aquafeed market size is expected to expand at a CAGR of 5.6% during the
forecast period of 2021-2030.
compounded meals formulated for aquatic animals by mixing various additives, raw
materials and other supplements sourced from either synthetic or natural
sources, depending upon the age of the animal and requirements of the species. High-quality
aquafeeds offer a variety of benefits, including immune-resistance, growth, and
nutrition to various aquatic animals than farm-made feed due to their
need-specific and balanced composition.
Factors such as
the rapidly surging direct seafood consumption due to the growing need for
protein-rich diets among consumers around the globe, the expanding seafood
trade and aquaculture production across different parts of the world, the
rising demand for aquatic animal by-products in feed applications, especially
in the developing economies, the increasing number of technological
advancements in feed formulation and the increasing consumer awareness regarding
quality of seafood products are primarily driving the growth of the global
of seafood is witnessing a steep rise all across the globe, majorly due to the rising
awareness regarding the potential health benefits associated with fish and
other aquaculture species. Fishes have low-fat content compared to other forms
of meat, are rich sources of proteins, vitamins, minerals, amino acids, and
essential fats, which help maintain a nutrient diet. The soaring population and
disposable incomes along with rapid urbanization in the developing nations are also
leading to a worldwide growth in fish and aquaculture production. Fisheries and
aquaculture are progressively becoming a predominant source of protein,
well-being and livelihood of a major portion of the population around the world.
This rise in the consumption of seafood and the overall seafood business is
giving a major thrust to the global aquacultural activities, aiding in the
growth of supply and the overall market for aquafeed across the globe.
implementation of stringent regulatory frameworks for fishing industry
production, usage, and marketing from various authorities and organizations
across different regions is also growing, making the aquafeed market highly
organized and modern. Few years back, the U.S. put a ban on the use of
antibiotics as growth promoters in feed additives for aquatic animals.
Consequently, the demand for aquafeed has grown, which is aiding in fueling the
growth of the overall market significantly.
other factors such as the emergence of new species in aquaculture, the escalating
fish farming, the expanding aquaculture industry, the availability of vast
arable area to cultivate the main ingredients used for the production of
aquafeed and the limited accessibility of marine feed resources are expected to
further augment the growth of the global aquafeed market during the forecast
However, the increasing
raw material costs is expected to hamper the growth of the market up to certain
extent during the period of forecast.
By Feed Type
Middle East and Africa
species, the fish segment is predicted to attain the highest CAGR in the market
during the forecast period. Factors such
as the proliferating demand for fish products and the rising direct human
consumption of farm-raised catfish due to surging income levels and upsurge in
demand for protein-rich healthy food products globally are majorly contributing
to the growth of the market.
Based on form,
the dry segment captured the largest share in the aquafeed market in 2020, and
the trend is expected to remain unchanged over the forecast period. The
availability of a variety of feed sizes, advantages such as easy manufacturing,
storing and transporting associated with dry form of feeds, and the production
of specialized feed with such form are the major factors propelling the
Based on feed
type, the grower feed segment dominated the global aquafeed market in 2020 by
acquiring a market share of 36.0% and is estimated to further retain its
position in the market during the forecast period. The high capacity and
flexibility in terms of protein deposition and formulations and the better feed
conversion rates associated with grower feed are key factors driving the
Based on ingredient,
the soybean segment accounted for the largest share in the aquafeed market in
2020 and is anticipated to further retain its dominance in the market during
the forecast period. The segment's growth can be attributed to high consumption
of soybean meal due to its relatively cost-effective price compared to fishmeal.
Pacific region dominated the global aquafeed market by capturing a market share
of 43.0% in 2020. The region is projected to further retain its dominance and
also emerge as the fastest growing regional market for the aquafeed market
during the forecast period of 2021-2030. The growth of the market in the region
can be attributed to various factors such as the rapidly expanding aquaculture
industry, the high production of aquafeed, the rapid transformation of the processed
seafood market in the region in response to the growing urbanization and diet
diversification, the surging demand for seafood, the soaring awareness demand
for aquafeed products, especially in India and the growth in salmon farming
owing to easy farming technologies in the region. China along with India are
the major contributors to the growth of the market in the region.
region accounted for the second largest share in the global aquafeed market in
2020 and is expected to further retain its position in the market during the
forecast period. The growth of the market in the region can be attributed to
the increasing production and demand for salmon in almost all countries in the
region, the escalating demand for seafood and the increasing government-based
initiatives and spending in the region.
American region held a prominent market share of the global aquafeed market in
2020. The region is projected to witness robust growth in the upcoming years on
account of the ever-rising aquaculture industry, the surging consumption of
seafood, the increasing disposable incomes of the middle-class population, the
growing support from the government for aquaculture, the escalating trade of fish
and fishery products and the burgeoning demand for tilapia and catfish feed in
the region. U.S., along with Canada are the major contributors to the growth of
the market in the region.
IN AQUAFEED MARKET
Archer Daniels Midland Company
Purina Animal Nutrition
Ridley Corporation Ltd.
Avanti Feeds Limited
Biostadt India Limited
Aller Aqua A/S
Norel Animal Nutrition
Biomin Holding GmbH
Charoen Pokphand Foods PCL