The global aquafeed market size is projected to reach USD 89.5 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.3% from 2020 to 2027. The rapidly flourishing aquaculture industry, along with increasing fish and fish product consumption across the globe, is one of the major factors driving the market growth over the forecast period.
Primarily, fish oil and meal were used as prominent raw materials in aquafeed manufacturing. However, surging prices of these ingredients due to the scarcity of captured fish have resulted in the inclusion of other crops and grains containing equivalent nutrition levels. Rising awareness among breeders regarding the benefits of providing sufficient nutrition to fish has been one of the primary factors driving the market over the forecast period.
Other ingredients such as wheat, corn, and soybean are used in the manufacturing of aquafeed. Increasing demand for these raw materials from other applications, including direct human consumption, pharmaceuticals, and industrial processes, is anticipated to result in tight raw material supply over the forecast period.
Furthermore, several feed additives such as amino acids, vitamins, and antibiotics are incorporated in the feed. These additives help enhance the overall nutritive value of the product, thereby improving the overall health. The contents of these additives in the feed can be altered based on various factors, including age, species, climatic conditions, and environment. Rising demand for high-quality fish products is driving the consumption of feed additives in feed products.
Alltech, DSM, BASF SE, ADM, and Cargill Incorporated are some of the key players involved in the aquafeed production. These players are integrated across the value chain and they procure these raw materials for manufacturing various grades specific to species. The ready products are then supplied to various companies engaged in aquaculture through numerous distribution and supply channels. Direct supply agreements and third-party agreements are the most commonly used distribution channels. Moreover, companies market their products through online portals and retail outlets.
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Aquafeed Market Report Highlights
• Asia Pacific led the market with a share of over 40.0% based on revenue in 2019
• Volatile raw material prices are anticipated to hamper aqua feed production, thereby adversely impacting market growth over the forecast period
• Product innovation for raw materials of aquafeed to reduce dependency on declining fish meal and oil volumes is likely to provide new avenues for the market over the forecast period.
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