The global aquaculture feed market is anticipated to gain impetus from the increasing prevalence of nutritional deficiencies in aquatic animals. Fortune Business Insights™ published this information in an upcoming report, titled, “Aquaculture Feed Market Size, Share and Global By Type (Fish Feed, Mollusks Feed, Crustaceans Feed, Others Aqua Feed), By Form (Liquid, Pellet, Powder, Extruded, Others), and Geography Forecast till 2026.” The report further states that the major companies operating in the market are persistently launching new products. Coupled with this, high demand for aquatic animal-based products worldwide would affect the market positively during the forecast period.
What Does This Report Contain?
- Detailed information about several vendors and a thorough evaluation of the competitive landscape.
- Comprehensive analysis of the factors that are likely to hinder the success of the companies.
- Highly accurate predictions on the upcoming aquaculture feed market trends, growth drivers, and obstacles.
- Regional analysis consisting of the niche areas present in the market.
Rising Adoption of Advanced Technologies to Augment Growth
Market vendors are rapidly adopting new technologies such as steam conditioning to improve the quality of compound aquaculture feeds as they provide nutrient balance. Additionally, they are adopting unique combinations of animal protein from insects and plant-based proteins to create enriched feed. Apart from that, the equipment of aquaculture feed has evolved from wooden cages to hinged steel and polyethylene cages. This, in turn, has enabled the prominent companies to shift its production to a technologically advanced device from the mechanical oriented devices. All these factors are projected to accelerate the aquaculture feed market growth during the forthcoming years.
North America to Dominate Backed by Rising Demand for Aquaculture Feed
In terms of geography, the market is segregated into the Middle East and Africa, North America, Latin America, Asia Pacific, and Europe. Out of these, North America is likely to lead during the forthcoming years in terms of aquaculture feed market revenue. This growth is attributable to the rising investments by several industry giants in creating economical and nutritional feed. Also, the increasing demand for aquaculture feed would contribute to the growth in this region. Asia Pacific, on the other hand, is expected to showcase the highest CAGR in the near future because of the rising demand for aqatic animal-based food, increasing aquatic animal pool, and growing economic development in this region.
Key Players Focus on Expanding Production Capacity by Building New Facilities
Companies present in the market are either launching novel products or are planning to set up new facilities to expand their production capacity. They are also trying to gain the maximum aquaculture feed market share in the coming years. Apart from the companies, several educational institutions are also participating in conducting studies to improvise aquaculture technologies. Below are some of the latest key developments:
- January 2020: University of Cape Town (UCT) situated in South Africa, unveiled a joint research project named ‘One Health.’ It is aimed at surging the production of healthy aquaculture in sub-Saharan Africa. The region contributes only a 2% share to the worldwide farmed fish output. The project would help in researching and promoting healthy feeds that improve the immune systems of various fish that are raised in aquaculture. Also, it would help in preventing diseases that pose as a crucial threat to fish production in Africa.
- January 2020: Pure Salmon, a salmon farming company, based in Singapore, announced that it has selected France to build its biggest facility worth €175million. It will be constructed in Boulogne-Sur-Mer and is estimated to produce around 10,000 tonnes of salmon a year. It would also help in creating approximately 160 new jobs.
- December 2018: Huon Aquaculture, a large aquaculture and food processing enterprise headquartered in Tasmania, announced that it has designed a new barge called Hogan worth USD 6.6 million to serve as the company’s exposed fish farm at Storm Bay in Australia.
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