According to the latest report by IMARC Group, titled Shrimp Feed Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global shrimp feed market reached a value of almost US$ 5 Billion in 2018, growing at a CAGR of 3.4% during 2011-2018. Shrimp feed is the commercially manufactured food formulation which provides the balanced nutrition required by farmed shrimp. It is essential for regulating the levels of vitamins, minerals, amino acids and fatty acids. High-quality feed is characterized by its water stability, nutrition density, hygienic raw materials and palatability. The use of feed in shrimp farming is vital for improving production and, in turn, increasing profits.
The growing health awareness among consumers in the developed, as well as developing countries, has resulted in an increase in the demand for protein-rich foods. The shifting preferences, coupled with the rising popularity of ready- and easy-to-cook shrimp products, have led the farmers to use high-quality feed in order to promote better farm output. Besides, the addition of various additives like anti-oxidants, antibiotics and anti-microbial preservatives has resulted in the introduction of products with improved functionality which is creating a positive impact on the growth of the market. Apart from this, the rising consumption of Vannamei shrimp has increased its production which has influenced the demand for products specific for the species. On account of these factors, the market is expected to reach a value of more than US$ 7 Billion by 2024, registering a CAGR of 6.5% during the forecast period (2019-2024).
- On the basis of the type, the market has been categorized into grower, finisher and starter feed. Amongst these, the grower segment represents the most popular type, accounting for the majority of the total market share.
- Based on the ingredient, soybean meal represents the largest segment. Other major ingredients include fish meal, wheat flour, fish oil and others.
- On the basis of the additive, vitamins and proteins exhibit a clear dominance in the market. Other major additives include fatty acids, antibiotics, antioxidants and feed enzymes.
- On the geographical front, the market has been divided into Asia Pacific, Latin America, North America, Europe, and Middle East and Africa. Currently Asia Pacific holds the largest market share.
- The competitive landscape of the industry is concentrated in nature, characterized by the presence of a handful of manufacturers who control most of the market share. The leading players include Charoen Pokphand Foods (CPF), Cargill, Skretting (A Nutreco Company), Biomar and Guangdong Yuehai Feed Group Co. Ltd.
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