A new market study, titled “Discover Global Aquafeed Market Upcoming Trends, Growth Drivers and Challenges” has been featured on WiseGuyReports.
Aquafeed is prepared by mixing various kinds of raw materials as well as additives like fish oil and fish feed depending on the requirement of a specific species and the age of an animal. The Aquafeed Market offers a wide variety of growth-promoting, nutritional, and immune-resistant benefits to aquatic animals that are being farmed. The market has been experiencing substantial growth in the past few years due to the rise in the volume of seafood consumption in different parts of the globe.
In the year 2018, the global Aquafeed market reached a volume of approximately 28 million tons. This volume is likely to increase during the forecasted period. The market value of the market in 2018 was around USD 69 billion. It is expected that the growth of the market will get accelerated billion by the year 2024. The market is likely to have growth at a CAGR of almost 7 percent. The attractiveness of the industry has intensified the level of competition in the market.
An in-depth evaluation of the world Aquafeed Market has been carried out to capture its growth potential. Several analytical tools and techniques have been used to capture market opportunities, threats, market dynamics, and constraints that arise in the market environment. A thorough assessment of the significant business participants has been carried out as they have the potential to influence the performance of the industry during the forecasted period. All the factors that influence the industry growth have been taken into consideration for the evaluation.
Key segments of the World Aquafeed Market
The Aquafeed Market can be segmented on the basis of product type, end-user, ingredients, additives, product form, and regions. On the basis of the product type, the market can be further categorized into shrimp feed and fish feed. The market break-up on the basis of the end-users includes Shrimp, Carps, Catfish, Salmon, Tilapia, Mollusks, and others. On the basis of the ingredients, the principal divisions of the market include Soybean, Corn, Fish oil, Additives, Fish Meal, and others. On the basis of additives, the sub-divisions of the Aquafeed Market include Amino Acids, Vitamins, Antibiotics, Feed Acidifiers, and others. The market division based on product form includes Extruded, Liquid Powdered, and Pellets. Some of the main areas where the industry has a strong presence include the USA, Europe, China, India, and others.
Overview of geographic segmentation
The Aquafeed Market has a strong presence in different parts across the globe. Some of the regions where the industry has been showcasing a strong performance due to the rise in the consumption of seafood include North America, Japan, and Europe. China has emerged as one of the key producers of aquafeed in the recent past. In the Asia Pacific region, the performance of the industry is strong, and it is believed that during the forecasted period, such a performance is likely to continue. In different regions, a wide variety of factors come into play that influences the overall performance of the aquafeed market.
Latest industry happenings
The well-known business undertakings operating in the Aquafeed Market, namely Aller Aqua and TripleNine, have entered into a research collaboration. The objective is to identify the core components of marine raw materials that can ensure better health of fish and other aquatic life forms. Feedings trials will be carried out on selected fish species at Allen Aqua Research.
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