The
global market for aquafeed is displaying a highly competitive
business structure, finds a new research study by Transparency Market
Research (TMR). Cermaq Group AS, BENEO GmbH, Koninklijke DSM N.V.,
Dibaq Diproteg SA, Nutreco N.V., Ridley Corp. Ltd., Aller Aqua Group
A/S, Archer Daniels Midland Co., and Cargill Inc. are some of the
prominent players operating in this market. The market, however, is
led by only a few players, which makes moderately consolidated, in
terms of competitive landscape. The leading companies of aquafeed are
expected to engage into mergers, acquisitions, and strategic
partnerships, states the market study.
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According
to the research report, the global aquafeed market was worth US$51.12
bn in 2017. Expanding at a CAGR of 6.50% during the period from 2017
to 2022, the market is projected to reach US$70.09 bn by the end of
the forecast period. Extruded aquafeed has been reporting a high
demand among all the forms of aquafeed available in the overall
market and is expected to remain at the top in the years to come,
notes the market study.
Asia
Pacific to Dominate Global Aquafeed Market
In
terms of the geography, the global market for aquafeed has been
segmented into North America, Asia Pacific, Latin America, the Middle
East and Africa, and Europe in this research study. Among these, Asia
Pacific has been leading the global market for aqua feed over the
past few years, thanks to the high demand for fish and the rising
number of aquaculture facilities in this region. With the advent of
China as the global leader in aquaculture production, the demand for
aqua feed is projected to swell enormously in Asia Pacific in the
near future, aiding the region to remain dominant over the next few
years, states the research report.
Increased
Demand for Aquatic Animals to Support Market’s Growth
“The
global market for aquafeed
is gaining substantially from the rising demand for aquatic animals,
especially fishes, for consumption purposes, thanks to their high
nutritional value and cost benefits offered by them. The rise in the
production of fish and other aquatic animals to meet this massively
growing demand has fueled the need for aqua feed substantially,
leading to a remarkable growth in this market. Apart from this, the
augmenting uptake of fishes at pets and the increasing trend of
keeping aquarium and fish tanks for aesthetic purposes are also
reflecting positively on the sales of aqua feed across the world,
states the research report.
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