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| Aquafeed Market |
Global Aquafeed Market Estimated to be Valued at US$ 46.8 Billion in 2023 and
Expected to Exhibit a CAGR of 6.8%
over the Forecast Period 2023-2033: Coherent Market Insights
Market Overview:
The aquafeed market refers to the feed given to aquatic organisms such as fish,
shrimp, and other marine species. Aquafeeds are formulated to provide essential
nutrients required for optimal growth and development of aquatic animals. They
are available in various forms such as pellets, powders, and liquids. The
global aquafeed market is expected to witness significant growth due to the
increasing demand for seafood, growth in aquaculture industry, and rising
awareness about the benefits of aquafeed in improving the health and
productivity of aquatic animals. The use of aquafeed helps in enhancing the
immune system, reducing the mortality rate, and improving the overall quality
of aquaculture products.
Market Key Trends:
With the growing concern for sustainable aquaculture practices, the market for
organic aquafeed is witnessing significant growth. Organic aquafeed is produced
using natural ingredients that are free from synthetic additives, hormones, and
antibiotics. It is considered to be healthier and safer for aquatic animals as
well as consumers. Organic aquafeed helps in reducing the environmental impact
of aquaculture and ensures the production of high-quality seafood.
Organic aquafeed also helps in maintaining the natural taste and flavor of
aquatic products, making them more appealing to consumers. It is also gaining
popularity among health-conscious individuals who prefer organic and
sustainable food options. The increasing adoption of organic aquafeed by
aquaculture farmers and the rising consumer demand for organic seafood are
expected to drive the market growth during the forecast period. Key players in
the Aquafeed
Market Size are focusing on the
development of innovative and sustainable aquafeed solutions to cater to the
growing demand for organic
Segment Analysis:
The Aquafeed market can be segmented based on the type of feed, including fish
feed, crustacean feed, mollusk feed, and others. Among these segments, fish
feed dominates the market and is expected to maintain its dominance throughout
the forecast period. Fish feed is the dominating sub-segment due to the rising
demand for fish as a major source of protein and the increasing aquaculture
production. According to the Food and Agriculture Organization (FAO), global
fish production reached 177 million tons in 2018, with aquaculture accounting
for 46 percent of the total. As the aquaculture industry continues to grow, the
demand for fish feed is expected to increase, driving the growth of the
aquafeed market.
Key Takeaways:
The global Aquafeed market is expected to witness high growth, exhibiting a CAGR of 6.8% over the forecast period
(2023-2033). This growth can be attributed to several factors. Firstly, the
increasing global population and the rising demand for seafood and fish protein
are driving the growth of the aquaculture industry, thereby increasing the
demand for aquafeed. Secondly, the depletion of wild fish stocks and the need
for sustainable fish farming practices are further boosting the adoption of
aquafeed. Additionally, advancements in aquafeed technology and the development
of innovative feed ingredients are enhancing the nutritional value and
performance of aquaculture species.
In terms of regional analysis, the Asia Pacific is the fastest-growing and
dominating region in the Aquafeed market. This can be attributed to the high
consumption of seafood in countries like China, India, and Japan. The Asia
Pacific region also has a strong aquaculture industry due to favorable climatic
conditions, vast coastlines, and abundant water resources. Furthermore,
government initiatives to promote sustainable aquaculture practices and
increase domestic fish production are driving the demand for aquafeed in this
region.
Key players operating in the Aquafeed market include Archer-Daniels-Midland
Company, Land O'Lakes, Inc., Nutreco N.V., Cargill, Incorporated, De Heus
Animal Nutrition BV, Biomin Holding GmbH, Alltech Inc., Sonac Burgum B.V.,
Zeigler Bros., Inc. (ZBI), BENEO GmbH, Koninklijke DSM N.V., and Nutriad
International NV. These key players are focusing on product innovations,
strategic partnerships, and mergers and acquisitions to strengthen their market
position and cater to the growing demand for aquafeed globally.
Read More: https://www.pressreleasebulletin.com/aquafeed-market-analysis/