Please Wait.....
Report
Aquafeed Market - Growth, Trends, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 143 Pages I Mordor Intelligence
The aquafeed market is projected to register a CAGR of 5.1% during the forecast period.
Key Highlights
Aquafeeds are compounded meals prepared for aquatic animals by mixing various raw materials and additives. These mixtures are designed according to the species' specific requirements and the animal's age.
Aquafeed is essential to aquaculture due to its immune-resistant, nutritional, and growth-promoting properties. High-quality aquafeed is exponentially more beneficial to mollusks, fish, crustaceans, and other aquatic animals than farm-made feed due to its balanced and need-specific composition.
Furthermore, there is an increase in direct human consumption of fish compared to other types of meat, such as cattle and poultry. This increase is due to the availability of various fish in the retail market and several health benefits associated with it, such as enhancing cognitive development in children, lowering the fat level in the body, and assisting in reducing the threat of cardiovascular diseases. Likewise, a rise in per capita income, especially in developing nations, is expected to maintain the growth of the aquafeed industry.
Moreover, several government initiatives and schemes have been implemented to encourage farmers to utilize high-quality feed. For instance, the government of India allocated USD 73.84 million for the continuation of the 'Blue Revolution Scheme' during the financial year 2020-21. This scheme undertakes various ongoing fisheries development programs, including marine fishery, mariculture, and aquaculture.
Therefore, with the rising population aware of the health benefits of consuming fish, along with initiatives taken by the government and considering the factors mentioned above, the market is projected to grow during the study period. However, some restraints are limiting the growth of the market. The prices associated with the raw materials are constantly fluctuating and hence may negatively affect the development of the Aquafeed Market.
Aquafeed Market Trends
Increase in Fisheries and Aquaculture Consumption
Population growth, rising incomes in developing nations, and urbanization have led to a surge in global fisheries and aquaculture production. The revenue level and animal protein consumption is positively related to the increasing consumption of fish and other seafood at the expense of staple foods. Driven by higher incomes and urbanization, global fish consumption is growing faster than the global population.
Fisheries and aquaculture are increasingly becoming a primary source of protein, foreign exchange, livelihoods, and well-being of the population globally. For instance, according to FAO, the total fisheries and aquaculture consumption was 156.8 million tons in 2018, which increased and reached 157.4 million tons in 2020.
Furthermore, the increasing support from governments and private organizations for fish farming activities and the development of new technologies are boosting the aquafeed market globally. For instance, in August 2021, the Central Institute of Fisheries Technology (CIFT) built a new technology to support the aquafeed market's growth. The technology developed will aid in converting fish waste into aqua feeds. It was created to meet the high requirement for fish feed in the aquaculture sector while eliminating unsanitary fish waste management practices.
Thus, due to the rising demand for fisheries and aquaculture, its cultivation increased tremendously, which boosted the aquafeed market revenue growth in the past few years. Also, many small-scale industries have started their own aquaculture industry due to rapid market growth. This factor is further anticipated to generate substantial aquafeed market share growth in the forecast period.
Asia-Pacific dominates the Aquafeed Market
The rise in fish consumption in Asian countries is driven by a combination of a large, growing, and increasingly urban population. According to a new forecast by the World Bank, by 2030, Asian countries are likely to account for 70% of global fish consumption. China is one of the rapidly developing economies, which is anticipated to provide 38% of the worldwide seafood. China and other Asian countries are investing in developing the aquaculture industry. It may create demand for aquafeed.
Aquaculture production in the region is generally characterized by being intensive and technically advanced. In recent years, increasing investments in the aquaculture sector and government initiatives to promote sustainable aquaculture have aided the Asian market in adopting scientific aquaculture management practices (SAMP). For instance, according to SEAFDEC, the Vietnamese government is aiming to transform the country into a leading global seafood exporter under the country's fisheries development strategy plan in 2020. Under this plan, the seafood industry is expected to contribute 30-35% to the country's agro-forestry and fisheries GDP. The government is also planning to launch fish processing centers to create employment.
Furthermore, more than half of the domestic production in countries like Vietnam, Thailand, the Philippines, India, and Indonesia is destined only for the European and North American markets. The aquafeed industry in the region is driven by expanding aquaculture and increased demand for seafood. China is one of the largest compound feed producers globally, with production valued at around 240 million metric tons in 2020, of which aquaculture accounted for 22.2 million tons. Moreover, the market in the region consists of several feed manufacturers, both local and global, competing for market shares.
Therefore, with the rise in fish consumption along with initiatives taken by the government to boost the aquafeed market in the region and considering the aforementioned factors, the market is projected to grow during the study period.
Aquafeed Market Competitor Analysis
The aquafeed market is relatively consolidated, with major players holding a significant market share. Cargill Incorporated, Charoen Pokphand Group, Aller Aqua A/S, BioMar A/S, and Nutreco NV are the major players in the market. The players are investing in new products and improvisation of products, partnerships, expansions, and acquisitions for business expansions.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Type
5.1.1 Fish Feed
5.1.1.1 Carp Feed
5.1.1.2 Salmon Feed
5.1.1.3 Tilapia Feed
5.1.1.4 Catfish Feed
5.1.1.5 Other Fish Feed
5.1.2 Mollusk Feed
5.1.3 Crustacean Feed
5.1.3.1 Shrimp Feed
5.1.3.2 Other Crustacean Feed
5.1.4 Other Aquafeed
5.2 Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.1.3 Mexico
5.2.1.4 Rest of North America
5.2.2 Europe
5.2.2.1 Spain
5.2.2.2 United Kingdom
5.2.2.3 France
5.2.2.4 Germany
5.2.2.5 Russia
5.2.2.6 Italy
5.2.2.7 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.2 India
5.2.3.3 Japan
5.2.3.4 Thailand
5.2.3.5 Vietnam
5.2.3.6 Australia
5.2.3.7 Rest of Asia-Pacific
5.2.4 South America
5.2.4.1 Brazil
5.2.4.2 Argentina
5.2.4.3 Rest of South America
5.2.5 Middle-East
5.2.5.1 South Africa
5.2.5.2 Egypt
5.2.5.3 Rest of Middle-East
6 COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Aller Aqua AS
6.3.2 Alltech Inc.
6.3.3 Archer Daniels Midland Co.
6.3.4 BioMar AS
6.3.5 Cargill Incorporated
6.3.6 Charoen Pokphand Group
6.3.7 Coppens International BV
6.3.8 Hanpel Tech Co. Ltd
6.3.9 Kemin Industries Inc.
6.3.10 Inve Aquaculture Inc.
6.3.11 Nutreco NV
6.3.12 Nutriad International NV
6.3.13 Ridley Corporation Ltd
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security