Global Aquafeed Market Overview
Aquafeed are the manufactured marine feeds that are an important part of modern commercial aquaculture which offer balanced nutrition to the cultured or farmed fishes and marine organisms in the form of pellets or granules. They provide nutrition to the cultured organisms in a concentrated or stable form as per the requirement enabling the organism to grow to its full potential by efficient feeding. Modern fish feed are increasingly manufactured by grinding and combining of ingredients for instance, fishmeal, vegetable proteins and binding agents such as wheat. Current research and developmental activities involving supplementation of fishmeal and fish oil with vegetable proteins and oils, while ensuring that the fishes are continuously offered with important health benefits are estimated to propel the aquafeed market generously over the forecast period i.e. 2019-2027.
Market Size & Forecast
Aquafeed Market is anticipated to record a CAGR of 6.4% over the forecast period owing to concentration of many multi-national companies towards new product advancements along with the numerous advantageous properties of aquafeed that are exploited in the field of marine life product increase along with elimination of aquaculture diseases. Currently the market is observing vibrant growth owing to increasing production of aquaculture due to growing pressure on food production around the globe. The rise in demand for exotic aquatic food such as, mollusks and crustaceans is also propelling the market around the world. Rise in personal disposable income has increased the adoption of sea food further which is adding up more pressure on the supply of quality marine cultured fishes and organisms during the forecast period.
On the basis of regional platform, the global aquafeed market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
On account of increasing captivating advertisements across the region, evoking rise in sales of premium quality aquafeed with high-quality ingredients is panned to induce a significant growth in the market over the forecast period. With increasing disposable income and rising adoption of exotic sea food across the region, the demand for marine food is considerably increased which is estimated to boost the market shares over the forecast period.
Europe is estimated to showcase a vivid growth on the back of companies launching aquafeed products with high nutrient value across the region along with optimized product offerings by the suppliers based on consumer demand which is further expected to drive the market positively over the forecast period.
Growth Drivers & Challenges
On the back of increasing Aquaculture Activities
Rising demand for food on the back of increasing global population is anticipated to create a rise in demand for growing aqua cultured population over the forecast period. The Food and Agriculture Organization reported that the world aqua culture production increased from 41,724,569.75 metric tons in 2000 to 106,004,183.75 metric tons in the year 2015. It is further estimated to increase and impact the global aquafeed market positively over the forecast period. Additionally, the FAO also reported an increase in the total fisheries production around the world from 166,876,013.87 metric tons in 2010 to 199,741,128.59 metric tons in the year 2015 which is one of the other factors to aid the market’s growth vibrantly during the forecast period. Furthermore, the rising urbanization and increasing pressure for quality feed to culture superior class marine population is expected to drive market revenue globally.
Increasing Adoption of fishes as Pets
On the back of growing adoption of fishes as pets, the market is anticipated to increase robustly. Moreover, rising marine based hotels and restaurants as well as increasing application of aquariums for interior decorative purposes in residential and commercial decors are estimated to push the market substantially over the forecast period. The demand for premium quality aquafeed is estimated to increase on the back of rising requirement for better product containing high nutrition content across the globe.
Furthermore, increasing initiatives by regulatory bodies in various countries to step up their production activities and to ease down aquaculture ecosystem by revising regulatory standards is expected to drive the market over the forecast period. Protection provided by the World Conservation Monitoring Centre & UN Environmental Program to marine and terrestrial protected areas is attributed to offer sufficient opportunities for the market’s growth during the forecast period.
Strict Environmental Regulations
However, due to the strict environmental regulations tapping out the oceans has made it difficult to procure raw material surrounding the wild and marine lives to obtain fish meals and fish oils for feed, serving as a key restraint in the growth of the market over the forecast period. The costs of feed are anticipated to soar which is further expected to sluggish the market growth across the globe.
Our-in depth analysis of the global aquafeed market includes the following segments:
Global Aquafeed Market is further classified on the basis of region as follows:
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