The global aquafeed market depicts the presence of a highly competitive vendor landscape, owing to the presence of innumerable well-established players, says Transparency Market Research on the basis of a recently published report. Most companies are participating in mergers and acquisitions, strategic partnerships, and collaborations. With new players entering the market on a regular basis, the market is expected to experience an invigorated competitive landscape during the next few years.
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Many players are expected to focus on improving aquafeed product manufacturing techniques, thus making an assortment of aquafeed products available to consumers. Making unique commodities is a key area where a high emphasis will be put by most of the players in the global aquafeed market.
Cermaq Group AS, Koninklijke DSM N.V., BENEO GmbH, Dibaq Diproteg SA, Ridley Corp. Ltd., Nutreco N.V., Aller Aqua Group A/S, Cargill Inc., and Archer Daniels Midland Co., are key players operating in the global aquafeed market. Owing to innovative production methods introduced, several players are aiming towards increasing product yield and production capacity, as well as regulating product costs.
According to experts from Transparency Market Research, the global aquafeed market is expected to fetch revenue worth US$70.09 bn by the end of 2022, which is a decent increase in its earlier revenue of US$51.12 bn registered in 2017. This growth is projected to occur at an impressive CAGR of 6.50% measured during the forecast period from 2017 to 2022.
Growth in the global aquafeed market is largely boosted due to rising awareness about the protein-based health benefits of consuming seafood products. With high-protein rich diets that involve eating aquafeed varieties being followed all over the globe, the global aquafeed market is progressing rapidly to showcase a positive growth curve in the near future.