Stringent Regulations Proving to be a Challenge for the Aquafeed Market
Aquafeed market: by form (dry, moist, wet), by ingredients (soybean, fish meal, corn, others), by additives (vitamins, antibiotics, others), by end user (fish, mollusks, others) forecast (2018-2023),” The market is estimated to have a profitable future.
Aquafeed is the food produced for various aquatic species such as mollusks, crustaceans, and fishes. This fish food includes ingredients such as soybean, corn, and fish oil. An appropriate amount of proteins and minerals in the aquafeed is necessary for the optimal growth of the marine livestock. The largest aqua feed market growth is expected to be witnessed in the Europe region due to the vastly favored high protein diet factor among the Europeans.
Aquafeed Market (2018 - 2023)”
Aquafeed Market Trends
The sudden rise in the global consumption of seafood owing to their high-protein characteristics has triggered the aquafeed market. Nevertheless, the availability of raw resources such as fish oil and fish meal required to produce the aquatic feed has decreased in recent years. This has turned out to be a critical issue for the aqua feed market. Because of this situation, the prices in the aquafeed industry is expected to rise as the demand is consistently increasing against the limited supply. On the other hand, the growth of this market also depends on the gigantic plow-able land used to cultivate maize, corn, and wheat which are some of the main ingredients required for the manufacturing of aquatic feed.
The aquafeed market is evidently distracted by stringent government regulations. A few developed countries have strict rules regarding the use of antibiotics as a growth promoter in aquatic as well as land animals. But the leading producers and exporters of aquatic food including China, Vietnam, and Thailand are using antibiotics extensively for the optimum growth in these species. Such imbalanced regulations are posturing as a challenge for the aqua feed market.
The aquafeed market is proliferating in both the developing and developed nations. The prime factor for the growth in this market is the increased consumption of seafood owing to its high nutritional value. Innovations in the production of aqua feed techniques will demonstrate growth in the market. Uncompromising regulations from a few developed countries are proving to be a restraint for the aqua feed market. Despite this challenge, the aquafeed market will be profitable in the near future.