Aquafeed Market - Evolving Industry Trends and key Insights by 2022

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.

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.

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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.

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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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