The global aquafeed market has a fragmented competitive landscape, says Transparency Market Research in its recently published report. With new entrants foraying in this market, the vendor landscape is prognosticated to become highly competitive with an intensified manufacturing of an assortment of aquafeed products.
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Making unique commodities is a key area where savvy players are seen channelizing their efforts at present to gain greater market share in the future. BENEO GmbH, Aller Aqua Group A/S, Cermaq Group AS, Ridley Corp. Ltd., Archer Daniels Midland Co., Koninklijke DSM N.V., Dibaq Diproteg SA, Cargill Inc., and Nutreco N.V., are few prominent players in the global aquafeed market.
Speaking about market numbers, the global aquafeed market is foretold to show a rise during the forecast period from 2017 to 2022, with a healthy CAGR of 6.5%. This growth is expected to reach a valuation of US$70.09 bn by 2022, which is an immense rise as compared to the valuation of US$51.12 bn recorded in 2017.
High Consumption of Fishes Makes Them a Dominant Segment
Based on parameters such as end user, function, form, ingredients, and region, the global aquafeed market has been divided into many segments. From the perspective of ‘form’, the market is dominated by extruded aquafeed since it attracted a lot of revenue by rising at an impressive CAGR of 8.7%. From a regional viewpoint, the global aquafeed market is segregated into six main regions: Latin America, Europe, Asia Pacific excluding Japan (APEJ), North America, Japan, and Middle East and Africa. With soaring aquaculture and aquafeed production in the Asia Pacific excluding Japan region, this is a dominant regional segment, which also is expected to hold onto its leading position in future.
Rising Awareness of Aquafeed Health Benefits Lifts Product Sales
The global aquafeed market is largely boosted due to rising awareness about the high protein content of seafood. Thus, such an awareness can be considered as a primary driver for the market. Several health conscious people need a high intake of proteins in their diets. As aquafeed items provide such nutrients, several health freaks regularly consume these foods, thus causing a rise in their demand. Rapid urbanization and a surge in disposable incomes with improving lifestyles have led to people trying out different options for gaining proteins as key nutrients, thus leading to an increase in demand for aquafeed products. Such factors are prophesized to continue propelling the global aquafeed market’s growth in the upcoming years. Growing popularity of aquaculture production in developing economies like China also is a prime factor for propelling the market’s growth.
Countering the global aquafeed market are unstable prices of raw materials required for processing the aquafeed products. However, large investments by several well-established businesses, especially in the Asia Pacific excluding Japan region, is expected to reverse the negative effects of such restraints.