The Aquafeed Market is estimated to be valued at US$ 61.8 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Aquafeed is a type of food for fish, crustaceans, mollusks and other aquatic life forms that are normally fed with pellets in commercial aquaculture operations. It contains essential nutrients including proteins, vitamins, carotenoids and minerals that are important for growth, health and survivability. Aquafeed product innovation has enabled different formulations for different species requirement.

Market key trends:

One of the key trends driving the growth of the Global Aquafeed Market Size is rising aquaculture production globally. Aquaculture is considered an important alternative to meet the growing seafood demand as wild fish catch has been declining. According to the FAO, aquaculture production has been steadily increasing, contributing over 50% of the global fish and seafood production. Rising demand for seafood as part of protein-rich diet is also elevating the need for efficient aquafeed. This has propelled manufacturers to focus on developing high-quality and tailored aquafeed products to maximize production growth. Advancements are being made in areas like feed formulation, nutrient composition and feed processing to enhance feed efficiency and sustainability of aquaculture.

Porter's Analysis

Threat of new entrants: The aquafeed industry requires high capital investment for establishing manufacturing units and distribution networks. This acts as a barrier for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of numerous aquafeed manufacturers. However, buyers don't have much influence over prices set by major manufacturers.
Bargaining power of suppliers: Major raw material suppliers like soybean producers and fishmeal & fish oil suppliers have significant control over prices. Fluctuations in raw material costs can impact manufacturer's margins.
Threat of new substitutes: Limited threat as aquafeed is crucial for proper growth and survival of farmed aquatic species.
Competitive rivalry: Intense as major players compete on pricing, product quality and innovation.

SWOT Analysis

Strengths: Wide availability of raw materials and growing demand for aquaculture products.
Weaknesses: Fluctuating raw material prices and environmental regulations associated with aquaculture.
Opportunities: Rising fish consumption, technological advancements in feed formulation.
Threats: Disease outbreaks in farmed fish and stringent regulations.

Key Takeaways

The global aquafeed market is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing fish consumption. Aquaculture is one of the fastest growing agricultural industries globally due to rising demand.

Regional analysis - Asia Pacific dominates the global aquafeed market and is expected to maintain its lead throughout the forecast period. Countries like China, India, Vietnam, Indonesia and Bangladesh are major producers as well as consumers of aquaculture products. Rising income levels and growing population in Asia is driving the regional demand.

Key players operating in the aquafeed market are ADM, Cargill, Incorporated, Ridley Corporation Limited, Nutreco, Alltech, Purina Animal Nutrition, Adisseo, Aller Aqua A/S, Biomin, Biomar, Norel Animal Nutrition, Avanti Feeds Limited, De Heus Animal Nutrition B.V., Novus International, and Biostadt India Limited.

For More Insights, Read- https://www.newswirestats.com/aquafeed-market-forecast-outlook-trend-2023-2030/