Aquafeed Market Size Forecasted at USD 87 Billion by 2030″
Global Aquafeed Market Outlook
The global aquafeed market is demonstrating notable revenue growth in the next few years. The increasing demand for aquatic proteins, alongside the substantial increase in the seafood trade and aquaculture production, would drive market growth. According to Market Research Future (MRFR), the global aquafeed market is estimated to garner USD 87 BN by 2030, growing at a 6.80% CAGR during the assessment period (2020-2030).
Besides, the rising demand for seafood and its large-scale consumption among consumers due to the increasing need for protein-rich diets substantiate the aquafeed market revenues. Favorable government regulations for aquaculture substantiate the aquafeed market share. Increasing developments in technologies and strategies used to enhance the quality of aquaculture will likely impact the aquafeed market revenues positively.
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Aquafeed plays an important role in improving the health of freshwater fish. Freshwater aquaculture involves raising fish, crustaceans, mollusks, aquatic plants, algae, and other aquatic animals in a controlled and sustainable environment. The aquafeed market is undergoing rapid changes, and several developments have occurred in the past few years. Fish farmers are increasingly turning to sustainable aquaculture practices.
Given the increasing awareness of its environmental impact, aquaculture is gaining attention as an efficient way to meet the global demand for fish. This drives the adoption of modern technologies, especially aquaponics and integrated multi-trophic aquaculture. Other key trends driving the aquafeed market growth include the increased consumption of seafood in several regions and the rising demand for animal proteins across the globe.
Global Aquafeed Market – Segments
The market is divided into aquatic species, ingredients, additives, and regions. The aquatic species segment is sub-segmented into carps, mollusks, shrimps, crustaceans, catfish, trouts, and others. The ingredient segment is sub-segmented into wheat, corn, pulses, oilseeds, and others (DDGS, wheat, barley, poultry by-product meal, and blood meal).
The additive segment is sub-segmented into antibiotics, antioxidants, vitamins & minerals, amino acids, enzymes, probiotics & prebiotics, and others (acidifiers, mycotoxin binders, phosphates, and carotenoids). By regions, the aquafeed market is segmented into the Americas, Asia-Pacific, MEA, Europe, and the rest of the world.
Global Aquafeed Market – Regional Analysis
Europe dominates the global aquafeed market due to the growing seafood culture and the high demand for seafood in the region. Besides, the rising consumer preference for high-quality seafood and the strong presence of many aquafeed manufacturers & suppliers influence the market growth. Also, large-scale developments of fish food products and the availability & sales of a variety of aquafeeds substantiate the market size.
Global Aquafeed Market – Competitive Analysis
The aquafeed market appears highly competitive, with several major players holding a significant market share. These companies focus on mergers & acquisitions, joint ventures & collaborations, product innovations, and technological advances to stay ahead of the competition.
Leading aquafeed market players include BioMar Group (Denmark), Cargill Inc. (U.S.), Waterbase Ltd. (India), Alltech Inc. (U.S.), BASF (Germany), Coppen International BV (Netherlands), Zeigler bros. Inc. (U.S.), Ridley Corporation (Australia), Marvesa (Netherlands), and Evonik Industries (Germany), among others.
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Industry/ Innovation/ Related News:
July 11, 2023 – Houdek (formerly Prairie Aquatech) announced that it is working on improving the digestibility and sustainability of soybean meal to support the aquafeed industry’s limited supply of fishmeal. Houdek’s new fermentation technique will open up fresh prospects for soy and distiller grains in aquafeeds. The company has developed a patented fermentation process using a food-grade microbe that can reduce anti-nutritional factors and increase the availability of nitrogen & phosphorus in soybean meal to make a protein-rich feed ingredient called ME-PRO.
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