Global Aquafeed Market – Covid-19 Impact, Type, Applications, Region, End use and Forecast Analysis to 2026
With reference to the latest market forecast report published by Transparency Market Research, titled 'Aquafeed Market: Global Industry Analysis and Opportunity Assessment 2018-2026', revenue generated from the global aquafeed market is estimated to be valued at around US$ 52,553.8 Mn in 2018, which is projected to increase at a CAGR of 5.7% during the forecast period (2018-2026).
Factors such as customers shifting towards plant-derived feed
ingredients, high demand for aquaculture commercialization, and automated feed
dispensers for feed optimization are the key reasons driving the growth of the
aquafeed market over the forecast period. Asia Pacific is the major consumer of
aquafeed, and is estimated to contribute around 44.2% value share of aquafeed
over the forecast period, owing to an improved supply chain system and
increased focus towards high digestibility feeds in the region. Increased
penetration in the market by key aquafeed producers in developing economies
makes the aquafeed market highly competitive, resulting in steady launches and
expansion of aquafeed products in the aquafeed space. Players such as Cargill,
Inc. and Archer Daniels Midland are well-known for their quality premium
aquafeed products. These companies spend enormously on the research and
development of aquafeed products, and also promote their brands through
knowledge-based advertisement, resulting in larger market shares in the global
aquafeed market.
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Increased Press Movement for Aquafeed
For the past few years, an increase in press movement has been
observed all over different platforms of media, including the Internet, for
aquafeed products, especially crustaceans feed, which is expected to drive more
demand for aquafeed products over the forecast period. A major shift has been
noticed in the Indian aquafeed sector after 2009. The introduction of Whiteleg
shrimp into the region has changed the whole fishery sector’s topography. The
aquaculture market captured 48% of the total production during 2009. It
overtook capture production and reached more than 52% in 2015, which also
signifies the increase in demand for aquafeed over the years.
India, a Potential
Market for Aquafeed
Aquafeed in India has stepped up to address the global demand
for initiatives from governments and other regulatory authorities, to increase
focus over the export market. A number of reforms have been seen in the last
few years. With heavy investments in the cold chain for aquafeed, the
Government of India is proceeding over the action plan to regulate the whole
aquafeed industry. This is being supported by a number of aquafeed key players
who have gone public after successfully conducting business over the last
decade. This is regarded as the indicators of growth for the aquafeed industry.
With stricter quality control measures and investments in research and
development, India is expected to easily penetrate into stricter markets of the
European Union with its aquafeed offerings. Diversion of investments has been
noticed in the last few years. Industry sources of aquafeed are indicating
Tilapia to become a key player over the course of the next few years. With the
huge demand in the international market, shrimp is expected to dominate as a
key species in the Indian aquafeed market over the forecast period.
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Increasing Per Capita
Consumption of Fish in Europe
The increasing preference for a healthy source of nutrients is
prompting consumers in Europe towards the purchase of good quality aquafeed for
aquaculture production. This reason is expected to drive the growth of the
European aquafeed market over the forecast period, as a steady growth in per
capita consumption of aquaculture is anticipated.
According to the European Union, annual per capita fish
consumption by European consumers reached 25.5 kg in 2014, an increase of 1 kg
from 2013. This data clearly shows a rise in the consumption of fish, as such,
indicating an increase in the consumption of aquafeed in the region.
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Key Manufacturers of
Aquafeed
This TMR report contains the current trends that are driving
each market segment, and offers detailed insights and analysis into the
potential growth of the global aquafeed market. The last part of the report
includes the competitive landscape of numerous market players to provide a
comprehensive and comparative dashboard. Major players covered in the report
are the dynamic manufacturers who are currently present in the aquafeed market.
A detailed view of the manufacturers has also been provided in the scope of the
report to examine their short- and long-term strategies, recent developments,
and key offerings in the aquafeed market.
Global Aquafeed
Market: Competition Dashboard
TMR has profiled the most prominent companies that are active in
the global aquafeed market, such as Alltech Inc., BENEO GmbH,
Skretting, Cargill Inc., Cermaq, Sonac B.V, Aller Aqua A/S, Novus
International, Clextral, Koninklijke DSM N.V., Archer Daniels Midland,
Novus International, Biomin Holding GmbH, Ridley Corporation Limited Nutriad
NV, Dibaq, Biomar, INVE Aquaculture Inc., Nutreco N.V, Zeigler Bros., Inc., and
Norel SA, among others.
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Global Aquafeed
Market: Key Insights
Several manufacturers are entering new markets through the
acquisition of major regional players in order to enhance their product
offerings and manufacturing facilities. Moreover, companies are currently
focusing on opening new innovation and development centers in order to expand
and boost their regional and manufacturing capabilities in the targeted
country, and enhance their presence accordingly.
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