GLOBAL - According to a new report published by Allied Market Research, the global aquafeed market is poised to reach $156 billion by 2022 with a CAGR of 13.3% during 2016 and 2022.
Fish and mollusks end use segment accounted for more than three fourth of the total aquafeed consumption. Total consumption of China and Indonesia was about 75% of the Asia-Pacific aquafeed market in 2015.
Aquafeed is a compounded meal that consists of various raw materials and additives, which provides nourishment and enhances overall growth & productivity of aquatic animals. The world aquafeed market is expected to grow at a considerable rate due to rising seafood consumption, increasing consumer concerns and regulatory pressure to maintain high quality of fishes to avoid any outbreak of diseases (salmonella, botulism, melioidosis).
Rising commercialization of seafood across rural and urban regions are expected to further boost the market growth. However, factors such as increasing raw material prices (fish meal, fish oil, wheat barley including others) and stringent regulatory structures formulated for manufacturing aquafeed additives, would hinder the market growth.
Fish and mollusks end use segments together dominated the aquafeed market, and are estimated to grow with the CAGRs of 13.3% and 13.4%, respectively. Around half of the fish feed was consumed by carps and salmon collectively in 2015. The increasing per capita consumption of fish is expected to continue during the forecast period, owing to surging demand for seafood and protein rich diets, fuelling growth for the aquafeed market for fish.
Amino acids and vitamins segments accounted over a one thirds of the aquafeed additive market in 2015. Amino acids play an important in the development of nutrition and metabolism of aquatic animals, and hence this trend is projected to continue in the future.
Key findings of the study:
- Crustaceans is projected to be the fastest growing segment in world aquafeed market registering a CAGR of 13.7% (value terms) during 2016 and 2022.
- Amino acid is projected to be the fastest growing additive segment in world aquafeed additives market registering a CAGR of 7.9%.
- Carps held 39.9% market share in the fish segment in 2015, in terms of volume.
- Asia-Pacific is projected to occupy the highest market share with a CAGR of 13.1%.
- China would continue to lead the aquafeed market at a CAGR of 12.3%.
- Brazil held more than half of the market share in the LAMEA region in 2015, whereas South Africa intends to grow at a CAGR of 14.1% during the period under consideration.
The Asia-Pacific and LAMEA aquafeed market would offer lucrative growth opportunities during the forecast period, owing to increase seafood consumption, food safety concerns and rise in disposable income.
In the Asia-Pacific market, China is the major aquafeed producer followed by Indonesia, Thailand, and India. South Africa and Brazil, in LAMEA, would exhibit a high CAGR of 14.1% and 13.9% (value terms), respectively. The European Union enforces the aquafeed industry in Brazil, which is a major exporter of seafood to Europe, to opt for better & safe feed additives and raw materials, thereby fuelling the growth of this market.
The key players profiled in the world aquafeed market include, AllerAqua A/S, Cargill, Inc., Beneo GmbH, Biomar A/S, Avanti Feeds Ltd, Alltech Inc., Biomin GmbH, Charoen Pokphand Foods Public Company Limited, Nutreco N.V. and Coppens International B.V.
You can view the full report “World Aquafeed Market – Opportunities and Forecasts, 2015-2022" by clicking here.
TheFishSite News Desk