Growth in the aquaculture industry and rising seafood trade are projected to drive the overall growth of the aquafeed market.
The global aquafeed market size is projected to grow from USD 50, 616.4 million in 2020 to USD 71, 619 million by 2025, at a CAGR of 7.2% during the forecast period. Factors such as the growing aquaculture industry and increasing seafood trade are factors projected to drive market growth. However, fluctuations in raw material prices and the growing environmental and human health concerns are projected to hinder the growth of the market. The global consumption of seafood has increased due to the rising awareness about the health benefits of consuming fish and other aquaculture species. They are a rich source of vitamins, minerals, amino acids, and essential fats (long-chain omega-3 fatty acids). Thus, the positive effects of seafood consumption have led to their rise globally. China, Norway, Vietnam, and Thailand are the key fish producers as well as the largest exporters of fish and fishery products. Fishery trade represents a significant source of foreign currency earnings for many developing countries. Thus, the high trade of seafood would drive the growth of the aquafeed market in the future.
According to experts at Rabobank, the impact of COVID-19 on seafood demand has been diverse, with each seafood species being impacted in different ways.Salmon, tuna, shrimp, cod, hake, pollock, and mackerel form the bulk of seafood consumption and are consumed through the foodservice and food retail categories in the European region.
There are also many niche seafood species such as premium marine fish species, oysters, lobsters, octopus, squid, and others that primarily rely on foodservice consumption, which are highly impacted by the closure of hotels and restaurants and lockdowns in various regions.The retail sector demand for such premium aqua species is minimal; hence operators in this segment could expect major losses.
The aquafeed market is observed to decline in 2020, due to the closure of international borders and the increasing price volatility of major ingredients such as soybean, corn, fishmeal, and fish oil used in aquafeed.Social distancing and other measures taken by regional governments are limiting the number of people that can work together in a single area.
Gradually, as restrictions relax, the market for aquafeed is expected to observe slight growth until 2030.
The fish segment, by species, is estimated to dominate the Aquafeed market in 2020.
The fish segment accounted for the largest share in 2019, in terms of value.Fish is the cheapest and most easily digestible animal protein.
However, due to excessive exploitation of resources and pollution, the availability of fish in natural waters has declined considerably.This has resulted in the adoption of various methods to increase production.
The major types of fish considered for the study include tilapia, salmon, carp, and trout.
The soybean segment, by ingredient, is projected to account for the largest share during the forecast period in the aquafeed market.
The soybean segment is estimated to dominate the aquafeed market in 2020.Soybean is among the non-fish sources of omega-3 fatty acids, proteins, and unsaturated fats.
Soy protein is fed to farm-reared fish and shellfish to enhance their overall growth and development. Some of the commonly used soybean products in aquafeed include heat-processed full-fat soybean, mechanically extracted soybean cake, solvent-extracted soybean meal, and dehulled solvent-extracted soybean meal.
Asia Pacific is projected to be the fastest-growing region in the aquafeed market.
The Asia Pacific market accounted for the largest share in 2020.According to a report published in 2018 by the National Bank for Agriculture & Rural Development (NABARD) on Fisheries and Aquaculture, countries, such as India, have focused on the adoption of freshwater aquaculture as their key activity, which has contributed to its market dominance.
Also, consumer demand for convenience and processed seafood offers profitable growth prospects and diversification in the region’s food sector. These factors are projected to significantly drive the market growth for aquafeed during the forecast period.
Breakdown of primaries
In-depth interviews were conducted with chief executive officers (CEOs), marketing directors, aquafeed manufacturers, and executives from various key organizations operating in the aquafeed market.
• By Company Type: Tier 1: 40%, Tier 2: 35%, and Tier 3: 25%
• By Designation: C-level: 20%, D-level: 30%, and Others*: 50%
• By Region: Asia Pacific: 40%, South America: 20%, North America: 15%, Europe: 15%, **RoW: 10%
*Others include sales managers, marketing managers, and product managers.
**RoW includes the Middle East and Africa.
The aquafeed market comprises major manufacturers such as Cargill (US), Archer Daniels Midland Company (US), Alltech (US), Purina Animal Nutrition (US), Nutreco N.V. (Netherlands), and Ridley Corporation Ltd. (Australia). The study includes an in-depth competitive analysis of these key players in the aquafeed market, along with their company profiles, recent developments, and the key market strategies.
The study covers the aquafeed market across various segments.It aims at estimating the market size and growth potential across different segments, such as species, ingredient, additive, lifecycle, form, and region.
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall aquafeed market and its sub-segments.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
The report will also help the stakeholders to understand the pulse of the market and will provide them with information on key market drivers, restraints, challenges, and opportunities.