The report "Aquafeed Market by Species (Fish, Crustaceans, and Mollusks), Ingredient (Soybean, Corn, Fishmeal, Fish Oil, and Additives), Lifecycle (Starter Feed, Grower Feed, Finisher Feed, and Brooder Feed), Form, Additive, and Region - Global Forecast to 2025", The aquafeed market is projected to reach USD 71.6 billion by 2025; it was estimated at USD 50.6 billion in 2020, recording a CAGR of 7.2% from 2020-2025. One of the major factors driving the aquafeed market is increasing seafood consumption. Also, the increasing seafood trade has been driving the growth of this market.
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On the basis of ingredients, the soybean segment is estimated to account for a major share, in terms of value, in 2019.
Soybean is among the non-fish sources of omega-3 fatty acids, proteins, and unsaturated fats. Soy protein is fed to farm-reared fish and shellfish to enhance their overall growth and development. Some of the commonly used soybean products in aquafeed include heat-processed full-fat soybean, mechanically extracted soybean cake, solvent-extracted soybean meal, and dehulled solvent-extracted soybean meal. Since soybean meal is priced significantly lesser than fishmeal, the consumption of soybean meal is high.
The amino acids segment, by additive, is projected to dominate the aquafeed market during the forecast period.
Amino acids are important in animal nutrition and are the building blocks of protein, which play an essential role in the growth, production, and overall maintenance of aquatic animal health. Amino acids provide the energy required for the growth of muscles and bones for muscle movement, digestion, and blood circulation. Owing to these factors, the amino acids segment dominates the aquafeed market, by additive.
The Asia Pacific is projected to account for the largest share in the aquafeed market during the forecast period.
The Asia Pacific market accounted for the largest share in 2020; this market is majorly driven by China and Vietnam, which are major markets for aquafeed. China is among the leading producers of aquafeed in the Asia Pacific region. Due to the significant growth of seafood consumption and trade in this region, the aquafeed market is projected to grow in the region. The processed seafood market in the region is also currently undergoing significant transformation in response to rapid urbanization and diet diversification. Also, consumer demand for convenience and processed seafood offers profitable growth prospects and diversification to the region’s food sector.
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The major vendors in the global aquafeed market are Cargill (US), Archer Daniels Midland Company (US), Alltech (US), Purina Animal Nutrition (US), Nutreco N.V. (Netherlands), and Ridley Corporation Ltd. (Australia).
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