“Aquafeed market projected to grow at a CAGR of 10.8%”
The aquafeed market, estimated at USD 90.96 billion in 2015, is projected to grow at a CAGR of 10.8% to reach USD 168.23 billion by 2021. The market is driven by factors such as growing demands for increasing consumption of aquaculture products and advancement in aquafeed manufacturing processes & technologies leading to novel varieties. The high growth potential in emerging markets and untapped regions provide new growth opportunities for market players.
“Shrimp aquafeed accounted for the largest market share in 2015”
Among the aquatic animal types of aquafeed—which include, carp, shrimp, crustaceans, mollusks, and others (eels, cyprinids, and others freshwater fishes)—shrimp equipment accounted for the largest market share, followed by mollusks in 2015.Carp & crustaceans are projected to grow at the highest CAGR due to the demand for premium-range high-quality sea-food products by worldwide customers.
“Soybean leads the aquafeed market with the largest share of ingredients”
On the basis of ingredients, the aquafeed market is led by the soybean segment, followed by fishmeal. Corn is the fastest growing ingredient used in the aquafeed products across the globe followed by fish oil, particularly in the developing Asia-Pacific economies due to the extensive consumption of aquafeed products in these countries.
“Canada: The future of the aquafeed industry”
Canada is focusing on increased usage of advanced technologies and newer products for the aquafeed market. Also the awareness among the aquaculture breeders is increasing in the country; therefore, the demand for novel aquafeed products requires specialized product development. With greater applicability of aquafeed and focus on achieving greater profits, several aquafeed manufacturers are willing to spend on innovative aquafeed varieties that combine properties of nutrition and healthiness.
Italy was the largest country-level market in Europe in 2015, and is projected to grow at a decent CAGR, in terms of value.
Break-up of Primaries:
- By Company Type:Tier 1 – 50%,Tier 2 – 20%, and Tier 3– 30%
- By Designation: C level – 28%, Director level – 22%, Others – 50%
- By Region: North America – 40%, Europe – 30%, Asia-Pacific – 21%, Latin America – 9%
Leading players such as Cargill Inc. (U.S.), Nutreco N.V. (The Netherlands), BioMar Group A/S (Denmark), Ridley Corporation (Australia), Alltech Inc. (U.S.), Nutriad-Ad International N.V. (Belgium), Aller Aqua A/S (Denmark), and BIOMIN Holding GmbH (Austria) are profiled in the report.
Reasons to buy this report:
- To get a comprehensive overview of the global aquafeed market
- To gain wide-ranging information about the top players in this industry, their product portfolios, and key strategies adopted by them
- To gain insights about the major countries/regions in which the aquafeed market is flourishing