Global aquafeed market was worth USD 63.8 billion in 2019. It is projected to grow at a compound annual rate (CAGR of 4.3%) between 2020 and 2027. The industry is expected to grow due to increasing direct consumption of seafood by humans and increased demand for aqua products over the forecast period. Market growth is expected to be driven by rising demand for animal byproducts such as shrimp meals, fish meals, and squid meal in feed applications, particularly in emerging economies like India, China and Vietnam. Technological advancements in feed formulation are also responsible for the growth of developed economies. These factors have helped to increase aquafeed demand.
Fish is lower in fat than other meats like chicken and cattle. Fish is also a good source of vitamins and proteins, so it is mostly consumed for human consumption. There are many factors that have contributed to an increase in fish consumption, including the availability of more fish species on the market and consumer preference for different flavors. These factors have led to a rise in demand for fish and fish-products, which is expected to continue driving the industry.
The industry faces many challenges, including fluctuations in ingredients prices such as corn or soybean prices. This is due to a variety of factors like fluctuating oil prices and adverse weather conditions and global currency fluctuations. These factors will likely have an impact on market growth in the future. Key players will likely benefit from the use of supplemental additives to increase the nutritional value and quality of feed.
The market leader in dry form was more than 36.0% of global revenue in 2019, and it accounted for over 36% of that total. Dry form feed is easy to make, store and transport. This type of feed has many advantages. It can be made in different sizes to meet specific requirements. The segment's growth is expected to be driven by the availability of different feed sizes and the production specialized feeds with this form.
Wet feed is made with high-moisture ingredients such as trash feed and fishery waste. The main factors expected to influence the growth and popularity of the wet food segment are increased palatability, high utilization rate, and improved taste. This type of feed is usually fed to carnivorous animals such as sea breams and sea bass.
You can make moist feed using either dry or wet feed. This form is easier to digest and has a more efficient feed efficiency. This form has limitations due to storage and transportation. It also needs refrigeration or a favorable environment to prevent spoilage.
The market leader in catfish was held by more than 25% of the total revenue in the U.S. The most popular aquaculture species in Europe and Asia is the carp. Because of their high profitability, carps are widely farmed in China as well as Indonesia. Segment growth will be positively impacted by improved management practices in Central and Eastern Europe for carp production.
Atlantic salmon is the most widely farmed species. It contributes to more than 90% of all farmed salmon. This is due to its robustness, ease of farming, and versatility. Chinook and Coho are two varieties of Pacific salmon. Its primary food is fish oil and fish flesh. Due to heavy metals and contaminants, these feeds are only made by a handful of manufacturers. This has prompted extensive research to replace fish products with vegetable oils and protein.
Others applications include species such as cod, tuna and flatfish. This segment is growing due to increased fish farming in countries like China, Taiwan, and Vietnam. The forecast period will see an increase in aquafeed consumption from these species and an increase in aquaculture production.
Grain by-products dominated the market, accounting for over 37.0% of global revenue in 2019. This includes cornmeal, soybean meal, cottonseed protein, canola meal and soybean meal. Segment growth is fueled by the cost-effectiveness of feed formulations compared to animal products. The segment will also benefit from improvements in the amino acid profiles of the mentioned grains.
One of the most popular ingredient categories is animal by-products. This category includes animal byproducts like fish meal, fish meat protein and shrimp meal. Segment growth is expected to be supported by a high protein content and a good amino acid profile. The segment growth will be impeded by the increasing use of soy-based products to replace fish meal.
Oils and fats, oils, additives and grains are all examples of other ingredients. The product demand is expected to rise due to the high level of omega-3 fatty acid and other additives like feed acidifiers, vitamins, anti-parasitic and others. The industry is also expected to grow by incorporating grains such as corn, wheat, rapeseed and rice to improve the nutritional profile of the formulation.
Grower feed accounted for 34.17% of global revenue in 2019, and led the market. Grower feed is able to depose protein at a higher rate and convert it better. This feed type also allows for high flexibility in formulations. Segment growth is expected to be boosted by an increase in demand for supplementary feeds and a growing stock of grower fish.
Due to rising prices of ingredients, finisher and brooder diets can be very expensive. The most expensive finisher diets are found in Asia Pacific, where Japan, Korea and Vietnam are among others. These feed types will be further supported by large-scale aquaculture production in China, India and other countries in the long term.
Brooder diets are designed based on essential nutrients and the respective reproductive biology of each fish species. These diets have been adopted by fish farmers to increase the performance potential and health. The quality of the offspring is very dependent on it. This is a significant factor in nutrient delivery and accumulation from females.
Asia Pacific dominated the market in 2019, accounting for more than 40.0% of global revenue. It is expected to continue its dominance over the forecast period. The forecast period will see increased product demand due to factors like ease of aquaculture, longevity of species and better water quality in closed-farm systems.
Europe was the second largest consumer of salmon, as it is the main producer. The growing popularity of salmon farming in Europe, particularly in areas near the coasts with temperate climates, is expected to have a positive effect on market growth. The demand for anesthesia and sedation materials during transport has increased due to rising demand for salmon from the interior regions. This has driven the demand of additives.
Chile, Brazil and Mexico are the main centers of South America's aquaculture industry. These countries accounted for more than 80% of regional aquaculture production as of 2019. The region's aquaculture industry contributes to job creation, food security, foreign currency generation, and employment. The region is home to many important aquatic species, including salmonids and shrimps, tilapia and mollusks as well as carp, carp, and seaweed.
Backward integration is a key focus for manufacturers operating on the market. This allows them to expand their product range and control the quality of their final product. Manufacturers may see a rise in profit margins due to their ability to produce premium aquafeed additives and to control the price of the product. The manufacturers are also able manage the production, distribution, marketing and sale of final products cost-effectively and efficiently. The following companies are major players in the global aquafeed market:
Alltech
BioMar
Cargill, Incorporated
Ridley Corporation
Aller Aqua A/S
Beneo GmbH
Cermaq
Norel Animal Nutrition
Biomin Holding GmbH
Archer Daniels Midland (ADM).
Avanti Feeds Ltd.
Up Market Research published a new report titled “Aquafeed Market research report which is segmented by Ingredient (Oils & Fats, Additives, Grain By-product, Animal By-product), by Form (Wet, Dry, Moist), By Players/Companies Biomar, Aller Aqua, Alltech Inc, Addcon Group GmbH, Biomin, Dibaq Aquaculture, Ridley”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Aquafeed Market Research Report |
By Ingredient | Oils & Fats, Additives, Grain By-product, Animal By-product |
By Form | Wet, Dry, Moist |
By Companies | Biomar, Aller Aqua, Alltech Inc, Addcon Group GmbH, Biomin, Dibaq Aquaculture, Ridley |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 230 |
Number of Tables & Figures | 161 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Ingredient (Oils & Fats, Additives, Grain By-product, Animal By-product), by Form (Wet, Dry, Moist).
Aquafeed Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Aquafeed Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
How you may use our products:
Reasons to Purchase the Aquafeed Market Report:
Some other reports from this category!