Global Aqua Feed Market: Snapshot
The global aqua feed market is expected to rise at a CAGR of 11.4% between 2013 and 2019 for the market’s valuation to increase from US$57.7 bn in 2012 to US$122.6 bn by 2019.
The far-reaching role of aquaculture in aiding food security for the rising global population is the major factor driving the global aqua feed market. Furthermore, growing human consumption of fish for the health benefits of animal protein necessitates sustainable fish farming practices, thereby positively influencing the aqua feed market.
The demand for fish continues to grow in most parts of the world. With growing population, expanding urbanization, and increasing incomes in developing regions, the trend is expected to continue. However, due to stagnation in capture fish production over the past decades, the dependence on aquaculture is expected to be on the rise in the coming decades. Thus, the global aqua feed market is expected to be benefitted.
Aqua feed is manufactured in the form of pellets and is dispensed to aquatic species externally. Aqua feed contains vital ingredients that can be altered as per the food requirement of aquatic species, which has led to the growth and popularity of the aqua feed market over the past couple of years.
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Nonetheless, volatile prices of raw materials such as fish meal and fish oil are expected to hamper the market’s growth. Moreover, the commercial fishing industry perceives aquaculture as competition, which is challenging the market’s growth. However, with a rising global population, aquaculture could cater to the seafood industry for supplying fish in the years to come. Furthermore, the increasing demand for both conventional and functional aqua feed in Asia is expected to present new opportunities to the market’s growth.
Asia Pacific to continue being Leading Regional Market for Aqua Feed
In terms of geography, North America, Europe, Asia Pacific, and Rest of the World (RoW) are the segments into which the global aqua feed market is divided. Asia Pacific stood as the leading regional market accounting for more than 65% of the global aqua feed market in 2012. The region is expected to retain its dominant position in the coming years as well due to the high demand for fish and expanding aquaculture facilities in the region. Europe stood as the second-largest regional market in the same year. Countries in the Rest of the World region are also expected to display considerable demand for aqua feed in the coming years.
Mollusks End-use Segment to Display Strong Demand for Aqua Feed
In terms of end-user, the global aqua feed market has classified into carp, crustaceans, salmon, mollusks, catfish, tilapia, and others. Carp stood as the leading end-use segment and accounting for 25% of the global aqua feed market in 2012. The carp and crustaceans segments are expected to display the fastest growth as they can withstand harsh environmental conditions. In 2012, mollusks segment accounted for the second largest share of the overall market and is expected to display above average growth rate in the near future. This is mainly due to the increasing consumer awareness about the health benefits of mollusks.
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Some of the leading companies in the global aqua feed market are Alltech Inc., Beneo, Cargill Incorporated, BioMar A/S, Dibaq Aquaculture, NK Ingredients Pvt Ltd., Nutreco N.V., Ridley Aqua-Feed, Aller Aqua, Norel Animal Nutrition, Avanti Feeds Ltd., Cermaq ASA, Charoen Pokphand Foods Company Ltd.,Nutriad, and Tongwei.