Description

Aquafeed Market was valued at USD 50.7 billion in 2020 and is projected to reach USD 71.7 billion by 2027, recording a CAGR of 7.4% during the forecast period 2021-2027. Aquafeed is a compounded feed prepared by mixing of various raw materials with additives, which are administered to various aquatic species such as crustaceans, fish, and mollusks for aquatic species growth. Aquafeed is commonly used in the aquaculture sector and prepared according to the specific requirements of the age and species of animals. Aquafeed is available as the medicated and non-medicated feed. Medicated feed is used for the nutritional supplement, growth-promoting properties, and immune resistant. High-quality aquafeed made up of the required composition of nutrients is better than farm-made feed for the aquatic species, which helps to improve the growth and health of the species. The global Aquafeed Market is growing at a significant CAGR due to increase in the farming of aquatic species. Increase in the seafood consumption around the globe, rise in the awareness regarding quality of seafood, increase in the global population, growing dependence on fisheries, and availability of better arable land for the farming of non-medicated aquafeed such as wheat, soybean, corn, and maize might bolster the aquafeed market over the forecast period. In addition, rise in the per capita income in the developing countries, lack of nutritional values in the non-medicated aquafeed, and availability of the products might fuel the aquafeed market over the forecast period. However, high cost for the medicated aquafeed, cost fluctuations for the ingredients used for the production of aquafeed such as fish meal and fish oil, and environmental factors might hamper the growth of aquafeed market over the forecast period. A global Aquafeed Market is in the flourishing stage as several local and international players are engaged in the development of novel aquafeed products which help to increase the production of aquatic products. Acquisitions & mergers, collaborations, joint ventures, and product launch are the key strategies adopted by aquafeed market players. For instance, in October 2011, Nutreco acquired the Zhuhai Shihai Feed Co. Ltd. a fish and shrimp feed company for the development of business in China. Similarly, in April 2015, Biomar Group signed a MoU with the Tongwei Co. Ltd for the expansion of its business in China and South East Asia. In May 2017, De Heus Nutrition Animal entered into Spanish animal feed market by the acquisition of Acorex.In June 2016, Alltech acquired the Coppens for the expansion of its business segment in the Europe region.In April 2016, Terravia and Bunge launched the Algaprime DHA for aquafeed

 

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