Albany, NY -- (SBWIRE) -- 07/11/2018 -- According to the research report, the global aquafeed market was worth US$51.12 bn in 2017. Expanding at a CAGR of 6.50% during the period from 2017 to 2022, the market is projected to reach US$70.09 bn by the end of the forecast period. Extruded aquafeed has been reporting a high demand among all the forms of aquafeed available in the overall market and is expected to remain at the top in the years to come, notes the market study.

Asia Pacific to Dominate Global Aquafeed Market

In terms of the geography, the global market for aquafeed has been segmented into North America, Asia Pacific, Latin America, the Middle East and Africa, and Europe in this research study. Among these, Asia Pacific has been leading the global market for aqua feed over the past few years, thanks to the high demand for fish and the rising number of aquaculture facilities in this region. With the advent of China as the global leader in aquaculture production, the demand for aqua feed is projected to swell enormously in Asia Pacific in the near future, aiding the region to remain dominant over the next few years, states the research report.

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Increased Demand for Aquatic Animals to Support Market's Growth

"The global market for aquafeed is gaining substantially from the rising demand for aquatic animals, especially fishes, for consumption purposes, thanks to their high nutritional value and cost benefits offered by them. The rise in the production of fish and other aquatic animals to meet this massively growing demand has fueled the need for aqua feed substantially, leading to a remarkable growth in this market. Apart from this, the augmenting uptake of fishes at pets and the increasing trend of keeping aquarium and fish tanks for aesthetic purposes are also reflecting positively on the sales of aqua feed across the world, states the research report.

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The global market for aquafeed is displaying a highly competitive business structure, finds a new research study by Transparency Market Research (TMR). Cermaq Group AS, BENEO GmbH, Koninklijke DSM N.V., Dibaq Diproteg SA, Nutreco N.V., Ridley Corp. Ltd., Aller Aqua Group A/S, Archer Daniels Midland Co., and Cargill Inc. are some of the prominent players operating in this market. The market, however, is led by only a few players, which makes moderately consolidated, in terms of competitive landscape. The leading companies of aquafeed are expected to engage into mergers, acquisitions, and strategic partnerships, states the market study.