Aquafeed Market

Aquafeed Market – Size, Share, Outlook, and
Opportunity Analysis, 2018 – 2025
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.
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Market Dynamics
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.
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.
Market Trends
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.
Market Outlook
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.
Business Strategy
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.
Key Players
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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