Aquafeed Market

Description

Increasing population, growing demand for protein-rich foods and increased technological and culinary innovation have helped the market to expand tremendously over years. Development of the aqua feed industry has been directly related to the growth of aquaculture industry. The Global Aqua feed market has been accounted for US$XX Million and is expected to grow to US$XX Million by 2022, at a CAGR of XX% during the forecast period. The market is not only thriving in the Asian nations but has also seen significant levels of innovations in the west. The aqua feed market is diverse and the market leaders differ from species to species.

Market Dynamics:

The global market for aqua feed is driven mainly by the processed sea food industry. The demand for high-quality aqua feed has expanded the market of compound feeds and feed additives- which are relatively new segments and are expected to show rapid growth. The chief raw materials of the industry include fish feed and fish oil. The costs of raw materials have been increasing significantly because of various global factors such as environmental crisis, severe algal blooms in some South American nations, unstable economies and a stiff competition from meat and chicken segments to the seafood segment. Although these factors have hindered the growth rate, the market, still, is expected to expand due to increasing trend of aquaculture growing pet-culture in the cities. Fortified aqua feed, in particular, has shown tremendous popularity in the market, mainly because of increased awareness about pet health and coming of improved varieties of species, with specific nutritional requirements. There has also been a rise in the demand for functional feed, which utilizes agricultural bi-products and is rich in macronutrients as well as micronutrients. The trend is justified, as the functional feeds are more sustainable and affordable than conventional fish feed and oil.

Market segmentation:

The Global Aqua feed market is segmented on the basis of species. Species which hold a prominent share in the market include Carp, Shrimp, Catfish and Tuna. The market is fragmented, with different regions leading in aqua feeds for different species. On the basis of origin, the market is segmented into wheat bran, de-oiled rice bran, cottonseed cake, groundnut cake, fishmeal, fish oil, squid meal, lecithin, cereal flour, etc. Cheaper sources, such as cottonseed cake and groundnut cake are popular in the freshwater aqua feed segment. A majority of countries, producers and manufacturers have been investing in R&D and looking for a suitable replacement to raw materials and the combination & composition of functional feeds.

Geographical Analysis:

The Asia-Pacific region holds the biggest share in the production of aqua feeds globally. However, some western countries, like the U.S., Canada and Norway lead in certain segments like Catfish. The Asia- Pacific also is the leading consumer of aqua feed, followed by North America and Europe. The market is expected to show a steady rise in the Asia-Pacific.

Key Players

Some of the key players in the industry include BASF (Germany), Coppen International BV (Netherlands), Waterbase Ltd. (India), BioMar Group (Denmark) and Cargill Inc. (U.S.).