The aquafeed market is projected to grow from USD 107.82 billion in 2017 to reach USD 172.56 billion by 2022 at a CAGR of 9.9%. The increasing demand for aquatic food products from the aquaculture industry are resulting in market growth for the aquafeed products, globally. However, the fluctuating costs of key ingredients such as corn, soybean, and fish oil & fish meal is expected to restrain market’s growth to a certain extent. Moreover, a shift in aquaculture farming to more intensive or semi-intensive aquaculture has emphasized advanced feed production for cultured species. Food safety concerns are also promoting fish farming as farmed fish offer a relatively higher level of food security, thus driving the aquafeed market. Aquafeed is used to feed omnivorous fish (tilapia, catfish, common carp, and milkfish), carnivorous fish (salmon, trout, eel, seabass, seabream, and tuna), and crustacean species (marine & brackish-water shrimps, freshwater prawns, crabs, and lobsters).
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Soybean segment dominated the aquafeed market
Soybean is more consumed in aquafeed production due to factors such as superior amino acid profile, higher total phosphorus content, and energy content. Soybean contains about 48% high-quality protein and is primarily used for feeding catfish.
Amino acids is projected to be the fastest-growing segment in the aquafeed market, by additive
The use of amino acids in aquaculture diets help to provide aquatic animals with required nutrients to overcome dietary deficiencies. Amino acids are important in animal nutrition and are the building blocks of protein, which play an essential role in the growth, production, and overall maintenance of aquatic animal health. The utilization of modern feed management techniques and high awareness levels are the main factors responsible for the high consumption of feed amino acids in the growing markets.
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Increased consumption of seafood and flexibility in using secondary raw materials key to success in the European region
High growth was observed in the European aquafeed market over the past few years. The main reasons for this growth is rising demand for aquafeed in European countries and increased consumption of seafood. Norway and Germany constituted the largest country-level markets in the European region in 2016.
This report includes a study of marketing and development strategies, along with the product portfolio of leading companies. These companies include Archer Daniels Midland Company (U.S.), Ridley Corporation Limited (Australia), Cargill (U.S.), Nutreco N.V (The Netherlands), and Avanti Feeds Ltd. (India); these are well-established and financially stable players that have been operating in the industry for several years. Other players include Purina Animal Nutrition LLC (U.S.), Nutriad (Belgium), Alltech (U.S.), Biostadt India Limited (India), Aller Aqua A/S (Denmark), Biomar (Denmark), BIOMIN Holding GmbH (Austria), Norel Animal Nutrition (Spain), Dibaq A.S (Spain), and De Heus Animal Nutrition (Netherlands).