Aquafeed Market Overview
Aquafeed market Size is a type of feed that is specifically formulated for aquatic animals, such as fish, shrimp, and shellfish. It is typically made from a variety of ingredients, including fishmeal, soybean meal, corn, and vitamins and minerals. The market is segmented by type, species, and region. The type of segment is further segmented into compound feed, extruded feed, and pelleted feed. The compound feed segment is the largest segment, accounting for a share of over 60% of the market in 2022. This is due to the increasing demand for high-quality feed that can meet the nutritional needs of aquatic animals.
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Aquafeed Market Size to Reach $134.1 Billion by 2032, Growing at a CAGR of 9.2%The growth of the market is driven by the increasing demand for aquaculture products, the growing population, and the rising disposable incomes in developing countries.
The species segment is further segmented into fish, shrimp, and shellfish. The fish segment is the largest segment, accounting for a share of over 60% of the market in 2022. This is due to the high demand for fish as a source of protein and other nutrients.
The region segment is further segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is the largest market for aquafeed, accounting for a share of over 40% of the market in 2022. This is due to the growing aquaculture industry in the region.
The key players in the aquafeed market are Cargill, Inc., Nutreco NV, CP Group, Alltech, Inc., BioMar Holding A/S, and Skretting ASA. These companies are focusing on developing new aquafeed products and expanding their distribution networks to gain a competitive advantage in the market.
The aquafeed market is a growing market that is driven by the increasing demand for aquaculture products, the growing population, and the rising disposable incomes in developing countries. The market is expected to continue to grow in the coming years.
Global Aqua Feed Market — Segments
Global Aqua feed market has been divided into aquatic species, ingredients, additive type, life cycle, and Region
On the Basis of Aquatic Species: Carps, Molluscs, Shrimps, Crustaceans, Catfish, Trouts, and Others
On the Basis of Ingredients: Wheat, Corn, Other Grains, Pulses, Oilseeds, and Others
On the Basis of Additive Type: Vitamins, Antioxidant, Antibiotics, Feed Enzymes, Amino Acid, and Others
On the Basis of Life Cycle: Alevin, Fry, Smolts, and Adult
On the Basis of Region: North America, Europe, Asia Pacific, and Rest of the World
The global aqua feed market is segmented into North America, Europe, Asia Pacific, and Rest of the World. Among all the region, Asia Pacific region is estimated to account for the major market proportion in the year of 2017. The region is estimated to retain its dominance throughout the forecast period of 2020–2027. East & southeastern part of Asia Pacific region is the largest producer of seafood products. Also, the consumption of aqua feed products is increasing extensively owing to the fish farming in those countries especially Philippines, Thailand and other Southeast Asian countries. However, China and India are also one of the attractive destinations among the aqua feed manufacturers due to the rising fish consumption. However, Europe is expected to witness high growth in the global aqua feed market as compared to the other region. Also, changing consumer’s food habit is a significant factor for increasing growth of the fish & seafood market which in turn escalates the sales of aqua feed in the European countries. Among the European countries, Germany is accounting for major market proportion in the aqua feed market.
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