Aqua Feed Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019
Albany, NY -- (SBWIRE) -- 07/11/2017 -- The global aqua feed market is likely to exhibit steady growth in the coming years thanks to a confluence of numerous factors leading to growing demand for planned farming of fish rather than capturing fish. Aquacultures have attained great importance in terms of both economics and environmental conservation in recent years, leading to consistent demand from the global aqua feed market. This is likely to remain a key driver for the global aqua feed market in the coming years.
According to Transparency Market Research (TMR), the global aqua feed market is expected to exhibit a solid 11.4% CAGR from 2013 to 2019 and is projected to reach a valuation of US$122.6 bn by the end of that forecast period.
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Rising Demand for Fish Consumption Drives Global Aqua Feed Market
The prime driver for the global aqua feed market is the rising demand for human consumption of fish. While they have always been a staple in coastal regions across the world, fish consumption has soared in the last few decades with the rising awareness about their beneficial health properties and the increasing ease of transporting fish longer distances due to steady development of the transportation sector. The global aqua feed market has become a key beneficiary of this due to the growing preference for farmed fish over captured fish.
While capturing fish has been the traditionally popular way over the world, several companies in the global aquaculture and aqua feed sector have acknowledged the risk of causing irreversible damage to marine ecosystems due to overfishing. This has led to rising use of aquaculture techniques to rear fish in captivity, which is likely to remain the major driver for the global aqua feed market. The steady growth of the aquaculture sector has also led to consistent innovation in the aqua feed market, which will also help the market post steady growth figures.
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Asia Pacific to Retain Dominant Share in Global Aqua Feed Market
Regionally, Asia Pacific is the leading consumer in the global aqua feed market. The longstanding aquaculture traditions in Asian countries such as Japan, South Korea, China, and India have helped steady growth of the aqua feed market in the region. Asia Pacific is likely to account for close to 70% of the global aqua feed market in the coming years, making it lucrative for regional players as well as multinational giants looking to collaborate and expand in emerging markets. Europe is also likely to contribute significantly to the global aqua feed market in the coming years due to the steady growth of the aquaculture sector in a number of Western and Central European countries.
By end use, the global aqua feed market is segmented into salmon, carp, crustaceans, mollusks, catfish, tilapia, and others. Carp and crustaceans have been the leading consumers of aqua feed and are likely to retain important shares in the global aqua feed market in the coming years. Carp are likely to account for more than a quarter of the global aqua feed market due to their adaptability to different water conditions, which makes them easier to cultivate. The global aqua feed market is also likely to see steady demand in mollusk farming in the coming years, due to the growing awareness about the high nutritive value of several mollusks.
Boosting Research and Development Likely to Remain Key Avenue for Aqua Feed Market Players
Global industrial giant Cargill recently opened a new aquaculture research lab in Norway. The lab is situated in Dirdal, at the site of EWOS, a feed supplier acquired by Cargill in 2015. The lab will combine the information of both Cargill and EWOS to develop the best diets for fish farming. Developments such as these are likely to be vital for the global aqua feed market, where utilizing the growing information bank to develop evermore sophistication in the end products has become the key revenue generation avenue. Other key companies in the global aqua feed market include Dibaq Aquaculture, Beneo, Aller Aqua, Tongwei, NK Ingredients Pvt. Ltd., Cermaq ASA, and Norel Animal Nutrition.