Aqua Feed Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019
Albany, NY -- (SBWIRE) -- 07/09/2015 -- Aqua Feed Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019, a report by Transparency Market Research on the global trends and forecasts of the Aqua Feed Market estimates that this market would grow at a CAGR of 11.4% from 2013 through 2019, the defined forecast period of the report.
The global aqua feed market was valued at nearly USD57.7 billion in 2012. The report estimates that it could reach a market value worth nearly USD 122.6 billion by the end of the forecast period, i.e., by 2019.
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The world demands for aquaculture products of all sorts have been on an exponential rise in the past few years. Aquatic food stuffs are a major source of all kinds of nutrients and are also quite affordable, and so the demand for them is high. For sustaining the ever rising demands, the field of aqua culture – a way of growing and breeding aquatic products in a controlled, supervised environment – has observed enormous growth in the recent centuries.
It is now a widely accepted fact that aquaculture is capable of meeting or even outpacing rate of demand of aquatic products in the world. In the year 1970, the contribution of aquaculture to the global fisheries market was only 4%. In 2006, this grew to nearly 36%. It is estimated that by 2020, nearly 120-130 million tonnes of aquatic products in the fisheries market would be contributed by the aquaculture industry.
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The significant growth of this industry has close parallels with the growth of the aqua feed market. This is because an estimated 50% of the total cost required for running an aquaculture facility is required only for the aquafeed. So, aqaufeed is something that decides the eventual economic success of an aquafeed operation.
The growth of aquaculture sector is obviously the major driving factor of rise of the global aqua feed industry. However, the continuous fluctuation in costs of key ingredients for most aquafeed throughout the world, such as fish oil, corn, soybean and fish meal, are expected to restrain growth of this market to some extent.
End-user wise, the highest demand for aqua feed was observed from the carps segment of the market, accounting to nearly 25% of the total market shares, in 2012. The report estimates that the end-user segments of crustaceans and carps could observe the fastest growth during the forecast period. Carps have huge demand in the retail industry while crustaceans have a rising demand in not only the food but also the pharmaceutical industry. Demand from the end-user segments such as salmons and mollusks are also expected to benefit the aqua feed market during the forecast period.
Geography-wise, Asia Pacific reports the highest demands for global aqua feed products, nearly 65% of the market's share in the year 2012. In the same year, the rate of demand was followed by Europe.
The report forecasts Asia Pacific as continuing their market positions in the coming time as well, owing to factors such as the high demand for food and non-food fish and the huge rise in aquaculture facilities in this region.
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