The report "Aquafeed Market by End User (Fish, Mollusks, and Crustaceans), Ingredient (Soybean, Corn, Additives, Fish Meal, Fish Oil), Additive (Antibiotics, Vitamins, Antioxidants, Amino Acids, Feed Enzymes, Feed Acidifiers), and Region - Global Forecast to 2022", The aquafeed market is projected to grow from USD 107.82 billion in 2017 to USD 172.56 billion by 2022, recording a compound annual growth rate (CAGR) of 10% during the forecast period. The major factors driving the growth of the aquafeed market include limited availability of aquaculture feed resources and increasing global demand for high-quality fish. Further, increasing consumption of seafood and the growth in the aquaculture industry is also projected to drive the aquafeed market.
The years considered for the study are as follows:
- Base year: 2016
- Estimated year: 2017
- Projected year: 2022
- Forecast period: 2017–2023
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The amino acids segment is projected to be the fastest-growing segment in the aquafeed market during the forecast period.
The aquafeed market is segmented, on the basis of additives, into antibiotics, vitamins, antioxidants, amino acids, feed enzymes, feed acidifiers, and others. The amino acids segment is projected to be the fastest-growing segment in the aquafeed market during the forecast period; this is attributed to their role in the growth, production, and overall maintenance of aquatic animal health. Amino acids provide the required energy for growth and overcome dietary deficiencies. The rising awareness levels about the importance of amino acids is a major factor driving the growth of the amino acids segment.
The soybean segment is projected to account for the largest market share in the aquafeed market during the forecast period.
The aquafeed market is segmented, on the basis of ingredients, into soybean, corn, fish meal, additives, and others. The soybean segment is projected to be a leading segment in the aquafeed market. This is attributed to their high-protein content and lower cost. Soybean is used in the form of meal, soy protein concentrate, soy oil, soybean hulls, and soy lecithin.
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Europe is projected to be the fastest-growing region in the aquafeed market during the forecast period.
Europe is projected to be the fastest-growing region in the aquafeed market during the forecast period. The market in the region is driven by the rise in demand for advanced aquafeed, to improve the quality and enhance the aquaculture production. Further, rise in food safety concerns and stringent government regulations are projected to drive the aquafeed market in European countries.
Major vendors in the aquafeed market include Archer Daniels Midland Company (US), Ridley Corporation Limited (Australia), Cargill (US), Nutreco N.V (The Netherlands), Avanti Feeds Ltd. (India), Purina Animal Nutrition LLC (US), Nutriad (Belgium), Alltech (US), Biostadt India Limited (India), Aller Aqua A/S (Denmark), Biomar (Denmark), BIOMIN Holding GmbH (Austria), Norel Animal Nutrition (Spain), Dibaq A.S (Spain), and De Heus Animal Nutrition (Netherlands).
