The global aquafeed market reached a volume of 57 Million Tons in 2020. Over the years, aquaculture has become a popular means of food production which includes farming of fish, crustaceans and molluscs. In aquaculture, fish feed on pellets rather than wild sources such as plankton, insects or other fish. Aquafeed is generally prepared by combining different raw materials and additives, such as fish feed and fish oil, depending upon the age of the animal and requirements of the species. It offers a wide variety of nutritional, growth-promoting and immune-resistant benefits to the farmed aquatic animals. Aquafeed is produced in two forms which include pressure-pelleted feed and extruded bits. Amongst these, extruded bits float on the surface of water, whereas pressure-pelleted feed sinks into water.
Recently, there has been a rise in the overall consumption of seafood which has given a boost to the aquaculture activities. This is one of the primary factors which has triggered the growth of the aquafeed market. In addition to this, consumers have become aware about the benefits offered by high-quality seafood products. This has, in turn, had a positive influence on the supply of improved aquafeed across the globe. The growth of the market can also be attributed to the availability of vast arable area in order to cultivate corn, soybean, wheat and maize which are the main ingredients used for the production of aquafeed. Moreover, a rise in the mass production of fish and limited accessibility of marine feed resources are some of the other factors which have been proliferating the growth of the global aquafeed market. Looking forward, IMARC Group expects the global aquafeed market to exhibit moderate growth during the next five years.
Key Market Segments:
IMARC Group provides an analysis of the key trends in each sub-segment of the global aquafeed market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, species, ingredients, additives and product form.
Breakup by Species:
Carps accounted for the largest share in the global aquafeed market and were followed by marine shrimps, tilapias, catfishes, marine fishes, salmons, freshwater crustaceans, trout and others.
Breakup by Ingredients:
Currently, soybean dominates this market followed by corn, fish meal, fish oil, additives and others.
Breakup by Region:
Based on the region, the Asia Pacific region accounted for the largest share in the global aquafeed market.
Breakup by Additives
Based on the additives vitamins and minerals represented the largest category and were followed by anti-oxidants, feed enzymes and others.
Breakup by Product Form
On the basis of the product form, pellets dominated the global aquafeed market and were followed by extruded products, powdered products and liquid products.
IMARC's latest report provides a deep insight into the global aquafeed market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the aquafeed industry in any manner.
Key Questions Answered in This Report?
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