Northbrook, IL 60062 -- (SBWIRE) -- 07/19/2023 -- As per the research report from MarketsandMarkets, titled "Aquafeed Market by Species (Fish, Crustaceans, and Mollusks), Ingredient (Soybean, Corn, Fishmeal, Fish Oil, and Additives), Lifecycle (Starter Feed, Grower Feed, Finisher Feed, and Brooder Feed), Form, Additive, and Region - Global Forecast to 2028," the aquafeed market is set to witness substantial growth. The market is projected to reach a value of USD 88.0 billion by 2028, with a Compound Annual Growth Rate (CAGR) of 7.3% during the forecast period, starting from USD 61.8 billion in 2023.

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The rising demand for aquafeed products can be attributed to several factors. Firstly, the growing global population seeks sustainable and efficient sources of protein, and aquaculture presents a viable solution. Secondly, the depletion of wild fish stocks has led to increased dependence on farmed fish. Lastly, advancements in aquafeed technology have enhanced the nutritional value and efficiency of feeds, supporting the growth and well-being of aquaculture species.

Among the ingredients category, the soybean segment dominates the aquafeed market in 2023 in terms of value. Soybeans provide a rich source of high-quality protein, essential amino acids, and energy, making them an excellent alternative to the limited and costly fishmeal. Their wide availability and widespread cultivation ensure a stable supply. Additionally, soybeans serve as a sustainable replacement for marine-based ingredients, thus reducing pressure on wild fish stocks. Their versatility allows for the creation of nutritionally balanced and cost-effective aquafeed formulations, contributing to their increasing significance in the aquaculture industry.

The dry form of aquafeed products, within the form segment, is projected to experience the highest growth rate from 2023 to 2028 in terms of value. Dry form feeds boast a longer shelf life and are easier to handle and store compared to wet or frozen feeds. This practicality makes them a preferred choice for aquaculture distributors and farmers. Moreover, their specific nutritional content enables precise and controlled feeding practices in aquaculture operations, and they can be shipped over long distances without requiring specialized equipment or temperature control.

Within the species segment, the fish category is estimated to exhibit the highest growth rate in the aquafeed market. Fish offers an affordable and easily digestible source of animal protein. However, due to resource depletion and pollution, natural fish availability has significantly declined. As a result, fish farming and aquaculture in controlled environments have become essential to meet the increasing demand for fish consumption.

In the lifecycle segment, the grower category is expected to witness the highest growth rate in the aquafeed market. With the expansion of aquaculture production, there is a growing demand for specialized grower feeds. These feeds cater to the dietary needs of aquatic species during the growth phase, supporting rapid growth, disease resistance, and improved feed conversion ratios, all of which are crucial for increasing yields and profitability.

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The amino acids segment of the additives category is estimated to experience the highest growth rate in the aquafeed market. Amino acids play a vital role in the growth, development, and overall health of aquatic animals. As the aquaculture industry intensifies, there is an increasing awareness of the importance of providing balanced and optimal nutrition to farmed fish and prawns. Amino acids like lysine, methionine, and threonine are essential building blocks in formulating feeds that meet the distinct dietary needs of various aquatic species at different stages of growth, promoting protein synthesis, immune system health, and reproductive efficiency.

In terms of geography, the Asia Pacific region holds the largest share in the global aquafeed market in 2028 in terms of value. The region's extensive coastlines, abundant water resources, and temperate climate facilitate the development and expansion of aquaculture farms, driving the demand for aquafeed products. Advances in aquafeed technology and research have improved the nutritional quality and effectiveness of feeds, leading to increased growth rates, disease resistance, and overall productivity of aquatic animals raised for food. Regional aquafeed manufacturers focus on creating customized feed formulations that cater to the unique nutritional needs of diverse aquaculture species, further fueling the demand for aquafeed products.

Key players in the aquafeed market include ADM, Cargill, Incorporated, Ridley Corporation Limited, Nutreco, Alltech, Purina Animal Nutrition, Adisseo, Aller Aqua A/S, Biomin, Biomar, Norel Animal Nutrition, Avanti Feeds Limited, De Heus Animal Nutrition B.V., Novus International, and Biostadt India Limited.

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