Aquafeed is used as a food source for farmed fish, shrimp, and other aquatic species. Some key advantages of aquafeed include being nutritionally balanced, assisting in the optimum growth of farmed aquatic species and reducing stress levels. The increasing global demand for seafood owing to the rising population has propelled the aquaculture industry growth.
The global Aquafeed Market is estimated to be valued at US$ 71.2 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing aquaculture industry has resulted in increased demand for high-quality aquafeed products. Manufacturers are focusing on developing aquafeed with improved nutrients to enhance the health and immunity of farmed fish. They are incorporating various nutrients like minerals, vitamins, proteins, and oils in optimum amounts. Advancements in aquafeed formulations help cultivate sustainable aquaculture practices by improving feed conversion rates and minimizing environmental impacts. Various certification programs also ensure the quality and safety of aquafeed products. These trends are projected to drive the growth of the aquafeed market over the forecast period.
SWOT Analysis
Strength: Aquafeed market has high demand due to increasing consumption of seafood products. It provides balanced nutrition to farmed aquatic animals.
Weakness: Rising costs of raw materials used in aquafeed production can hamper profit margins of manufacturers. High research and development costs associated with product innovation.
Opportunity: Growing aquaculture industry worldwide presents lucrative opportunities. Advancements in feed formulations to improve sustainability offer new prospects.
Threats: Stringent regulations pertaining to aquaculture practices pose challenges. Threat from substitute products like genetically modified feed ingredients.
Key Takeaways
The Global Aquafeed Market Size is expected to witness high growth.
Regional analysis: Asia Pacific region dominates the global Aquafeed market and is expected to retain its leading position over the forecast period of 2024-2031. Rapidly increasing aquaculture production in China, India, Indonesia, Vietnam along with growing seafood trade activities in the Asia Pacific is fueling the demand for Aquafeed in the region.
Key players operating in the Aquafeed market are Oracle Corporation, Microsoft Corporation, Google LLC, IBM Corporation, Salesforce.com Inc. These companies are investing huge amounts in research and development activities to introduce innovative feed products. They are also adopting business expansion strategies like mergers & acquisitions to consolidate their market presence.
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