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Global aquafeed market was estimated at $78.68 billion in 2020 and is expected to hit $131.92 billion by 2030, registering a CAGR of 5.6% from 2021 to 2030.

PORTLAND, OREGON, UNITED STATES, February 23, 2023 /EINPresswire.com/ -- Developments in the aquaculture industry, increase in fish and seafood consumption, availability and flexibility in the usage of alternative raw materials, and rise in disposable income of people drive the growth of the aquafeed market. By additives, the amino acids segment contributed to the major share in 2020. Based on region, on the other hand, the market across Asia-Pacific would manifest the fastest CAGR by 2030.

Aquafeed is a compounded meal that consists of various raw materials and additives, which provide nourishment and enhance overall growth & productivity of aquatic animals. The global aquafeed market is expected to grow at a considerable rate due to rise in seafood consumption, increase in consumer concerns, and regulatory pressure to maintain high quality of fishes to avoid any outbreak of diseases such as salmonella, botulism, melioidosis. Surge in commercialization of seafood across rural and urban regions is expected to further boost the market growth. However, factors such as increase in raw material prices such as fish meal, fish oil, and wheat barley and stringent regulatory structures formulated for manufacturing aquafeed additives, are anticipated to hinder the market growth.

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Developments in the aquaculture industry, increase in fish and seafood consumption, availability and flexibility in the usage of alternative raw materials, and rise in disposable income of people drive the growth of the aquafeed market. On the other hand, increasing cost of raw materials restrains the growth to some extent. However, growing dependence on aquaculture is projected to create lucrative opportunities in the industry.

The key market players analyzed in the global aquafeed market report include Cargill, Inc., Beneo GmbH, Biomar A/S, Biomin GmbH, Avanti Feeds Ltd, Alltech Inc., AllerAqua A/S, Charoen Pokphand Foods Public Company Limited, and Nutreco N.V. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.

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COVID-19 scenario-

The huge supply chain disorders across the world impacted the global aquafeed market negatively, especially during the initial phase.
However, as the global situation has started getting better, the market is projected to recoup soon.
The global aquafeed market is analyzed across additives, end consumption, and geography.

By end-use, the fish segment held the highest market share in 2020, holding around one-third of the global market. The same segment is also projected to manifest the fastest CAGR of 6.4% from 2021 to 2030.

By additives, the amino acids segment contributed to the major share in 2020, accounting for nearly one-fifth of the global aquafeed market, and is expected to lead the trail during the forecast period. Simultaneously, the antioxidants segment is anticipated to cite the fastest CAGR of 6.7% from 2021 to 2030.

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By region, Asia-Pacific held the highest market share in terms of revenue 2020, garnering more than one-third of the global market. The same region is also expected to showcase the fastest CAGR of 6.5% throughout the forecast period. The other provinces discussed in the report include North America, Europe and LAMEA.

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