and limiting the growth of this market and for its future opportunities has been presented in the market overview section. This section of the research report also includes an analysis of the market attractiveness that provides a thorough evaluation of the overall competitive scenario in the overall market. The market revenue in terms of US$ Mn for the period between 2017 and 2022, coupled with the compound annual growth rate (CAGR %) from 2017 to 2022 have also been provided for all the segments.
Companies Mentioned in the Report
The report also reviews the profiles of the leading players operational in the global market for aquafeed on the basis of various attributes, such as the overview of the financial, brand, and business performance of the companies, their key business strategies, product portfolio, and the recent developments. The leading companies reviewed in this research report are Cermaq Group AS, Koninklijke DSM N.V., BENEO GmbH, Dibaq Diproteg SA, Ridley Corp. Ltd., Nutreco N.V., Aller Aqua Group A/S, Cargill Inc., and Archer Daniels Midland Co.