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Aquafeed Market : By Additives (Vitamins, Antioxidants, Amino Acids, Enzymes, Acidifiers, Binders), By Form (Dry, Moist, Wet), By End Consumers (Fish, Mollusks, Crustaceans, Others), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
Aquafeed is the food given to aquatic farm animals. Both farmed and wild fishes need a healthy combination of vital elements like vitamins, amino acids, and fatty acids to survive. Utilizing feed components that promote the aquaculture industry's sustainable growth and protect the special blend of nutrients required to maintain both healthy fish and healthy people is a crucial aspect of sustainable aquaculture. Aquafeeds that are sustainable offer a well-balanced combination of the vital elements that fish require to grow. These feeds assist fish farms in meeting the rising global demand for seafood while minimizing their environmental impact. Quality plant-based components are sourced from both the coasts and the interior, creating domestic economic opportunities and sustainable feed substitutes.
Aquafeed Market to surpass USD 124.2 billion by 2032 from USD 70.35 billion in 2021 at a CAGR of 5.3% in the coming years, i.e., 2022-32. The Aquafeed Market is growing as a result of increased consumer awareness of seafood product quality and rising worldwide seafood consumption. Moreover, the rising per capita income, particularly in developing countries is anticipated to support the growth of the Aquafeed Market.
Figure - Market Analysis of Aquafeed Market
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Aquafeed Market is categorized on the basis of Additives into Vitamins, Antioxidants, Amino Acids, Enzymes, Acidifiers, and Binders. Amino acids segment is leading the market due to their benefits. These benefits include improving boosting larval performance, immune function, boosting tolerance to environmental stresses, maximizing fish metabolic transformation efficiency, regulating spawning efficiency and timing, and improving texture and fillet taste when added to aquafeed.
Aquafeed Market is categorized on the basis of End Consumers into Fish, Mollusks, Crustaceans, and Others. The fish and mollusc consumption has increased worldwide due to rising income levels and increasing demand for protein-rich, healthful food products. Additional categories of fish include carp, tilapia, salmon, and catfish. According to the prediction for the aquafeed market, the carp fish type has the larger market share since the common carp fish species are well-liked, widely available, and can survive in a several aquatic environments.
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Increased aquaculture production is anticipated to drive due to the rising consumer spending on fish and fish-related products including fish meal, fish oil, and fish silage, and also rising seafood consumption. Also, the growing commerce in seafood across numerous international countries and the rising need for animal protein in developed western economies it is anticipated to contribute to the market growth in the years to come.
The Aquafeed Market growth is predicted to be boosted by favorable government norms and regulations like the acceptance of the use of insect protein in aquafeed. Insects provide an all-natural, sustainable source of high-quality protein for the aquafeed and aquaculture industries. The good effects of employing insect proteins as a feed supplement for aquaculture in terms of growth and quality are one of the key factors boosting the demand for aquafeed. Furthermore, the use of organic fish feed can be used to raise aquatic animals acceptably and morally. Given that consumers' preference for organic food has grown significantly in recent years, it is projected that an increase in the production of organic feed will support a rise in aquafeed sales.
The market growth is hampered by the high price fluctuation of the raw materials used in the manufacturing of the feed. For instance, a sharp increase in the cost of corn, soybeans, or other raw materials have a direct impact on the ultimate price of the product, which may reduce sales. Also, a growing number of individuals are choosing vegetarian diets and avoiding non-vegetarian food, which is predicted to lower demand for fish and have a negative impact on the Aquafeed Market.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Aquafeed Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. In 2021, Asia Pacific region dominated the Aquafeed Market. The availability of inexpensive labor, the creation of conditions that encourage the growth of aquaculture, and the abundance of natural resources in the area are all the reasons for this boom.
In Europe, particularly in the UK, Italy, France, and Spain, the aquaculture industry is expanding significantly. The growth of the market in Europe has been further spurred by advancements in environmental management, as well as a major rise in feed efficiency and aquatic species' nutrient intake.
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Aquafeed has been impacted by the COVID-19 epidemic, like other sectors. Due to continuous trade restrictions and manufacturing and production activity constraints brought on by the pandemic, enterprises in the aquafeed sector also experienced logistical issues. To assure a constant supply of feed for the aquaculture industry, several producers have taken steps to make sure their facilities are working at full capacity.
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REPORT ATTRIBUTE |
DETAILS |
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Market Size Value in 2021 |
USD 70.35 billion |
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Revenue Forecast in 2032 |
USD 124.2 billion |
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Growth Rate |
CAGR of 5.3% from 2022 to 2032 |
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Base Year for Estimation |
2021 |
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Quantitative Units |
Revenue in USD billion and CAGR from 2022 to 2032 |
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Report Coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments Covered |
Additives, Form, End Consumers, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Key Companies Profiled |
Cargill Incorporated, Charoen Pokphand Foods PCL, Nutreco Corporate, Alltech, Purina Animal Nutrition LLC, BioMar Group, Skretting, Ridley Corporation Limited, Biostadt India Limited, Avanti Feeds Limited, BENEO, Aker BioMarine, Aller Aqua, The Waterbase Limited, Dibaq Aquaculture, and Other Prominent Players. |
The Aquafeed Market size was estimated at USD 70.35 billion in 2021 and is expected to reach USD 124.2 billion in 2032.
Aquafeed is the food given to aquatic farm animals. Both farmed and wild fishes need a healthy combination of vital elements like vitamins, amino acids, and fatty acids to survive.
The Amino Acids and Fish segments accounted for the larger share of the Aquafeed Market.
Key players in the Aquafeed Market are Cargill Incorporated, Charoen Pokphand Foods PCL, Nutreco Corporate, Alltech, Purina Animal Nutrition LLC, BioMar Group, Skretting, Ridley Corporation Limited, Biostadt India Limited, Avanti Feeds Limited, BENEO, Aker BioMarine, Aller Aqua, The Waterbase Limited, Dibaq Aquaculture, and Other Prominent Players.
The Aquafeed Market is growing as a result of increased consumer awareness of seafood product quality and rising worldwide seafood consumption.
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