The global aquafeed market is projected to reach USD 88.0 billion by 2028, at a CAGR of 7.3% over the forecast period. It is estimated to be valued USD 61.8 billion in 2023.
The global aquafeed market is projected to reach USD 88.0 billion by 2028 from USD 61.8 billion by 2023, at a CAGR of 7.3% during the forecast period, according to a new report by MarketsandMarkets.
Report: www.marketsandmarkets.com/pdfdown…sp?id=1151
The market is being driven by a number of factors, including:
- Growing population and increasing demand for sustainable protein sources
- Decline of wild fish stocks and rising reliance on farmed fish
- Advancements in aquafeed technology that have improved the nutritional value and efficiency of feeds
The soybean segment of the ingredients segment accounted for the largest share of the aquafeed market in 2023, due to its high nutritional value, versatility, and sustainable profile. The dry segment within the form segment is projected to grow at the highest CAGR from 2023 to 2028, owing to its longer shelf life and ease of handling and storage.
The fish segment of the species segment is estimated to grow at the highest rate in the aquafeed market, as fish is the cheapest and most easily digestible animal protein. The grower segment of the lifecycle segment is also estimated to grow at the highest rate, as the aquaculture industry expands and more fish and prawns enter the grow-out stage.
The amino acids segment of the additives segment is estimated to grow at the highest rate in the aquafeed market, as amino acids are essential for the growth, development, and general health of aquatic animals.
Report: www.marketsandmarkets.com/request…sp?id=1151
The Asia Pacific region accounted for the largest share of the global aquafeed market in 2023, and is expected to remain the dominant region during the forecast period. This is due to the region's large coastline, abundance of water resources, and temperate environment, which are ideal for aquaculture.
The key players in this market include ADM (US), Cargill, Incorporated (US), Ridley Corporation Limited (Australia), Nutreco (Netherlands), Alltech (US), Purina Animal Nutrition (US), Adisseo (Belgium), Aller Aqua A/S (Denmark), Biomin (Austria), Biomar (Denmark), Norel Animal Nutrition (Spain), Avanti Feeds Limited (India), De Heus Animal Nutrition B.V. (Netherlands), Novus International (US), and Biostadt India Limited (India).
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