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The Aquatic Feed Market is highly competitive with a large number of players. The key players are mentioned in Market are Cargill, BioMar Group, Altech Inc, Coppen, Evonik, Archer Daniels Midland, and Others
Aquatic Feed Market Introduction:
Aquatic Feed is a vital part of the seafood industry. Many other industries like zoological parks and fisheries co-depend on the market trends of the aquatic feeds industry. Aquatic feed generally refers to the food that is fed to sustain aquatic life. Aquatic feed ingredients mainly consist of items like corn, fish oil, soybean, fish meals, and so on.
Aquatic Feed Market Size and Value Analysis:
This is a brief look at the aquatic feed market as of 2019, and their possible trends in the upcoming years, mainly up to 2024. In the year 2019, the market size of the Global Aquatic Feed Market stood at USD 209.5 billion. Fish, being an integral part of the global food market, has always had a consistent performance in the market. Aquatic feeds have gained much popularity in recent years due to their ability to provide balanced nourishment to aquatic life. This rising popularity has given the required momentum to the global fish feed market.
strong>Classifications and Growth Factors of the Aquatic Feed Industry:
The Aquatic Fish Feed industry has been segregated into different departments. Market trends in this field too, are studied according to these categories. The first basis of the analysis is the aquatic feed ingredient. Although corn, soy, and fish meal pellets have been traditionally ruling the market, wheat is unconventionally taking over as a much popular aquatic feed. This is primarily due to the adhesive nature of wheat which allows it to hold pellets together. For fishes that are carnivorous, ingredients like fish oil and fish meal are used in great quantities for preparing a feed. Such carnivorous fish include salmon, trout, tilapia, etc.
There are a lot of factors that have accelerated or decelerated the growth of the Aquatic Feed Industry. A prominent factor responsible for the industry's growth is the mammoth boost in population. As the population keeps increasing, the demand for all food products including seafood will keep increasing.
To cater to this massive population, the aquatic feed market production has remained consistently high. In recent times, it has also been noticed that people have started switching from meats to more healthier alternatives to protein. Therefore, the seafood industry has gained a lot of momentum from this Gen-Y trend. The steeply rising demand for natural alternatives to health supplements such as fish oil for omega-3 has also boosted the aquatic feeds market to a great extent.
Geographical and Regional Analysis of the Market:
Geographically, the market is studied under the categories of North America, Latin America, Europe, Africa and the Middle East, and Asia - Pacific. In 2016, the Asia Pacific region emerged as market leaders in the aquatic feed industry, with a market share of 60%. North America and Europe are close competitors and have been predicted to grow steadily in the next forecast season. Asia Pacific continues to grow at a steep rate in the aquatic feed market with a high CAGR value.
The CAGR for the aquatic feed market is predicted at 9.9%. By 2021, the market will reach possibly reach a market value of USD 157.11 billion. The selection of the right ingredients for nutrition that is balanced may help companies emerge as leaders in the industry. Companies like Daniels Midland, Avanti Feeds Ltd., Coppen International have maintained their positions amongst the market leaders.
Competitors are producing Aquatic Feed:
The Aquatic Feed Market is a pool of surplus competition and growth. Prominent market leaders in the aquatic feed market include Cargill Inc., Alltech Inc., Waterbase Ltd., and Evonik Industries. With the fast moving pace of the market, newer technology and innovation has become a crucial requirement for the growth of aquatic feed companies. Companies that are producing aquatic feed with an environmentally driven conscience are most likely to fare well in the next forecast period.