Aquafeed refers to any feed supplies for aquatic organisms as a part of aquaculture so as to provide them with proper nutrition. The feed for aquatic animals is either in wet or dry form, and they are composed of various ingredients like corn, soyabean, and many others. These ingredients significantly enhance the health of the aquatic animals by providing them with necessary minerals, vitamins, and antibiotics.
Forecast Analysis of the Global Aquafeed Market
Expeditiously increasing consumption of seafood across the globe is expected to drive the growth of the market during the forecast period. In addition, the rising awareness about the health benefits of consumption of seafood by aquatic animals is further expected to bolster the growth of the global aquafeed market during the forecast period. Moreover, new product launches from prominent players of the market worldwide is expected to create immense opportunities for the growth of the market during the forecast period. However, extortionate cost of aquafeed products in expected to impede the growth of the aquafeed market during the forecast period.
According to the report published by research Dive, the global aquafeed market is expected to garner a revenue of $120,719.70 million by 2028, growing exponentially at a CAGR of 10.5% during the forecast period 2021-2028. The major players of the market include Aller Aqua A/S, Alltech, Inc., Beneo Gmbh (Suedzucker Group), Avanti Feeds Limited, Biomin GmbH, and Coppens International B.V., Schouw & Co. (Biomar A/S), Cargill Incorporated, NUTRECO N.V. Charoen Pokphand Foods Public Company Limited, Schouw & Co. (Biomar A/S), and many more.
The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global aquafeed market to grow exponentially.
For instance, in March 2021, BioMar, a world leader in high performance diets for more than 45 different fish and shrimp species in more than 80 countries, acquired majority shares of Viet-UC, an innovative provider of shrimp farming and pisciculture services, in order to establish aquafeed business in one of the world’s leading shrimp producing countries, Vietnam.
In August 2021, NovoNutrients, a U.S.-based producer of microbial meals for aquafeeds using industrial waste streams, secured a $9 million funding to finish its pilot project which involves capturing carbon emissions to develop high-quality animal-free proteins using naturally occurring microbes and industrial biotech.
In May 2021, Skretting, the global leader in providing innovative and sustainable nutritional solutions for the aquaculture industry, acquired the extrusion facility of Ridley, Australia’s leading provider of high-performance animal nutrition solutions, in order to increase Skretting’s aquafeed production capacity.
Most Profitable Region
The Asia-Pacific region is expected to be most lucrative and dominate the global market during the forecast period. The region is expected to generate a revenue of $48,046.50 during the forecast period. Rapidly surging aquaculture production in this region is expected to stimulate the growth of the market. In addition, the presence of prominent players of the market in this region is further expected to accelerate the growth of the aquafeed market in the Asia-Pacific region during the forecast period.
COVID-19 Impact on the Market
The outbreak of COVID-19 has had a devastating impact on the growth of the global aquafeed market, owing to the prevalence of lockdowns in various countries across the globe. Lockdowns adversely led to the fewer production of aquaculture due to the stringent restrictions imposed by the government on shut down of numerous manufacturing units in order to the curb the spread of the virus during the pandemic. Thus, coronavirus has had a negative impact on the growth of the global aquafeed market during the pandemic period.