Aquafeed is food or feed given to farmed fish and other aquaculture organisms. It aims to maximize growth and sustainability of aquaculture animals. Growing aquaculture industry and population demand has increased the requirement for aquafeed products that provide balanced nutrition and promotes good health in aquatic animals.
The global aquafeed Market is estimated to be valued at US$ 61.8 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Compound aquafeed provides balanced nutrition through systematic blending of ingredients. It has increased digestibility and absorption, leads to better growth performance. Manufacturers are investing in research to develop tailor made aquafeeds using locally available or cost-effective ingredients like alternative protein sources, vitamins and minerals. Such innovations help cater the nutrition needs for different species, life stages and farming conditions which optimize production and profitability of aquafarmers.
Segment Analysis
The Global Aquafeed Market Size is segmented by livestock into fish, crustaceans, and molluscs. The fish segment currently dominates the global market owing to high demand for carp, salmon, tilapia and other farmed fish varieties around the world. Fish farming accounts for over 50% of global aquaculture production, making fish feed the largest and most important segment.
Key Takeaways
The global aquafeed market is expected to witness high growth, exhibiting a CAGR of 7.3% over the forecast period, due to increasing consumption of seafood worldwide. The market size for aquafeed is expected to reach US$ 61.8 Bn in 2023.
Regional analysis
Asia Pacific currently dominates the global aquafeed market and is expected to maintain its leading position over the next decade. Countries like China, India, Vietnam and Thailand account for over 70% of global aquaculture production and are the fastest growing markets for aquafeed. Rapid expansion of fish and shrimp farming in emerging Asian nations is driving the demand for aquafeeds in the region.
Key players
Key players operating in the aquafeed market are ADM (US), Cargill, Incorporated (US), Ridley Corporation Limited (Australia), Nutreco (Netherlands), Alltech (US), Purina Animal Nutrition (US), Adisseo (Belgium), Aller Aqua A/S (Denmark), Biomin (Austria), Biomar (Denmark), Norel Animal Nutrition (Spain), Avanti Feeds Limited (India), De Heus Animal Nutrition B.V. (Netherlands), Novus International (US), and Biostadt India Limited (India). These companies are focusing on new product launches and expansion strategies to strengthen their market position.
For More Insights, Read- https://www.newsstatix.com/aquafeed-market-size-share-analysis-2023-2030/
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