The global aquafeed market is expected to grow at a considerable rate due to rising seafood consumption, increasing consumer concerns and regulatory pressure to maintain high quality of fishes to avoid any outbreak of diseases (salmonella, botulism, melioidosis).
Rising commercialization of seafood across rural and urban regions are expected to further boost the market growth. However, factors such as increasing raw material prices (fish meal, fish oil, wheat barley including others) and stringent regulatory structures formulated for manufacturing aquafeed additives, would hinder the market growth.
The Aquafeed Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $156 billion by 2022, registering a CAGR of 13.3% during the period 2016-2022. Fish and molluscs accounted for more than three fourths of the total aquafeed consumption.
Amino acids and vitamins segments accounted over one third of the aquafeed additive market in 2015. Amino acids play an important role in the development of nutrition and metabolism of aquatic animals, and hence this trend is projected to continue in the future.
Key findings of Aquafeed Market:
• Crustaceans is projected to be the fastest growing segment in global aquafeed market registering a CAGR of 13.7% (value terms) during 2016 and 2022.
• Amino acid is projected to be the fastest growing additive segment in aquafeed additives market registering a CAGR of 7.9%.
• Carps held 39.9% market share in the fish segment in 2015, in terms of volume.
• Asia-Pacific is projected to occupy the highest market share with a CAGR of 13.1%.
• China would continue to lead the aquafeed market at a CAGR of 12.3%.
