Aquafeed Market is projected to reach $172.56 Billion by 2022

Published: Mon Sep 03 2018

The report "Aquafeed Market Aquafeed Marketby End User (Fish, Mollusks, and Crustaceans), Ingredient (Soybean, Corn, Additives, Fish meal, Fish oil), Additive (Antibiotics, Vitamins, Antioxidants, Amino acids, Feed enzymes, Feed Acidifiers), and Region - Global Forecast to 2022", The global aquafeed market is estimated to be valued at USD 107.82 Billion in 2017 and projected to reach USD 172.56 Billion by 2022, at a CAGR of 9.9% from 2017 to 2022.

The aquafeed market is segmented on the basis of ingredient, aquatic animal type, and region. The ingredients of aquafeed include corn, soybean, fishmeal, fish oil, additives, and others such as rice, wheat, and maize. The market has further been segmented on the basis of aquatic animal type into carps, shrimps, mollusks, crustaceans, and others including eels, cyprinids, and other freshwater fish. The aquafeed market is further divided into fishmeal and fish oil market based on their applications for aquatic animals, swine, poultry, cattle, and pet animals. On the basis of key regions, the aquafeed market has been segmented into North America, Europe, Asia-Pacific, Latin American, and the Rest of the World (RoW).

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The increasing production capacity of the aquaculture industry is subsequently driving the need for aquafeed, globally. The world’s population is constantly demanding for the appetite of fish. Due to this, the global aquaculture has grown rapidly to meet world fish demand. Rise in aquaculture production is necessary in order to maintain global per capita fish consumption at the present level. Fish farming enables greater control of product quality and safety. This presents the possibility of tailoring products according to consumer demands. The emerging markets of the Asia-Pacific region of aquafeed products are developing in order to cater to the growing demand for advanced and efficient aquafeed products. Similarly, it provides support to fulfil customer’s need to implement latest research & development technology to support maximum production.

Increased consumption of premium sea-food growth over the past years, followed by growth & developments in the aquaculture industry, has opened new opportunities for the feed industry. Fish and fishery products represent a valuable source of protein and essential micronutrients for balanced nutrition and good health. Busy lifestyles of consumers demand healthy food products. Improving fish supply and distribution by targeting marketing and quality improvement, as well as the involvement of the private sector, are some of the promising aspects leading to the expansion of the aquafeed industry. 

Corn ingredient is projected to grow at the fastest growth rate, in the global aquafeed market by 2021, in terms of value, owing to its increased utilization in the replacement of fishmeal and fish oil.

The European market is projected to grow at the highest CAGR, in terms of value, from 2016 to 2021. The Asia-Pacific region is also expected to record higher than average growth in the aquafeed market, being the most developing producer of formulated aquatic animal diets. China accounted for the largest country-wise market share in the Asia-Pacific region for aquafeed in 2015, followed by Vietnam & Thailand. Canada followed by France & Indonesia are the fastest growing aquafeed markets by 2021, globally.

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