Aquafeed Market Expands at an Impressive CAGR of 6.80%: A Deep Dive into Growth Trends

Aquafeed Market Analysis

The global aquafeed market will touch USD 87 billion at a 6.80% CAGR by 2030, as per the recent Market Research Future report.

Drivers

Growing Need for Seafood to Bolster Market Growth

The world’s population may rapidly increase its seafood intake in the years to come, which will fuel the expansion of the aquafeed market share. People are more likely to include seafood in their diets now that they are aware of the health advantages of doing so. As a result of the increasing demand for seafood, aquaculture farming has expanded significantly, which has encouraged the revenue growth of the aquafeed industry during the past several years.

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Key Players

Eminent industry players profiled in the aquafeed market report include Cargill Inc. (U.S.), BioMar Group (Denmark), Waterbase Ltd (India), BASF (Germany), Alltech Inc. (U.S.), Coppen International BV (Netherlands), Ridley Corporation (Australia), Zeigler bros. Inc. (U.S.), Evonik Industries (Germany), and Marvesa (Netherland).

Opportunities

Manifold Benefits to offer Robust Opportunities

Aquafeed raises the nutritional worth of feed and provides numerous additional advantages, including faster development, a decrease in aquatic species mortality, easier protein digestion, and boosted immunological function.

Restraints and Challenges

High Cost to act as Market Restraint

The high cost of aquafeed and strict restrictions on the fish catches may act as market restraints over the forecast period.

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Market Segmentation

The aquafeed market is bifurcated based on aquatic species, ingredients, additive type, and lifecycle.

By aquatic species, carps will lead the market over the forecast period.

By ingredients, oilseeds will domineer the market over the forecast period.

By additive type, amino acids will spearhead the market over the forecast period.

By life cycle, the grower feed will spur the market over the forecast period.

COVID-19 Analysis

The COVID-19 pandemic’s existence has been shown to have a detrimental effect on the expansion of the aquafeed market. People now fear infection & its severe symptoms because of the catastrophic impact that the COVID-19 epidemic has had on their health and welfare worldwide. Because of the high rate of the corona virus transmission & the prevalence of severe symptoms, many individuals have stopped eating seafood out of concern that they would become infected. Additionally, decreasing aquaculture production resulted in a decrease in the need for aquafeed products. In the upcoming years, it is projected that these variables would lower aquafeed industry revenue.

Regional Analysis

Europe to Head Aquafeed Market

The biggest market share and highest market revenue are projected to go to European areas. The Western European area is focusing on the large-scale development of aqua feeding goods and has therefore gained supremacy over the market trends that are now prevalent in Eastern European market, which is the key factor driving this accelerating expansion. The sale of a range of aquafeed food items in fact is also quite high since they have the benefit of being readily available and practical feeding items. Additionally, this market has a praiseworthy network and well-established distribution channels, all of which are followed by a trustworthy method that expertly maintains supply chain mechanism of items towards the end-users, particularly throughout the current forecast period that will be coming to a close.

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