New York, Sept. 07, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Aqua Feed Market - Growth, Trends, and Forecast (2020 - 2025)" - https://www.reportlinker.com/p05962008/?utm_source=GNW
As a result, fish farming is anticipated to grow, presenting an opportunity for the aquafeed market to grow. Owing to the limited availability of marine feed resources and the growing demand for fish, the fish farming trend is expected to increase, thus opening up an opportunity for the compound feed market to grow.
Asia-Pacific is anticipated to dominate the aquafeed industry in the next few years due to significant growth in the aquaculture industry. This is due to the ease of availability of natural resources, induced conditions for aquaculture, and cheap labor. In other regions such as Europe and North America, growing inclination toward salmon farming, rising demand for seafood, the hardiness of the species, and governmental interest has led to a higher demand for aqua feed from aquaculture species.
Cargill Inc. Biomar, Aller Aqua A/S, Charoen Pokphand Group, Nutreco NV and Alltech Inc. are some of the key players dominating the market. Key players in the market compete to gain market share by new product launches, mergers and acquisition other strategies.
Key Market Trends
Increase in the Global Fish Consumption
Population growth, rising incomes in developing nations and urbanization has led to a surge in global fish production. The level of income and consumption of animal protein is positively related to the increasing consumption of fish and other seafood at the expense of staple foods. Driven by higher incomes and urbanization, global consumption of fish is growing faster than the global population. Fisheries and aquaculture are increasingly becoming a primary source of protein, foreign exchange, livelihoods, and well-being of the population globally.
The highest growth for fish consumption is expected from the Asia-Pacific and Latin American regions because of changing diet patterns, urbanization, population, and economic growth. Chinese demand for fish continues to surpass the domestic supply, as stated by Agriculture and Agri-food Canada. North America and Europe, which have relatively small aquaculture industries, have a high demand for fish and other seafood products and depend on Asian producers to meet their demands. Seafood consumption in the US was around 7.2 kg per capita in 2009. The consumption of fish and seafood in the EU stood at 24.35 kg per capita in 2017, and Portugal recorded the highest per capita consumption in the EU.
Asia-Pacific Dominates the Market
Asia-Pacific has accounted for about 89% of world aquaculture production for over two decades. Asia-Pacific is anticipated to dominate the aquafeed industry in the next few years due to significant growth in the aquaculture industry. More than half of the domestic production in the countries, such as Vietnam, Thailand, Philippines, India, and Indonesia are destined only for Europe and North American markets, with Vietnam covering nearly three-quarters of production to export share in 2017.
The aquafeed industry in the region is driven by expanding aquaculture and increased demand for seafood. China is one of the largest producers of compound feed globally, with the production at around 168 million metric ton in 2019, of which aquaculture was valued at 16.5 million metric ton. As cited from the publication of the United States Department of Agriculture in 2018, corn and soybean meals dominate the commercial feed market in the country, with minor supplementation from other coarse grains, such as wheat and other oilseed meals, depending on the comparative pricing of the alternative meals.
Competitive Landscape
The global aquafeed market is a fairly-consolidated market with major players holding 62.0% of the market share and others hold 38.0% of the market share. Cargill Incorporated, Charoen Pokphand Group, and Nutreco NV are the major players in the market. Ridley Corporation, Biomin, Aller Aqua, Inve Aquaculture Inc., etc. are some of the other small players in the market. These major players are investing in new products and improvisation of products, expansions, acquisitions for business expansions.
Major companies are acquiring market share extensively by establishing new aqua-feed plants. For instance, BioMar has established a new aqua-feed plant in Australia by investing Euro 40 million in 2020. The production facility will produce up to 110,000 tons per year of aquafeed to support the Australian and Oceania aqua industry.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Read the full report: https://www.reportlinker.com/p05962008/?utm_source=GNW
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Major companies are acquiring market share extensively by establishing new aqua-feed plants. For instance, BioMar has established a new aqua-feed plant in Australia by investing Euro 40 million in 2020 - GlobeNewswire
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