Pune, India, Nov. 07, 2022 (GLOBE NEWSWIRE) — Global aquafeed market is expected to reach the size $85.17 billion by 2028 and demonstrate a CAGR 5.59% during the forecast period. The growing popularity of aquafeed and increasing investment in research and development activities are projected to aid growth in the market. Market growth can also be attributed to rising seafood consumption and rising seafood trade due to consumer spending on fish and fish products, including fishmeal, fish oil and fish silage. Fortune Business InsightsTM informed about this in his report “Aquafeed Market, 2021-2028″. It was market size $55.71 billion in 2020 and arrived $58.19 billion in 2021.
Impact of COVID-19-
Supply chain disruptions hampering market growth
The coronavirus pandemic has had a serious impact on the market. Disruptions in sea and air transport and global supply chains have adversely affected the market growth. Closure of several manufacturing plants affected the growth of the market. However, the market is recovering due to increasing vaccination drives worldwide. It is expected to witness a huge increase after the pandemic.
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List of Key Players Profiled in Market Report:
- Cargill Incorporated (Minnesota, USA)
- Archer Daniels Midland Company (Illinois, USA)
- Alltech Inc., (USA)
- Purina Animal Nutrition (Missouri, USA)
- Ridley Corp Ltd (Australia)
- Nutreco NV (Amersfoort, Netherlands)
- Aller Aqua A/S (Christiansfeld, Denmark)
- BioMar A/S (Denmark)
- Dibag Aquaculture (Spain)
- Beneo GmbH (Germany)
Report Scope and Segmentation:
|Scope of the report||Details|
|2028 Value Forecast||85.17 billion USD|
|Aquafeed Market Size in 2020||55.71 billion USD|
|Number of pages||164|
|Covers segments||By Type, By Form, By Region|
|Aquafeed Market Growth Drivers||Increasing seafood trade to help market growth|
Based on type, the market is segmented into molluscs, crustaceans, fish, and others. By composition, the market is segmented into supplements, fish oil, fish meal, soy, corn, and others. Based on form, the market is divided into dry and wet. Geographically, the market is segmented into South America, North America, Europe, Asia Pacific, and the Middle East & Africa.
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Scope of the report-
- It incorporates Porter’s Five Forces Analysis and SWOT analysis for accurate market forecasting.
- It describes the impact of the COVID-19 pandemic.
- It includes a list of key players profiled in the market.
- It highlights the main trends in the market.
- It displays information about various market segments such as shape, type, ingredient and others.
Drivers and Limitations –
Increasing seafood trade to help market growth
The increasing popularity of organic fish farming is expected to offer lucrative growth opportunities for the market. Although organic fish farming is still in its nascent stage, increasing consumer preference towards it is likely to help the market grow.
Growing demand for animal protein in major western countries and growing seafood trade worldwide are projected to fuel the growth of the global aquatic feed market. Rising seafood consumption and consumer spending on fish and fish products including fish silage, fish meal, and fish oil are projected to increase aquaculture production and therefore stimulate market growth.
Finally, increased investment in research and development activities for the development of innovative products by key players is expected to complement the market growth.
However, volatile prices of raw materials may hinder the growth of the market.
Regional views –
Increasing fish production to fuel growth in the Asia Pacific region
Asia Pacific region is expected to dominate the global aqueous feed market due to rapid market development in the last decade. India and China account for more than half of the region’s sales. Increasing fish production in China is likely to complement the market growth. Moreover, increasing business expansion in China and India may fuel market growth in the Asia Pacific region.
Europe is expected to witness significant growth due to increasing aquaculture production and increasing consumer preference for salmon production.
North America is projected to witness significant growth due to the presence of prominent market players including Archer Daniels and Cargill Incorporated. Additionally, high profits from aquaculture exports are likely to complement the region’s market growth.
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Competitive Landscape –
Key players emphasize product portfolio diversification to expand market share
Major market players emphasize diversification of product portfolio and distribution network to increase market coverage and consumer base. They adopt smart growth strategies including mergers and acquisitions, new product launches, technological advancements and others. For example, in January 2020, BioMar A/S expanded its production capacity through the opening of a new liquid feed plant in Wesley Vale, Tasmania. The new plant offers an annual feed production capacity of 110,000 tons.
Main Table of Contents:
- Research Area
- Market Segmentation
- Research methodology
- Definitions and assumptions
- Market dynamics
- Market drivers
- Market restrictions
- Market Opportunities
- Emerging Trends
- Basic concepts
- Overview of the parent market
- Industry SWOT Analysis
- Supply Chain Analysis
- Recent Industry Developments – Policies, Partnerships, New Product Launches and Mergers & Acquisitions
- Qualitative Analysis (related to COVID-19)
- Impact of COVID-19
- Supply Chain Issues
- Potential opportunities related to COVID-19
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Industrial development –
- May 2021: UK-based BP Milling has introduced a new granular mix of fish attractants called SmartMix. The blend is packed with vital minerals and vitamins and immune-boosting amino acids.
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