APEJ
will remain the main hub for aquafeed manufacturing while North
America will continue to grow at an exponential rate
The
global aquafeed market is spread over most of the countries of the
world, lending increased visibility to the regional markets in terms
of revenue growth. APEJ is the leading producer of aquafeed followed
by North America, Latin America, Western Europe, Japan, MEA and Latin
America. China and Norway have emerged as major producers of aquafeed
in the past three years. The U.S is a major producer of aquafeed in
the world. APEJ has been leading the global consumption of aquafeed
for the last 10-20 years with an average per capita production of
nearly 53% of the entire global production in million metric tonnes
over the period. An abundant supply of fresh water sources in APEJ
along with a rich aquaculture has helped the region retain the top
position in the global
aquafeed market.
The MEA region will hold great potential for aquaculture as most of
the big feed manufacturing firms are establishing their aquafeed
plants in Egypt owing to the availability of cheap labour. Besides,
being the largest tilapia producing region makes Egypt the most
promising region for aquafeed production over the assessment period.
Within
the APEJ market, China will exhibit significant growth owing to the
large water mass surrounding the Asian countries coupled with
favourable climatic conditions and a positive trade scenario in
countries such as India, Singapore, and Malaysia. The APEJ aquafeed
market is predicted to grow 2x over the forecast period of 2017-2027.
From an estimated market valuation of about US$ 18 Bn in 2017, the
APEJ regional market will grow at a CAGR of 7.0% to reach a market
valuation of about US$ 36 Bn by the end of the forecast period in
2027. In terms of volume, the APEJ market will register a CAGR of
6.3%. APEJ leads the global market in terms of both value and volume
CAGR.
Key
factors fuelling revenue growth of the global aquafeed market across
various regional markets
Increase
in marine and terrestrial land growth: Data acquired from the World
Bank indicates that the marine and terrestrial protected areas
covered by the UN Environmental Program & the World Conservation
Monitoring Centre offer plenty of opportunities for aquaculture
companies to meet consumer demand effectively. For instance, in 2000,
the percentage of marine and terrestrial land was 8.79% of the total
terrestrial land and in 2014 this went up to 12.8% showing
significant opportunistic growth.
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Increasing
global population: A rapid increase in the global population and a
subsequent rise in the consumption of food demands modern and
advanced technologies as well as sonar equipment, leading to an
over-exploitation of marine species and marine resources to meet the
expanding consumer demands.
Better
arable land: There is vast arable agricultural land available for
cultivating wheat, corn, soybean, and maize, which are the main
ingredients used in the production of aquafeed. A limited
availability of marine resources such as fish meal and fish oil have
led to an increased usage of wheat, corn, soyabean, and maize as
ingredients for aquafeed production.
Rural
population relying on fisheries: In several regions of the world, the
rural populace survives on fisheries and aquaculture as fish is a
cheaper and economical source of fats, protein, and other
micro-nutrients required for proper growth and nourishment.
Global
aquafeed market anticipated to grow 1.6x over the forecast period
2017 – 2027
The
global aquafeed market was valued at about US$ 48 Bn in 2016 and this
is estimated to increase at a CAGR of 5.9% during the 10 year period
to reach a market valuation of nearly US$ 86 Bn by the end of 2027.
Besides the factors listed above, other market growth drivers include
increasing incidence of food borne illness, rising concern for food
safety and quality, drifting inclination towards aquaculture growth
and increasing demand for sea food across the globe.
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