The
global aquafeed market depicts the presence of a highly competitive
vendor landscape, owing to the presence of innumerable
well-established players, says Transparency Market Research on the
basis of a recently published report. Most companies are
participating in mergers and acquisitions, strategic partnerships,
and collaborations. With new players entering the market on a regular
basis, the market is expected to experience an invigorated
competitive landscape during the next few years.
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Many
players are expected to focus on improving aquafeed product
manufacturing techniques, thus making an assortment of aquafeed
products available to consumers. Making unique commodities is a key
area where a high emphasis will be put by most of the players in the
global aquafeed market.
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 key players operating in the global
aquafeed market. Owing to innovative production methods introduced,
several players are aiming towards increasing product yield and
production capacity, as well as regulating product costs.
According
to experts from Transparency Market Research, the global aquafeed
market is expected to fetch revenue worth US$70.09 bn by the end of
2022, which is a decent increase in its earlier revenue of US$51.12
bn registered in 2017. This growth is projected to occur at an
impressive CAGR of 6.50% measured during the forecast period from
2017 to 2022.
Increasing
Demand for Keeping Fishes as Pets Boosts Demand for Aquafeed
Growth
in the global aquafeed market is largely boosted due to rising
awareness about the protein-based health benefits of consuming
seafood products. With high-protein rich diets that involve eating
aquafeed varieties being followed all over the globe, the global
aquafeed market is progressing rapidly to showcase a positive growth
curve in the near future.
Several
health conscious people need a high intake of proteins in their
diets. As aquafeed items provide such nutrients, several health
freaks regularly consume these foods, thus causing a rise in their
demand. Moreover, people are increasingly keeping fishes in aquariums
as pets, thus contributing towards a rise in the need for appropriate
aquafeed. This feed needs to be provided to the fishes on a regular
basis.
Rapid
urbanization and a surge in disposable income with improving
lifestyles have led towards people trying out different options for
gaining proteins as key nutrients, thus leading to an increase in
demand for aquafeed products. Such factors are prophesized to
continue propelling the global aquafeed market’s growth in the
upcoming years. Growing popularity of aquaculture production in prime
economies such as China and India also is a prime factor propelling
the market’s growth.
Expensive
Production Techniques Stunts Progress in Aquafeed Market
However,
strict regulations regarding use of fishes and other sea creatures
for aesthetic purposes, as well as for consumption purposes, is
greatly hampering the global aquafeed market’s growth. Moreover,
processing aquafeed could be expensive, further translating into
expensive products for consumers. Nevertheless, many businesses are
soon expected to introduce cost-effective aquaculture solutions,
thereby attempting to reduce the effects of restraints acting on the
market.
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