Sustainably produced and nutritionally dense seafood is likely to influence aquafeed sales.
Wilmington, Delaware, United States, Transparency Market Research Inc. -, Oct. 16, 2024 (GLOBE NEWSWIRE) — The global aquafeed market (양식사료 시장) was worth US$ 61.9 billion in 2022. A CAGR of 5.9% is expected from 2023 to 2031, and it will reach US$ 103.4 billion during the forecast period. Sustainable and alternative ingredients are likely to be explored further for aquafeed formulations. Traditional marine proteins can be replaced with proteins derived from plants, insect meal, and single-cell proteins.
Aquafeed is currently being researched to improve nutritional content, as well as enhance the growth and health of farmed species. Fish feed composition can be tailored based on their life stages with precision feeding, which leverages technology.
Continued advancements in technology may enhance aquaculture management. Automation and data analytics could achieve a more efficient and sustainable aquafeed production.
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Key Findings of the Market Report
- Based on the form type, the pellets segment is expected to do drive demand for the aquafeed market.
- In terms of species, the fish segment is predicted to drive demand for aquafeed.
- Based on function, the health segment is predicted to create a market for aquafeed.
- North America was the largest consumer of aquafeed owing to its aquaculture and seafood production.
Global Aquafeed Market: Key Players
Recent aquafeed market research indicates that key players engage in organic and inorganic expansion strategies. The company focuses on introducing new nutritious feed to fish and aquatic animals via partnerships, mergers and acquisitions, and joint ventures.
Cargill Inc., Koninklijke DSM N.V., BENEO GmbH, Sonac B.V., Aller Aqua A/S, Zeigler Bros., Inc., BioMar Group, ADM, Nutreco N.V., Nutriad N.V., Skretting AS, Norel SA, Clextral, Dibaq Diproteg SA, INVE Aquaculture Inc., Alltech Inc., Cermaq AS, Biomin Holding GmbH, Novus International, Ridley Corp. Ltd.
Global Aquafeed Market: Growth Drivers
- With the increase in global population and rising levels of income, there has been an increase in demand for seafood, which has driven the aquaculture industry. Aquafeed plays a crucial role in the growth and development of fish and shellfish raised in aquaculture. Growing demand for seafood products has driven the aquaculture sector to expand rapidly. High-quality aquafeed becomes increasingly important with the establishment of more aquaculture farms.
- Researchers are constantly developing more effective and nutritionally balanced aquafeed. Aquaculture productivity and feed conversion rates can be improved by utilizing advanced technologies. Concerns about overfishing and environmental impact have driven a shift towards sustainable aquaculture. Aquafeeds sourced responsibly and with environmental consciousness are used in this process.
- Aquaculture plays an important role in ensuring food security throughout the world. Regulations, subsidies, and supportive policies are driving aquafeed market growth. Consumption of seafood has increased due to consumer awareness of its health benefits. Therefore, ensuring nutritional and safe seafood is a growing priority by using high-quality feed.
- As soybean meal, fishmeal, and other protein sources become more expensive, aquafeed prices and availability are affected. Depending on these prices, aquafeed production can be affected by price fluctuations. Trade in aquaculture products has increased due to the globalization of the aquaculture industry. As a result, aquafeed demand and supply are affected globally.
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Global Aquafeed Market: Regional Landscape
- North America is likely to drive demand for aquafeed market in coming years. Regulatory support for aquaculture in North America, as well as consumer demand for locally sourced seafood, have all contributed to the industry’s growth. Increasing consumer awareness of seafood’s health benefits has led to increased consumption of farmed fish and shellfish. The aquaculture supply chain ensures the health and growth of farmed animals by feeding them aquafeed.
- Sustainable seafood is becoming more popular in North America. As a result, responsible aquaculture practices have been adopted, influencing the demand for sustainable aquafeed. A significant impact can be made on aquafeed demand by government policies and regulations supporting the aquaculture industry. Regulatory policies, subsidies, and incentives that promote environmentally sustainable aquaculture help to grow the industry.
- Newer and improved aquafeed products are developed based on continuing research and innovation in aquafeed formulation. Aquafeed production costs can be impacted by the supply and cost of raw materials, including fishmeal and soybean meal. The overall demand for aquafeed may be affected by fluctuations in raw material prices.
Global Aquafeed Market: Segmentation
By Form
- Extruded
- Pellets
- Powder
- Liquid
By Species
- Fish (Salmon, Tilapa, Sea Bass/Bream, Sturgeon, Trout, and Others)
- Crustaceans (Prawns, Shrimp, Crabs, and Krill)
- Others
By Function
- Health
- Digestibility
- Palatability
- Special Nutrition
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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