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- Thailand Aquafeed Market to Reach 1.48 Million Tons by 2024
Thailand Aquafeed Market to Reach 1.48 Million Tons by 2024, Impelled by Rising Health Consciousness
September 16, 2019
According to the latest report by IMARC Group, titled “Thailand Aquafeed Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the Thailand aquafeed market size reached 1.07 Million Tons in 2018. Aquafeeds are commercially prepared feed for aquatic animals, available in the form of pellets, extruded bits or granules, which are essential for providing balanced nutrition to farmed animals. These feeds are made up of various raw materials and additives including fish oil, fish meal, plants, marine animals, terrestrial-based live feeds, grain products and vegetable protein. They are rich in proteins, carbohydrates, vitamins, minerals, and lipids and fats, which are crucial for rearing high densities of healthy animals. These aquatic feeds not only aid in promoting efficient growth but also encourage reproduction. Aquaculture plays a significant role in the economy of Thailand, which has resulted in an incessant demand for high-quality aquafeed in the country.
Thailand Aquafeed Market Trends:
Increasing consumer awareness regarding the high-protein content of seafood products has resulted in their widespread incorporation in the daily diets of the majority of the population in Thailand. In addition to this, owing to the rising health consciousness, there is a growing preference for nutrient-rich seafood produced with higher farming standards. This has consequently led fish farmers to use premium quality, as well as organic, aquafeed variants, which in turn is driving the market growth in the country. They are also adopting several advanced and innovative technologies for feed production, such as pelleting, which has enabled them to reduce costs, assure food safety as well as improve the overall feed quality. Other factors contributing to the market growth include rising disposable income and increasing exports of fishery products across the globe. On account of the aforementioned factors, the market is expected to reach a volume of 1.48 Million Tons by 2024, registering a CAGR of 5.43% during 2019-2024.
Market Summary:
- Based on the end user, the market has been divided into fishes, crustaceans (shrimp and others), mollusks and others. Among these, fishes exhibit a clear dominance in the market which has been further categorized into tilapia, catfish, common silver barb and others.
- On the basis of the ingredient, soybean accounts for the majority of the total market share. Other major segments include fish meal, wheat flour and wheat products, rice products, corn, and additives (vitamins and minerals, amino acids, feed enzymes, antioxidants and others).
- Based on the product form, the market has been classified into pellets, extruded, powdered and liquid, wherein pellets hold the majority of the market share.
- The competitive landscape of the market has also been analyzed with the detailed profiles of the key players. Some of the key players operating in the market include Charoen Pokphand Group, Cargill Thailand, Thai Luxe Enterprises (Thailand) Co., Ltd., Thai Union Feed mill Co., Ltd., Lee Feed Mill Public Company Limited, Betagro Group, and Inteqc Feed Co., Ltd.
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