Aqua Feed Manufacturers to Benefit from Growing Demand for Aquaculture Products
For high-quality livestock, the quality of feed demands the utmost importance in an animal production system. The fact holds true in the aquatic farming scenario too. With the growing demand for fish and other aquatic animals for food and as pets, the significance of nutritional food for them is rising considerably. Aquaculture farmers are increasingly demanding for high-quality nutritious feed for aquatic animals in order to optimize their production without compromising on their health and, consequently, their quality.
The global aqua feed market is highly driven by the rising trend of species-specific diet formulations. The market, which stood at US$57.7 bn in 2012, is likely to report a CAGR of 11.40% during the period from 2013 to 2019, and reach US$122.6 bn by the end of 2019, finds a new report by Transparency Market Research (TMR).
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Researchers at TMR answer important queries about the global aqua feed market in this blog post:
What are the key driving forces behind the significant rise in the demand for aqua feed?
Of late, the demand for aquatic animals, particularly fishes, has been witnessing a rise for consumption purposes, thanks to the high nutritional value and cost benefits they offer. The increasing production of fish and other aquatic animals to meet this massively growing demand has boosted the need for aqua feed substantially, leading to a remarkable growth in the global aqua feed market.
Apart from this, the increasing adoption of fishes at pets and the rising trend of keeping aquarium and fish tanks for aesthetic purposes are also reflecting positively on the sales of aqua feed across the world.
What factors may affect the growth of this market in the coming years?
The fluctuating prices of the raw materials, such as wheat, soybean, fish oil, corn, and fish meal, utilized to prepare aqua feed are likely to influence its price negatively in the coming years. As a result, the demand for aqua feed will decline to some extent.
In some cases, aqua feed producers may not be able to pass the additional cost to consumers and will be compelled to reduce their profit margins. In such situations, the production of aqua feed will suffer drastically, impacting the whole market in the long run.
Which of the regional markets will gain prominence in the global aqua feed market in the near future?
Asia Pacific has been leading the global market for aqua feed since the past few years. The high demand for fish and the increasing number of aquaculture facilities in this region have been supporting the growth of the Asia Pacific aqua feed market remarkably.
With the emergence of China as the global leader in aquaculture production, the demand for aqua feed is anticipated to swell enormously in Asia Pacific in the near future, aiding the region to remain dominant over the next few years.