Market Highlights
The Global Aquafeed market is projected to be valued at USD 89.74 Billion by 2033, recording a CAGR of around 5.59% during the forecast period. The Aquafeed Market refers to the commercial production and sale of specialized feed for aquatic animals raised in aquaculture, such as fish, prawns, mollusks, and crabs. This market has experienced significant growth due to the increasing demand for seafood products and the depletion of wild fish stocks. Aquafeed plays a crucial role in aquaculture by providing essential nutrients for the immune system, growth, and overall health of aquatic organisms. High-quality aquafeed is tailored to meet the specific nutritional requirements of different species and age groups, contributing to their optimal development. Factors like the rise in direct human consumption of fish, government initiatives promoting high-quality feed usage, and increasing per capita income in developing nations are driving the growth of the aquafeed industry.
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The Aquafeed market experienced a detrimental effect due to the Covid-19 pandemic. Due to supply chain disruptions brought on by the COVID-19 epidemic, there are either shortages or decreased demand in the aquafeed sector. Spending by consumers and businesses has decreased significantly as a result of the travel restrictions and social distancing measures, and this trend is expected to persist for some time. The epidemic has altered end-user trends and tastes, leading manufacturers, developers, and service providers to implement several measures in an attempt to stabilize their businesses.
Segmental Analysis
The global Aquafeed market has been segmented based on Form, Lifecycle, Application and Ingredient
Based on the Form, the market is segmented based on Dry, Wet, Moist and Others. The product’s dry form brought in a sizable portion of revenue in 2020, and the market is anticipated to expand significantly over the course of the projection year. Because pellet feed has the ability to increase fish feed conversion ratios, the aquaculture industry worldwide has a strong need for it. The increasing acceptability of dry fish feed is due to its exceptional palatability and effectiveness in improving fish performance.
Based on Lifecycle, the market has been divided into Starter feed, Grower feed, Finisher feed, Brooder feed and Others These segments cater to the specific nutritional needs of different aquatic species at various stages of their life cycles, ensuring optimal growth, health, and development.
Based on the Application, the market has been divided into Carp, Rainbow Trout, Salmon, Crustaceans, Tilapia, Catfish, Seabass and Others. In 2022, the carp application segment held a dominant position in the global industry, contributing approximately 25.00% of the total revenue. Due to the fact that this species enhances heart health, lowers the risk of chronic diseases, increases immunity, protects gastrointestinal processes, and promotes general health, it has a substantial share in this market.
Based on Ingredient, the market has been divided into Animal By-product, Grain By-Product, Oils & Fats, Additives and Others. One of the best and least expensive non-fish sources of omega-3 fatty acids and protein is soybean. It is now frequently used in feed preparation to improve the general growth and development of aquatic species. It is projected that the industry’s need for soybeans will rise as a result of the growing use of soybean meal and cake in the production of organic feed.
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Regional Analysis
The Aquafeed market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, &Africa. The Asia-Pacific region holds a dominant position in the Aquafeed market. Currently a major aquafeed market, Asia Pacific is anticipated to keep a sizeable share of the worldwide market share during the course of the projection year. Over the past ten years, the Asia Pacific market has expanded quickly, with China and India accounting for more than half of the region’s sales. Because of the remarkable development in the rate of fish production, the demand for this feed in China and India is anticipated to continue to be promising in the approaching years. Consequently, a number of significant global market participants are growing their operations in China and India. The North America region is witnessing rapid growth and emerging as a significant market for the Aquafeed industry. The rising aquaculture production due to increasing seafood demand and growing inclination towards salmon production will propel the growth of the market in Europe. North America is predicted to witness considerable growth in the global market.