Aquafeed market was valued at a range of $44.2Bn - $44.6Bn in 2018, and demand in it is estimated to grow with a CAGR of about 4%-6% during the forecast period 2019-2025, according to a new market research report from IndustryARC titled: “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) By Geography - Forecast (2019-2024).”
Browse 79 Market Tables, 178 Figures spread through 148 slides and an in-depth TOC “Aquafeed Market (2019 - 2024)”
Aquafeed Market Product Analysis:
Worldwide aquaculture production for the current year 2018 is recorded around 76.6 million MT, according to World Bank’s report “FISH TO 2030 Prospects for Fisheries and Aquaculture”. And, there exists a need of 78.6 million MT by 2020 and 93.6 million MT aquaculture production by 2030. Feed plays promising role in aquaculture production. Aquafeed is a special animal food which is to be water resistant. This feed appears in the form of granuels or pellets which is obtained from a combination of ingredients such as vegetable proteins, cereal grains, vitamins and minerals that provides nutrition and enables fish with effective feed to empower its potential.
Increasing demand for health benefits to human by seafood consumption is driving the growth of the aquafeed market. Herbivorous fish eat plant proteins such as soy, corn; vegetable oils, minerals, and vitamins as a part of their feed. Whereas farmed carnivorous fish feed include herbivorous fish, fish meal, fish oils and proteins, plant proteins, minerals, and vitamins.
Soybean meal, fish meal and corn are the major ingredients used in aquafeed production. Corn gluten meal act as a protein source for fish, Omega-3 Canola Oil is an alternative for fish oil and act as a dietary source of docosahexaenoic acid (DHA) in feed for salmon fish, sunflower protein concentrate is used in diet of catfish. The aquafeed market research is focused on identifying alternatives which enhances the growth of fish. The aquaculture feed is essential for the production of profitable marine livestock. Rising efficiency of feed production develops aquaculture sustainability and also reduces the environmental impact.
Aquafeed Market Competitive Landscape:
- Avanti Feeds Limited, Cargill Inc, Alltech, Archer Daniels Midland Company, Ridley Corporation Limited, Nutreco N.V, Biostadt India Limited, Nutriad, Aller Aqua A/S, Purina Animal Nutrition are the key players holding major share in the Aquafeed market
- Cargill Inc. focus on producing innovative feed products using more marine resources to fish meal and fish oil. It prefer alternative ingredients which possess amino acids and essential nutrients to fish meal in aquaculture feed to optimize aquaculture production. Its aqua feed products involves fish and plant based raw materials which are useful in preserving marine resources. In 2018, the giant company in the aquafeed marketplace invested in Indonesia aquaculture feed center, to increase its footprint effectively with its sixth facility in South Asia. It was aimed to enrich feed standards, farming practices and also to improve the return on investment for aquaculture producers thus it is supporting for the growth of the freshwater aquaculture industry
- Cargill produced nearly 1.5 million tonnes of aquafeed in the year 2018. Thus, Cargill Aqua Nutrition holds 3.7% of global aqua feed production and stands among top 5 global aqua feed players.
- Cargill launched a plant-based fish oil alternative in 2018, it offers omega-3 fatty acids derived from Canola ingredient which is a safe to use in salmon feed. It depicts an increasing demand for omega-3-rich salmon due to its heart health benefits. Thus innovative plant based Omega 3 is more reliably used by aquafeed manufacturers to meet the rising demand for aquaculture production. Cargill has undergone a expansion in aquafeed industry that is, it opened a new shrimp feed plant in Ecuador with two production lines
- Ridley Corporation Limited is an Australian feed manufacturer, which produces feed and feed ingredients for the aquaculture at its 21 manufacturing facilities across Australia. It is expanding its presence through the construction of a new fish feed extrusion plant in Tasmania. In 2018 it has received a funding amount of AUS$2m as a support from the Tasmanian Government and it is expected to start in the quarter of 2019. Incessant demand for the Salmon industry remains strong and dominating from Tasmania region in Australia
Aquafeed Market Segment Analysis:
- Carp type is leading with a major share in the aquafeed market and is estimated to grow at a CAGR of 29%-31% during the forecast period 2019 - 2025. According to a survey it was noted as 62% of China’s aqua feed production is for carp thus it occupies a dominating share among others
- On the basis of geographical analysis, Asia-Pacific occupies a large share that is about 30%-32% among other regions in the Aquafeed market. Owing to the increasing number of aquafeed production facilities of major companies such as Cargill Inc, and Alltech in eminent countries named Vietnam, China, Thailand, Indonesia and India are contributing for the growth of Asia-Pacific region in a global aquafeed market
Aquafeed comprises of feed pellets with high nutritional value products to increase the aquaculture feed production. Growing seafood consumption coupled with human health benefits are influencing the influencing the manufacturers to proceed with innovative formulations. Increasing number of plants for aquafeed production in eminent countries is projected to stroke the aquafeed market growth during the forecast period 2019-2025.
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