China aquafeed market reached a production volume of 17.3 Million Tons in 2018. The feeds are compounded meals available in various forms which provide nutrition in a stable and concentrated form, enabling the aquatic animals to grow efficiently and to their full potential. These blends are prepared and provided to the aquatic animals according to the specific requisite of the species and their age. Aquafeed plays a major role in providing normal growth and health of the aquatic animals.
China is currently the leading producer, consumer and exporter of aquafeed globally, more specifically, a leading producer of fish feed as well. The country has also dominated in the global aquaculture production for almost two decades. In 2018, coastal fishing ban in China led to a rise in the aquaculture and marine culture, which further increased the growth of the fish feed demand, thereby increasing the need to produce high quality and more formulated feeds in the country. Moreover, factors such as increasing seafood consumption in China coupled with the rising consumer awareness about the seafood quality are further escalating the demand for aquafeed in the region. In addition to this, the Chinese government is also taking various initiatives to strengthen the aquaculture industry in order to increase its production share in the international market. Currently, there is a huge demand of fish feed in the country. At times, country’s production of fishmeal is not enough for domestic use. It needs to be re-imported and cannot be exported to other countries, thereby rising the market of aquafeed in the country itself. Looking forward, IMARC Group expects the market to reach a volume of 20.6 Million Tons by 2024, exhibiting a CAGR of 2.8% during 2019-2024.
Market Breakup by Species
Carps currently dominate the aquafeed market in China, holding the largest share.
Market Breakup by Ingredient
Amongst all the ingredient types, soybean currently dominates the China aquafeed market.
Market Breakup by Additive
Vitamins and minerals currently represent the most popular type of additives.
Market Breakup by Product Form
Among all the product forms, pellets currently represent the largest type accounting for majority of the market share.
Market Breakup by Province
Province-wise, Guangdong currently represents the largest market.
The report has also examined the competitive landscape of the market and provides the profiles of the key players operating in the industry. Some of the key players include Cargill, Alltech China, Liaoning Wellhope Agri-Tech Joint Stock Co., Tongwei Group Co., Aller Aqua, Nutreco, BioMar-Tongwei Biotech (Wuxi), Charoen Pokphand Group, etc.
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