A studyrecently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global aquafeed market was worth USD 59.6 billion in 2020 and is further projected to reach USD 83.2 billion by 2027, at a CAGR of 5.4% during the forecast period (2021-2027). The market’s growth is attributable to increased fish consumption, which has boosted aquaculture activities. This is one of the primary elements that has fueled the growth of global aquafeed market. Additionally, consumers have become aware of the advantages of high-quality seafood products. As a result, the supply of enhanced aquafeed is likely to improve globally during the forecast period.
Rise in Global Fish Consumption isFueling the Market Growth
Global fish consumption has increased due to population expansion, rising affluence in developing countries, and urbanization. Fish and other seafood consumption has risen at the expense of staple foods, and this trend is strongly linked to growing disposable income and animal protein consumption. Globally, fisheries and aquaculture are becoming the primary source of protein, foreign exchange, livelihoods, and population well-being.
Asia-Pacific and Latin America are likely to witness the largest increase in fish consumption due to various factors, including changes in diet habits, urbanization, population growth, and economic growth. Fish demand continues to outpace domestic supplies in China, according to Agriculture and Agri-Food Canada. Even though Europe and North America have limited aquaculture businesses, there is a significant demand for fish products, which Asian suppliers provide. In 2017, the EU's per capita fish and seafood intake was 24.35 kg, with Portugal having the highest per capita consumption.
Government Support is likely to Create Immense Opportunities for the Market.
The rise in demand for the consumption of seafood globally has created immense opportunities for aquaculture industries. Countries like India, the fourth biggest seafood exporter, may see upward trends in coming years with government support. India's government has prioritized making India the world's top seafood producer, according to a statement given by Union Minister of State for Commerce and Industry Som Parkash in February 2020 at the 22nd India International Seafood Show. This sector, which employs around 14.5 million people, can significantly contribute to the country's overall economic growth.
India's total share of the global seafood market is predicted to rise from 4.1 % to 6.7 % by 2030, according to Kerala state governor Arif Mohammad Khan, due to increased production, value addition, and diversification. The fisheries sector employs roughly 40.5 million people in India, directly and indirectly, and contributes 1% to the country's gross domestic product. Khan has also urged increased foreign direct investment to spur product variety and value addition through innovation. According to a letter from Minister of State for Fisheries, Animal Husbandry, and Dairying Pratap Chandra Sarangi to Shobha Karandlaje, a Member of Parliament in India's bicameral parliament, India's fish production increased nearly 6% to 13.34 million MT in 2018-2019, up from 12.59 million MT in 2017-2018. Therefore, favorable government support is creating immense opportunities in the global aquafeed market
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Impact of COVID-19
The COVID-19 pandemic has, however, made operations more difficult because of shortage of staff and new sanitary guidelines imposed for fisheries and processing. Feed companies have ensured significant supplies to farmers to safeguard their animals' health and well-being and maintain the production level on farms. The rising demand for fish has surge export-oriented aquaculture and increased the adoption of 'Scientific Aquaculture Management Practices' (SAMP). Several feed companies have provided significant supplies to farmers to protect their animals' health and well-being, and production levels remain high. Export-oriented aquaculture and Scientific Aquaculture Management Practices (SAMP) have sprung up in response to the growing demand for fish amid the pandemic. Due to this, fish farming is expected to grow, providing an opportunity for the aquafeed industry to grow. The fish farming trend will likely develop due to the limited supply of marine feed and the growing demand for fish, which will significantly contribute to the growth of the compound feed market.
Asia-Pacific Leads the Global Aquafeed Market
The global aquafeed industry is grouped into -North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. Among these, the Asia-Pacific holds the largest share in the global aquafeed market in terms of value. The region is majorly driven by China, which is a significant producer of aquafeed. The country is the leading producer, consumer, and processor of aquaculture products, contributing to about one-third of the global supply. Moreover, the processed seafood market in the region is also currently undergoing a significant transformation in response to rapid urbanization and diet diversification.
Competitive Landscape
Market competition can be ensured by companies that focus on new product development, expansion, and acquisition. Some of the leading players are increasing their global footprint by purchasing overseas producers. Some key players in the global Aquafeed market are Archer Daniels Midland Company, Cargill Inc., Ridley Corporation Limited, Nutreco, Alltech, Purina Animal Nutrition, Nutriad, Aller Aqua A/S, Biomin, Biomar, Norel Animal Nutrition, Avanti Feeds Limited, De Heus Animal Nutrition B.V, Novus International, Biostadt India Limited, Nk Ingredients Pte Ltd., Marubeni Nisshin Feed Co., Ltd., Marvesa, Beneo, JapfaComfeed, Cpf Plc, Growel Feeds, Sonac, Kent Feeds, Lifecircle Nutrition, and other prominent players.
In May 2021, Cargill announced that it has started manufacturing AquaXcel feed in its Serang plant to increase aquaculture customers by achieving more sustainable growth.
In March 2021, Cargill announced its newest initiative, SeaFurther Sustainability, to help aqua farmers grow more sustainable seafood with less environmental impact. It is a part of the company's total carbon commitment, including three science-based goals to cut greenhouse gas emissions by 30% per tonne of food by 2030. By 2030, SeaFurther will have saved two billion pounds of CO2, the equivalent of removing almost 400,000 cars from the road.
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India's government has prioritized making India the world's top seafood producer.
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