IMARC Group’s latest report, titled “Aquafeed Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global aquafeed market size reached US$ 155.3 Billion in 2022. Aquafeed refers to any feed manufactured commercially for aquatic farmed animals as part of aquaculture. It is usually prepared by mixing numerous raw materials, additives, and other supplements derived from natural or synthetic sources. It is rich in essential nutrients, such as protein, vitamins, minerals, carbohydrates, lipids, and fats, which help promote efficient growth and encourage reproduction among aquatic animals. It offers various nutritional, growth-promoting, and immune-resistant benefits to farmed aquatic animals. As a result, aquafeed is widely used to provide a balanced diet essential for rearing healthy fish.
Global Aquafeed Market Trends:
The increasing fish farming activities and the significant expansion in the aquaculture sector represent the primary factors driving the market growth. In addition, there has been a substantial shift toward protein-rich diets among health-conscious consumers. Consequently, the rising incorporation of seafood, such as tuna and crab, in their daily diet is positively influencing the market growth. Besides this, the growing awareness among the masses regarding the health and nutritional benefits of seafood, including promoting cognitive development in children, lowering body fat levels, and reducing the risks of cardiovascular diseases, has augmented the product demand. Furthermore, the escalating demand for natural and organic feed products has prompted manufacturers to adopt sustainable raw materials such as algae- and plant-based materials to replace fish oil and soybean meal in place of fish meal protein in aquafeed. In line with this, the limited accessibility of marine feed resources and heavy investments in the mass production of fish has propelled the market growth. Other factors, including the rising preferences for high-quality seafood products, widespread availability of ready-to-eat products, changing dietary habits, inflating consumer purchasing power, and increasing focus on export-oriented aquaculture, are also creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$ 260.5 Billion by 2028, growing at a CAGR of 8.9% during the forecast period (2023-2028).
- Based on the species, the market has been categorized into carps, marine shrimps, tilapias, catfishes, marine fishes, salmons, freshwater crustaceans, trout, and others. At present, carps represent the largest market segment.
- On the basis of the ingredients, the market has been segmented into soybean, corn, fish meal, fish oil, additives, and others. Amongst these, soybean accounts for the majority of the market share.
- The market has been divided based on the additives into vitamins and minerals, antioxidants, feed enzymes, and others. Currently, vitamins and minerals exhibit a clear dominance in the market.
- Based on the product form, the market has been classified into pellets, extruded, powdered, and liquid. Presently, pellets represent the most popular product form.
- Region-wise, Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others) holds the leading position in the market. Other major regions include North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, and others), and Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates, and others).
- The competitive landscape of the market has also been analyzed, along with detailed profiles of the key players operating in the industry.
|Base Year of the Analysis
||Million Tons, US$ Billion
||Species, Ingredients, Additives, Product Form, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico, Argentina, Colombia, Chile, Peru, Turkey, Saudi Arabia, Iran, United Arab Emirates
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