SELBYVILLE, Del., Dec. 2, 2019 /PRNewswire/ -- The global Aquafeed Market is set to surpass $235 billion by 2026, according to a new research report by Global Market Insights, Inc. Rising seafood consumption and the prevalence of seafood-borne diseases has increased the requirement for aquafeed, which is driving the market.
Growing marine aquaculture market production, along with the increasing demand for high-quality seafood may boost market share. Aquafeed products are widely utilized in fish farms and breeding companies to support healthy growth and quicken the gestation period of fish species, such as salmon and carp, which may accelerate market growth. Stringent government aquafeed regulations in fish rearing activities, increasing cases of seafood-borne diseases, and changing consumer perceptions towards high-quality fish derivative products may augment market share.
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The aquafeed industry's size for carp is dominant and is likely to witness steady gains over the forecast period. They are extensively reared, owing to their adaptability to climate change and rich protein concentration, containing low fat and high omega-3 fatty acids. Antibiotic aquafeed is widely used in carp farming, as they are susceptible to various bacterial diseases such as gill rot and internal fungal infections when held in captivity, which may trigger market share.
Some major findings of the aquafeed market report include:
- The demand for aquafeed products is increasing due to their benefits, such as improved immunity resistance against bacterial infections and pathogens.
- Increasing market demand for high-quality seafood and fish derivative products, such roe and cod liver oil, due to rising awareness towards potential benefits of seafood enriched diets.
- Rising consumer inclination to try different cuisines and increasing demand for exotic fish species, such as tuna and salmon, is expected to provide profitable opportunities to the aquafeed industry's expansion and may stimulate market growth
- Some of the major players operating in the aquafeed market are De Heus Animal Nutrition, Alicorp, Archer Daniels Midland (ADM), DSM, Cargill, and BioMar A/S
- Companies are manufacturing high-performance aquaculture feed products by sourcing ingredients such as algae, fish meals, non-ruminant blood, and eggs, which are likely to trigger market growth
- Supportive market regulation by the EU in aquafeed products by allowing a mixture of insect-derived protein sourced from crickets, grasshoppers, worms, and houseflies is opening avenues in new product development
- Manufacturers are including the strain of prebiotics with a concentration of amino acids and vitamins to make them easily digestible feed products, which may trigger market demand.
- Companies are engaged in rapid acquisition and collaboration activities to diversify product portfolio and capture untapped markets
Browse key industry insights spread across 280 pages with 326 market data tables and 46 figures and charts from the report, "Aquafeed Market Share By Application (Crustaceans, Mollusks, Carp, Salmon, Catfish, Tilapia), Aquaculture Additives Market Size By Product (Amino Acids, Antibiotics, Vitamins, Feed Acidifiers), Industry Analysis Report, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019-2026," in detail, along with the table of contents:
Increasing consumption of seafood and rising consumer inclination to try different cuisines and exotic fish species should accelerate the North American aquafeed market. These feed products are widely used in supporting healthy growth, inhibiting the growth of bacterial and fungal infections, and increasing fish yield, which may boost the aquafeed industry. Supportive government initiatives towards healthy diets in schools and changing consumer perception towards white meat, owing to its rich concentration of protein, is increasing demand for aquaculture products and increasing market share. Breeders and manufacturers of fish derivative products are widely fortifying feeds with amino acid-enriched aquafeed to increase yield and meet growing demand, which should boost market demand.
Several manufacturers in the market are engaged in increasing industry production capacity by constructing manufacturing units in China and Vietnam, along with the acquisition of medium to small scale firms, to expand their geographical presence. Companies are also researching developing aquafeed products made from algae and enriched with prebiotic strains in an attempt to diversify the product portfolio and gain a competitive advantage in the market.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Aquafeed Industry Forecasts 2026
Aquafeed Market revenue is projected to achieve around a 12% CAGR up to 2026, driven by growing awareness towards the potential benefits of seafood-enriched diets.
SOURCE Global Market Insights, Inc.