Aquafeed Market Explore Future Growth 2018-2026
Posted: Oct 06, 2018
Commercially produced food for aquatic species such as crustaceans, fish, and mollusks is known as aquafeed, which is widely used in aquaculture. Aquaculture is an increasingly important means of food production that encompasses farming of aquatic species. Ingredients from marine and land animals and plants are used as aquafeed ingredients. Aquafeed is essential for aquaculture sector owing to various benefits associated to it such as nutrition and immune resistant.
Growing aquaculture industry is expected to drive growth of the aquafeed market over the forecast period. For instance, according to Food and Agriculture Organization of the United Nations (FAO), the global aquaculture production reached 106 million tonnes in 2015.
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Furthermore, government initiatives to support aquaculture sector is also fueling the aquafeed market growth. For instance, in New Zealand, the government supports sustainable aquaculture growth and is committed to help industry achieve goal of US$ 1 bn in annual sales by 2025.
On the basis of species type, fish segment is expected to show a significant growth in the aquafeed market over the forecast period owing to a large consumption of fishes. According to British Columbia Ministry of Agriculture, the fish consumption in Japan was 2,512 thousand tonnes and is continuously growing whereas the consumption of crustaceans was 472 thousand tonnes in 2017.
Moreover, high cost and difficulty in the preparation of crustaceans and mollusks, lowers its demand as compared to fish, which in turn drives growth of fish segment in the market.
North America holds a significant position in the global aquafeed market. This is owing to high presence of major players operating in aquafeed market in the region. The manufacturers are engaged in various business strategies to enhance their aquaculture division, which in turn results in expansion of aquaculture industry, fueling growth of aquafeed market. For instance, in April 2018, Kemin Industries, the nutritional ingredient company in the U.S., launched new aquaculture division, which will help aqua farms, aquafeed companies, and fish meal producers to achieve growth.
Asia Pacific is expected to be the fastest growing region in the global aquafeed market over the forecast period, owing to increasing aquaculture production. According to United States, Food and Agriculture Organization, the aquaculture production in China was 45,468,960 metric tons in 2014. According to Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES), in 2014-15, the gross value of aquaculture production and Australian fisheries was increased by 12% to US$ 1.99 billion.
However, aquaculture is managed under strict rules and regulations, which hampers growth of aquafeed market. For instance, according to South Australia Aquaculture Act (amended in 2003 and 2005), South Australian Ministry of Agriculture Food and Fisheries acquires power to grant aquaculture licenses only to companies adhering to rules and regulations laid by the ministry.
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Various manufacturers are focused towards organic and inorganic growth strategies such as mergers, acquisition and joint venture to enhance their global footprint. For instance, in December 2017, Neovia acquired Epicore, the manufacturer of aquafeed and probiotics to develop its aquaculture business and to offer sustainable and natural solutions for livestock farming.
In January 2018, Cargill Inc., opened its first fish feed mill in India, tripling capacity of fish feed for farmers. This new facility marks the introduction of aqua nutrition fish feed products marketed under EWOS brand to India.
Some of the leading players operating in the global aquafeed market include Archer-Daniels-Midland Company, Land O'Lakes, Inc., Nutreco N.V., Cargill, Incorporated, De Heus Animal Nutrition BV, Biomin Holding GmbH, Alltech Inc., Sonac Burgum B.V., Zeigler Bros., Inc. (ZBI), BENEO GmbH, Koninklijke DSM N.V., and Nutriad International NV.
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