With
a large number of aquafeed vendors functioning across the world, the
global aquafeed
market is demonstrating a fragmented and competitive
landscape, finds a new research report by Transparency Market
Research (TMR). New players are continuously venturing into this
market, which is likely to intensify the competition within this
market substantially in the years to come. Cermaq, Koninklijke DSM,
BENEO, Dibaq Diproteg, Ridley Corp., Nutreco, Aller Aqua, Cargill,
and Archer Daniels Midland are some of the leading vendors of
aquafeed across the world, states the research report.
As
per the research study, the worldwide market for aquafeed will reach
US$51.12 bn by 2017. Further, researchers at TMR estimate this market
to proliferate at a CAGR of 6.50% during the period from 2017 to 2022
and touch US$70.09 bn in revenues by the end of the forecast period.
Extruded aquafeed has been witnessing a high demand across the world
and, expanding at a CAGR of 8.70%, this segment is likely to continue
on the top over the period of the forecast. Fishes and crustaceans
have emerged as the key end users of aquafeed, whereas, health,
palatability, digestibility, and special nutrition have been
considered as the prime functions of aquafeed, in this research
study.
Prominence
of Aquaculture Production to Propel APEJ Aquafeed Market
The
research report also presents a geographical evaluation of the
worldwide market for aquafeed. According to the study, Latin America,
the Middle East and Africa (MEA), Europe, North America, Asia Pacific
excluding Japan (APEJ), and Japan are the prime regional market for
aquafeed across the world. Among these, APEJ has surfaced as the
leading regional market for aquafeed, thanks to the prominence of
aquaculture production in Asian countries, specifically China.
Over
the forthcoming years, the rising popularity of salmon farming, on
account of the ease of farming and the resilience of this fish even
in adverse condition is expected to propel the APEJ market for
aquafeed in the years to come. The Europe aquafeed market is also
projected to report steady growth over the forecast period, notes the
research study.
Increasing
preference for Protein-rich Diet to Fuel Demand for Aquafeed
“With
the continuous rise in the consumption of seafood products across the
world the global market for aquafeed is experiencing a significant
rise, says a TMR analyst. Nowadays, consumers are well aware of the
benefits of seafood products, especially, high quality ones, which
has fueled the demand for superior quality aquafeed.
Going
forward, the increasing interest of people, globally, towards
protein-rich diet is likely to keep the consumption rate of seafood
high in the near future. The rising disposable income of consumers in
developing countries will also add to this factor, which, eventually,
is expected to fuel the demand for aquafeed substantially across the
world in the years to come. However, the volatility in the raw
material prices may act as a hindrance in the market’s growth over
the next few years, states the research report.
The
review is based on a report by Transparency Market Research (TMR),
titled “Global Aquafeed Market (Form - Extruded, Pellet, Powder,
and Liquid; End User - Fishes and Crustaceans; Function - Health,
Digestibility, Palatability, and Special Nutrition; Ingredient -
Marine, Land Animals, Veg/Grains, Carotenoids, and Additives) -
Global Industry Analysis, Size, Share, Growth, Trends and Forecast,
2017–2022.”
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