Global Aquafeed Market size to reach $185 billion by 2023: Global Market Insights, Inc.
Global Aquafeed Market size was 46.09 million tons in 2015, as per the latest research report by Global Market Insights, Inc. Increasing demand for direct fish consumption (DHC) should drive aquafeed market size. Strong awareness among fish breeders regarding benefits of providing sufficient nutrition to fish will also be a primary factor driving industry trend.
To access sample pages or purchases this report titled, “Aquafeed Market Size By Application (Crustaceans, Mollusks, Carp, Salmon, Catfish, Tilapia), Aquaculture Additives Market Size By Product (Amino Acids, Antibiotics, Vitamins, Feed Acidifiers), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023” in detail along with the table of contents:
Global aquafeed market size may register USD 185 billion by 2023. Currently, over 75% of the global fish harvested is used DHC as food. Increasing consumer per-capita disposable income along with growing nutritional standards may propel aquafeed market share, mainly for DHC applications.
Carps dominated the application landscape and registered over 12.5 million tons of feed consumption in 2015. Carps are one of the key aquatic animals farmed in the industry and are a rapidly growing fish species, dominating the global seafood demand on account of offering health benefits. These species are rich in omega 3 fatty acids and offer high sources of protein that are low in fat. Global aquaculture additives market size generated USD 914.6 million in 2015 and may register gains at 4.1% up to 2023. It involves in rearing and breeding aquatic species such as carps, mollusks, catfish, trout & salmons and is used to boost fish health & growth. The contents can be changed according to climatic conditions, species and age of aquatic animals.
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Amino acid market dominated aquaculture additives industry, with valuation registered at over USD 255 million in 2015. Increasing amino importance to improve protein efficiency utilization in animal feed may favor demand. European Commission and South Korea government imposed ban on antibiotics consumption in animal feed industry in October 2005 and June 2011 respectively owing to adverse effect on fish immune system.
Increasing consumer awareness regarding benefits of EPA/DHA ingredient consumption in regular diet should favor aquafeed market size. Global EPA/DHA ingredients or Omega 3 market size was over 92 kilo tons in 2014 and is obtained from salmon, tuna, whale blubber seal blubber and cod liver.
Asia Pacific aquafeed market size, led by China, Japan and India, dominated the overall consumption at over 30 million tons in 2015. Growing preference towards salmon production owing to fresh water availability in captivity along with ease in farming may positively influence product demand. Growing seafood consumption in Vietnam and Thailand may promote aquaculture additives market size. Peru Ministry of Production has established a mini ban on anchovy fisheries owing to high presence of juveniles which may result in supply demand gap and hamper aquafeed market price trend.
Key insights from the report include:
- Global aquafeed market size may reach 107.7 million tons by 2023 with expected gains at 11.2% CAGR.
- North America, led by U.S. aquafeed market size, may register over USD 22 billion by 2023. Rising demand for high quality seafood and polyculture systems importance in the U.S. may promote aquatic species farming and favor product demand.
- Growing krill fish demand in the U.S. owing to DHC owing to composition of antioxidants and vitamins A & E may influence product demand.
- Europe, led by Germany aquafeed market size, may grow significantly over 11.2% CAGR. Mollusks farming dominated the application landscape in Europe and may register over USD 7 billion revenue by 2023.
- Feed acidifiers may witness highest gains at 6.0% CAGR and register over USD 105 million revenue by 2023.
Global aquafeed market share is fairly fragmented. Key industry participants include Cargill Inc, Biomin, Biomar Alltech, Addcon, Ridley and Aller Aqua. Other prominent companies include Beneo, BASF SE, DSM, Cermaq ASA, Avanti Feeds and Skretting.