The aquafeed market is projected to grow at a CAGR of 10.8% from 2016 to 2021. This is stated in a new report, published by MarketsandMarkets.
The major types of aquafeed ingredients derived from corn, soybean, fish meal, fish oil, and additives have been in demand owing to the growing demand for advanced aquafeed products and a shift in consumers’ preference for healthier and nutritive premium seafood products, especially for carps and crustaceans aquatic type animals. The market demand for mixed aquafeed varieties has also experienced higher than average growth, as they combine the useful characteristics of nourishment & sustainability. Hence, aquafeed will be viewed as a business opportunity in the next five years.
Carps and crustaceans have been projected to lead the market in terms of value and volume and are projected to grow at comparatively higher CAGRs than most aquafeed products for other aquatic animal types. Large and medium-sized players have adopted new product development strategy for carp and crustacean aquafeed products to expand their businesses, globally, by investing in the development of the R&D sector to create and launch various new innovative products of this segment in the market.
The soybean ingredient accounted for the largest share in the aquafeed market for ingredients in terms of value and volume in the year 2015. However, the corn ingredient is projected to grow at a comparatively higher CAGR due to its consumption as a plant protein source in the replacement for expensive fishmeal and fish oil ingredients in aquafeed production.
Countries in the Asia-Pacific and Latin American regions are thriving in terms of the growing contribution of aquaculture toward the GDP, with high levels of product development and marketing. The rising population levels have also created the demand for nutritious and healthy aquaculture foods, globally. Increasing per capita disposable income in these regions is another driver for the increased consumption of high-quality seafood products, in turn boosting the aquafeed industry.
The full report can be purchased here.
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