Asia Pacific Aqua Feed Market

Description

The Asia-Pacific region contributes to over 90% of the global aqua feed production. Seafood forms the backbone of the East Asian cuisine, especially the Japanese, Philippino and Korean cuisines. Hence, the domestic market for aqua feed is also the largest. The Aqua feed market in the Asia-Pacific 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. Increased technological and culinary innovations have helped the market to expand tremendously over years. Growing demand for proteins throughout the world and increasing awareness of the health benefits of seafood consumption are also responsible for the anticipated growth.

Market Dynamics:

The market of 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 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, recent fluctuations in European economies, and a stiff competition from meat and chicken segments to the seafood segment. Severe algal blooms in some South American nations affected the aquaculture industry there and thus, also affected the sales from the Asia-Pacific. Although the factors aforementioned have hindered the growth rate, the market, still, is expected to expand due to increasing trend of aquaculture and 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 utilises 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:

Chief producers of aqua feed in the region include China, Japan, Vietnam, Philippines and India. Different countries lead in different segments. China is the largest market for fish in the region, which is driving the demand for aqua feed, particularly in this region. Although the region almost single-handedly drives the global aqua feed market, it shows a lack of organization and faces stiff competition from the west, especially U.S. and Norway, in some segments.

Key Players

Some of the key players in the industry include Zheng DA International Group, Charoen Pokphand, Beneo Animal Nutrition, Coppens International Bv, Wen’s Group and Nutriad International NV.