Meeting the Growing Demand for Seafood: The Rapidly Expanding Aquafeed Market

Aquaculture is the fastest growing sector in agriculture, and the demand for fish and seafood is increasing at an unprecedented rate. With traditional fishing methods becoming less sustainable, aquafeed is becoming increasingly important in meeting the growing demand for fish and seafood.

Aquafeed is a specialized feed used in aquaculture to provide the necessary nutrients for fish and other aquatic animals to grow and thrive. These feeds are formulated to meet the specific nutritional requirements of different species of fish and can be made from a variety of ingredients, such as fishmeal, soybean meal, and wheat.

The market is segmented into different categories based on the type of aquafeed, including fish feed, crustacean feed, mollusk feed, and others. Fish feed accounts for the largest share of the market, owing to the high demand for fish such as salmon and tilapia.

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The demand for sustainable aquafeed is also increasing, with a growing number of consumers concerned about the environmental impact of aquaculture and the use of wild-caught fish in feed production. This has led to the development of alternative protein sources for aquafeed, such as algae and insects, which are more sustainable and environmentally friendly.

Segmentation-

On the basis of type, the market is categorized into mollusks, crustaceans, fish, and others. On the basis of ingredient, the market is segmented into additives, fish oil, fishmeal, soybean, corn, and others. On the basis of form, the market is bifurcated into dry and wet. Geographically, the market is classified into South America, North America, Europe, Asia Pacific, and the Middle East & Africa.

Report Coverage-

• It incorporates Porters’ Five Forces Analysis and SWOT analysis for accurate market prediction.
• It describes the impact of the COVID-19 pandemic.
• It includes the list of key players profiled in the market.
• It highlights key trends in the market.
• It showcases information on different market segments such as form, type, ingredient, and others.

Drivers & Restraints-

Increasing Seafood Trade to Favor Market Growth

The growing popularity of organic fish farming is anticipated to offer lucrative growth opportunities for the market. Though organic fish farming is still in nascent phase, the rising consumer inclination towards it is likely to favor market growth.

Increasing animal protein demand in major western nations and the rising seafood trade worldwide are projected to bolster the global aquafeed market growth. The increasing seafood consumption and consumer expenditure on fish & fish products including fish silage, fish meals, and fish oils are predicted to boost aquaculture production, and therefore stimulate market growth.

Lastly, the rising investments in research and development activities to develop innovative products by key players are expected to complement market growth.

However, the volatile prices of raw materials may hamper market growth.

Regional Insights-

Increasing Fish Production to Amplify Growth in Asia Pacific

Asia Pacific is anticipated to dominate the global aquafeed market share due to the swift market development during the last decade. India and China account for more than half of the region’s sales. The increasing fish production in China is likely to complement the market’s growth. Moreover, the rising business expansions in China and India are likely to amplify the growth of the market in Asia Pacific.

Europe is expected to witness substantial growth due to the soaring aquaculture production and the growing consumer inclination towards the production of salmon.

North America is projected to gain considerable growth due to the presence of prominent market players including Archer Daniels and Cargill Incorporated. Additionally, the high profits gained on exports of aquaculture are likely to complement the region’s market growth.

Competitive Landscape-

Key Players Emphasize Product Portfolio Diversification to Expand Market Share

The key players in the market emphasize product portfolio and distribution network diversification to augment their market reach and consumer bases. They adopt ingenious growth strategies including mergers and acquisitions, new product launches, technological advancements, and others. For instance, in January 2020, BioMar A/S expanded its production capacity through the inaugural of its new aquafeed plant in Wesley Vale, Tasmania. The new plant offers an annual production capacity of 110,000 tonnes of aquafeed.

Conclusion

the aquafeed market is growing rapidly, driven by the increasing demand for seafood and the growth of the aquaculture industry. As the market continues to expand, there will be increasing demand for sustainable aquafeed solutions that can meet the nutritional needs of fish and other aquatic animals while reducing the environmental impact of aquaculture.