1. Business

The Global Aquafeed Market is driven by increasing demand for fish and seafood consumption

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Aquafeed includes diet and feed pellets that are given to farmed fish and shellfish. The aquafeed provides essential nutrients such as vitamins, proteins, lipids, and minerals that are required to sustain the health and growth of cultivated aquatic organisms. It contains ingredients including fishmeal, fish oil, soybean meal, wheat, corn gluten meal, and others. Aquaculture has evolved in recent times to become a vital source of food production capable of meeting the increasing demand for protein-rich seafood across the world. The rising adoption of aquaculture has driven the need for aquafeed for proper nourishment of cultivated fishes and other aquatic animals.

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 to 2030.

Key Takeaways

Key players operating in the aquafeed are Oracle Corporation, Microsoft Corporation, Google LLC, IBM Corporation, Salesforce.com Inc. Rising seafood demand is boosting the aquaculture industry and driving aquafeed consumption globally. Factors such as growing population, urbanization, increasing disposable incomes, and changing dietary patterns are fueling demand for seafood. Technological advancements are helping players in aquafeed manufacturing improve product quality and optimize feed formulations. Novel techniques aid in extracting optimal nutrition from feed ingredients to enhance feed conversion efficiency.

Market trends:

Sustainable aquaculture practices: There is increasing focus on circular bioeconomy and usage of byproducts in aquafeed to promote sustainability. Producers aim to source key ingredients locally to reduce the environmental footprint of logistics.

Digitalization and automation: Players are investing in advanced technologies like AI, IoT and big data analytics to improve yields. Automation enables remote monitoring of farm parameters and optimized feeding.

Market Opportunities:

Alternative protein sources: Innovations help utilize novel protein sources like insects, microalgae and single-cell proteins to replace fishmeal and fish oil in feed formulations. This supports sustainable and cost-effective production.

Asia Pacific market: Regions like China, India and Southeast Asia offer lucrative opportunities owing to rising domestic demand and investments in aquaculture expansion programs.

Impact of COVID-19 on Aquafeed Market Growth and Geographical Regions

The COVID-19 pandemic has negatively impacted the aquafeed market in the short term. Strict lockdowns imposed worldwide disrupted aquaculture supply chains and lowered demand from consumers and food services. Farm operations were suspended or scaled down significantly due to workforce shortages and logistical difficulties in transporting finished goods. Rising input costs alongside falling product prices during the early outbreak period squeezed profit margins of aquafeed producers. The market experienced depressed sales and a global economic slowdown further dampened investor sentiments.

However, the long term prospects for the aquafeed industry remain positive. With progressive resumption of activities and stimulus measures by governments worldwide, supply and demand is steadily recovering. The rising focus on protein security and health benefits of seafood is boosting aquaculture production especially in developing nations. Advancements in formulations to improve feed efficiency and sustainability are also fueling adoption. Manufacturers are leveraging digital technology and automation to streamline operations and maintain social distancing protocols on factory floors. New product launches addressing amino acid deficiencies and disease resistance are also supporting growth. Thus while short term impact was negative, overall opportunity remains large supported by population rise, urbanization and changing diets.

In terms of value, the Asia Pacific region accounts for the major share of the global aquafeed market currently, led by China, India, Vietnam, Indonesia and Thailand. This is due to rising fish consumption, stable economic growth, large inland and coastal fisheries and supportive government policies for the aquaculture industry. However, Latin America is projected to emerge as the fastest growing regional market in the coming years driven by expanding shrimp culture in Brazil, Ecuador and other countries to meet export demand. Initiatives to diversify protein sources and reduce fishmeal imports present abundant prospects.

Get More Insights On This Topic: https://www.pressreleasebulletin.com/aquafeed-market-forecast-outlook-trend-2023-2030/

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