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.
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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.
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