The Aquafeed Market Projected to Grow at a CAGR of 10.5% and Garner a Revenue of $120,719.70 Million in the 2021-2028 TimeframeDownload Sample Reports Overview
The global aquafeed market was valued at $57,031.0 million in 2020 and is projected to reach $120,719.70 million by 2028, registering a CAGR of 10.5%.
COVID-19 Impact on the Aquafeed Market
During the prevalence of COVID-19 pandemic, the aquafeed market observed a negative growth. Due to high rate of corona virus transmission and fear of infection, government around the world, imposed lockdown due to which the demand for seafood was reduced. This decrease in the demand negatively impacted the production of the aquafeed. Also, due to less demand and non-availability of labor, many small scale aquafeed industries were forced to close. These factors are likely to hamper the aquafeed market share growth in the pandemic time period.
Aquafeed Market Analysis:
Rapidly increasing knowledge about the nutritional value of seafood and its necessity in humans is expected to generate huge aquafeed market share in the future. Seafood is the rich source of protein and omega fatty acids which are essential for the proper functioning of human body. People have now started incorporating seafood in their diet. Thus, this rise in the consumption has favored the aquaculture cultivation which in turn is anticipated to proper the aquafeed market size growth in the next few years.
However, aquafeed products are made up of costly ingredients such as fish oil, corn, and soyabean. This makes the products very expensive. This factor is likely to impede the market growth in future.
Due to growing demand for nutritious feed for aquatic animals, many companies in the market have got opportunities to launch new aquafeed products in the market. For instance, according to a news published in Sea Food Source, on May 06, 2020, Cargill Aqua Nutrition, a global animal nutrition company, announced to launch its first shrimp feed products in Indonesia. Such factors are likely to boost the aquafeed market size growth in future.
Aquafeed Market Segmentation
The aquafeed market is segmented based on form, product, species, and region.
The global aquafeed market by form is segmented into dry and wet aquafeed. The dry aquafeed sub-segment is predicted to have the highest revenue in the global market and register a revenue of $71,878.30 million during the forecast period. The sub-segment growth is projected to increase because dry feed can be easily prepared in any size and shape. Also, there are less chances for dry feed to spoil as the moisture content in the feed is zero.
The global aquafeed market by product is segmented into vitamins, minerals, antioxidants, amino acids, antibiotics, and others. The amino acids sub-segment is predicted to have a dominating market share in the global market and register a revenue of $30,213.80 million during the forecast period. This growth is due to the demand for seafood for its high protein content. The cultivators prefer feed with amino acids so that the aquatic animals can have high amount of protein and can grow properly to become healthy.
The global aquafeed market by species is segmented into fish, shrimps, mollusks, and others. The fish sub-segment is predicted to have a dominating market share in the global market and register a revenue of $73,035.40 million during the forecast period. The growth is attributed to growing consumption of fish across the world. Also, variety of fish are now cultivated like Atlantic salmon which require specific feed to grow properly. Such factors are anticipated to boost the market growth in future.
The Asia-Pacific aquafeed market is expected to observe both dominant and fastest growth and register a revenue of $48,046.50 million in the predicted time span. The regional growth is attributed to presence of well-established aquafeed companies in the market and their constant effort to develop and launch new products. Also, growing demand for seafood among people is encouraging the companies to increase their feed production rate. Such factors are estimated to increase the market growth of aquafeed in the future.
Key Players in the Aquafeed Market
The companies involved in the aquafeed market are
- Aller Aqua A/S, Alltech, Inc.
- Beneo Gmbh (Suedzucker Group)
- Schouw & Co. (Biomar A/S)
- Cargill Incorporated
- Charoen Pokphand Foods Public Company Limited
- NUTRECO N.V.
- Avanti Feeds Limited
- Biomin GmbH
- Coppens International B.V.
Porter’s Five Forces Analysis for the Aquafeed Market
- Bargaining Power of Suppliers: The number of suppliers in the aquafeed market are increasing at a rapid pace due to which they have to optimize their product range in order to attract large number of consumers.
Thus, the bargaining power suppliers is low.
- Bargaining Power of Buyers: Buyers are high in number. Therefore, they have high choices in choosing the products that best fit their preference.
Thus, the bargaining power of the buyers is high.
- Threat of New Entrants: Since the market is growing rapidly, new companies entering the market have started launching new and advanced aquafeed products to attract the consumers and establish their market presence.
Thus, the threat of the new entrants is high.
- Threat of Substitutes: There is no substitute for aquafeed in the market.
Thus, the threat of substitutes is low.
- Competitive Rivalry in the Market: The competitive rivalry is present among the market players as the Aquafeed market is growing and there is a huge scope for high growth.
Therefore, competitive rivalry in the market is high.