With a large number of aquafeed vendors functioning across the world, the global aquafeed market is demonstrating a fragmented and competitive landscape, finds a new research report by Transparency Market Research (TMR). New players are continuously venturing into this market, which is likely to intensify the competition within this market substantially in the years to come. Cermaq, Koninklijke DSM, BENEO, Dibaq Diproteg, Ridley Corp., Nutreco, Aller Aqua, Cargill, and Archer Daniels Midland are some of the leading vendors of aquafeed across the world, states the research report.
As per the research study, the worldwide market for aquafeed will reach US$51.12 bn by 2017. Further, researchers at TMR estimate this market to proliferate at a CAGR of 6.50% during the period from 2017 to 2022 and touch US$70.09 bn in revenues by the end of the forecast period. Extruded aquafeed has been witnessing a high demand across the world and, expanding at a CAGR of 8.70%, this segment is likely to continue on the top over the period of the forecast. Fishes and crustaceans have emerged as the key end users of aquafeed, whereas, health, palatability, digestibility, and special nutrition have been considered as the prime functions of aquafeed, in this research study.
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Prominence of Aquaculture Production to Propel APEJ Aquafeed Market
The research report also presents a geographical evaluation of the worldwide market for aquafeed. According to the study, Latin America, the Middle East and Africa (MEA), Europe, North America, Asia Pacific excluding Japan (APEJ), and Japan are the prime regional market for aquafeed across the world. Among these, APEJ has surfaced as the leading regional market for aquafeed, thanks to the prominence of aquaculture production in Asian countries, specifically China.
Over the forthcoming years, the rising popularity of salmon farming, on account of the ease of farming and the resilience of this fish even in adverse condition is expected to propel the APEJ market for aquafeed in the years to come. The Europe aquafeed market is also projected to report steady growth over the forecast period, notes the research study.
Increasing preference for Protein-rich Diet to Fuel Demand for Aquafeed
“With the continuous rise in the consumption of seafood products across the world the global market for aquafeed is experiencing a significant rise, says a TMR analyst. Nowadays, consumers are well aware of the benefits of seafood products, especially, high quality ones, which has fueled the demand for superior quality aquafeed.
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Going forward, the increasing interest of people, globally, towards protein-rich diet is likely to keep the consumption rate of seafood high in the near future. The rising disposable income of consumers in developing countries will also add to this factor, which, eventually, is expected to fuel the demand for aquafeed substantially across the world in the years to come. However, the volatility in the raw material prices may act as a hindrance in the market’s growth over the next few years, states the research report.