The Aquafeed Market is poised for significant expansion, with an anticipated market value of USD 93.19 billion by 2029, showcasing a Compound Annual Growth Rate (CAGR) of 7% during the forecast period. This data-driven analysis is presented in the comprehensive market report by MMR, a distinguished name in market research.
Market Overview:
Aquafeed, a pivotal component in the aquaculture industry, plays a crucial role in supporting the growth of various aquatic species. The market report offers an exhaustive examination of the industry, market dynamics, and key players, covering both demand and supply aspects across different segments.
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Aquafeed Market Dynamics:
The proliferation of new species in aquaculture and the expansion of fish farming are opening new revenue streams for industry players. Introduction of innovative ingredients, such as new algae aquaculture feed, is replacing traditional components like fishmeal and fish oil with plant-based alternatives, enhancing sustainability and reducing environmental impact.
Soybean, as a prime ingredient, emerges as a frontrunner due to its excellent protein content (about 48% high-quality protein) and rich profile of digestible amino acids and xanthophylls. The market is witnessing a shift towards sustainable practices, with more than 70% of fish meal protein being replaced with soybean meal.
Key Growth Factors:
- Emergence of New Aquaculture Species: The growth in fish farming and the introduction of new fish species, including meager, amberjack, and wreckfish, are driving demand for commercially manufactured compound feeds.
- Innovative Feed Ingredients: The adoption of new algae aquaculture feed ingredients is revolutionizing aquafeed, reducing reliance on fishmeal and fish oil. The introduction of sustainable and plant-based materials contributes to environmental conservation.
- Increased Fish Farming Activities: With the rise in fish farming and aquaculture, the demand for fish feed, particularly in artificial settings like Recirculating Aquaculture System (RAS) and Aquaponics, is surging.
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Market Segment Analysis:
- Ingredient Types:
- Soybean
- Corn
- Additives
- Fish meal
- Fish oil
Soybean is expected to dominate the market, owing to its high-quality protein content and versatility in aquafeed production.
- End-Users:
- Fish
- Mollusks
- Crustaceans
The fish segment holds the largest share, driven by increased fish farming activities and the low-cost, easily digestible nature of fish as a protein source.
Regional Insights:
Asia-Pacific leads the Global Aquafeed Market, contributing over 53% of the global revenue and accounting for more than 58% of overall aquafeed consumption. The region’s dominance is attributed to changing diet patterns, urbanization, population growth, and economic development. North America and Europe, with high demand for seafood products, rely on Asian producers to meet their needs.
Key Players:
- Archer Daniels Midland Company
- Cargill
- Alltech
- Ridley Corporation Ltd.
- Nutreco N.V
- Avanti Feeds Ltd.
- Biostadt India Ltd.
- Nutriad
- Aller Aqua A/S
- BioMar
- BIOMIN Holding GmbH
- Norel Animal Nutrition
- De Heus Animal Nutrition
- Dibaq a.s
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Key questions answered in Aquafeed Market are:
- What is Aquafeed?
- What are the recent industry trends that can be implemented to generate additional revenue streams for Aquafeed Market?
- Which factors are the lucrative opportunities for the Aquafeed market growth?
- Which factors are limiting the scope of Aquafeed market?
- How is the intervention from regulatory authority is shaping the Aquafeed Market?
- What growth strategies are the key players considering to increase their presence in Aquafeed Market?
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