Currently, the Asia-Pacific region is a large market for aquaculture feeds and is expected to account for a major share of the global market share during the forecast period. North America holds 38% of the Aquafeed market share
/EIN News/ — NEWARK, Del, Sept. 14, 2022 (GLOBE NEWSWIRE) — Aquaculture feed market is expected to grow at a CAGR of 6.1% and is expected to reach a valuation of approximately USD 80.9 billion by 2032.
Aquaculture feed market is expected to grow rapidly as fish farms expand. The plant-based aquatic food market is expected to be driven during the forecast period by the growing demand from manufacturers for natural and organic foods, which is currently the latest trend in the industry.
In addition, the use of organic fish food helps to raise aquatic animals in a correct and moral way. Since consumer preference for organic feeds has increased significantly in recent years, it is expected that an increase in organic feed production will likely support an increase in aquaculture feed sales.
Rising consumer spending on fish and fish-related products, such as fish oil, fishmeal, and fish silage, as well as growing seafood consumption, are expected to drive an increase of aquaculture production.
Rapid fluctuations in the prices of the raw materials needed to manufacture aquaculture feed could hamper its ability to increase its market share. Aquaculture feed demand is expected to remain strong in China and India throughout the outlook period, due to the dramatic growth in the rate of fish production.
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Key insights from market research
- The aquaculture feed market currently holds a market share of US$44.7 billion.
- By 2032, the aquaculture feed market is expected to reach US$80.9 billion.
- On the basis of species, the fish category holds the largest market share in aquaculture feeds.
- The market is dominated by amino acids, which generate over 32% of total sales.
- In 2017, aquaculture activity in the United States produced 283 million kilograms of product worth $1.4 billion.
- The growing demand for aquaculture feeds in Japan is driven by increased seafood consumption and better public understanding of the health benefits of seafood.
“The aquaculture feed industry is driven by increasing global fish consumption and a growth in the consumption of processed seafood due to growing middle class prosperity in emerging economies. The demand for high quality aquaculture feeds, feed additives and compound feeds has increased as the aquaculture business has grown. Because feed sources are limited, the aquaculture feed market is expected to grow as the demand for seafood increases, which will lead to greater agriculture,” says an analyst from Future Market Insights.
Due to the positive impact of high consumption on aquaculture productivity, the demand for aquaculture feeds is expected to increase at a faster rate. In order to improve their market presence and customer base, industry players are forced to expand their product portfolios and distribution networks as the market grows.
Aquatic food manufacturers are always conducting research and development to provide a wide range of natural and organic aquatic foods for use in the growth of a variety of species.
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- ADM acquired Neovia (formerly InVivo NSA) (France) in January 2019 for $1.82 billion (€1.54 billion). This acquisition would provide a solid platform for ADM’s future growth.
- In November 2018, Cargill invested USD 70 million in Thailand to support the aquaculture and poultry industries with advanced technologies.
Explore more valuable insights
Future Market Insights in its new report offers an unbiased analysis of the Aquafeed market, presenting historical data (2017-2021) and estimation statistics for the forecast period 2022-2032.
The study offers compelling information based on species (shellfish, fish), form (extruded, powder, liquid, pellets), function (health, digestion, palatability, special nutrition), ingredients (marine, land animals, vegetables/grains, carotenoids, Nutrients), sales channel (direct sales, indirect sales, hypermarket, supermarket, wholesalers, specialty stores, online), in seven major regions of the world.
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1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
1.4. Analysis of the technology roadmap
1.5. Analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
3. Market Context
3.1. Market dynamics
3.2. Scenario forecast
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