Rising Demand for Seafood to Drive Aquafeed Market to 2022

April 17, 2017

2 Min Read
Rising Demand for Seafood to Drive Aquafeed Market to 2022
Image courtesy Flickr user dinnerseries

Growth in demand for seafood is expected to drive the value of the aquafeed market to a value of $172.56 billion by 2022, growing at a compound annual growth rate (CAGR) of 9.9% from an estimated market of $107.82 billion in 2017, according to new research from business insights firm Markets and Markets.

“The market is driven by factors such as limited availability of marine feed resources and increasing global demand for quality fish,” a Markets and Markets press release announcing the findings said.

Researchers noted that the demand for quality seafood is also thought to boost sales of aquafeed offering nutritional benefits.

“Demand for seafood is increasing in export markets, which influences the supply of improved aquafeed for aquatic animal protection,” the market research firm said. “As a result, many multinational players have entered into the production of various aquafeed that provide essential nutrients to aquatic animals.”

Of the various aquafeed ingredients examined by the company, soybeans were found to occupy the largest market share due to its high contents of amino acids, phosphorous, and energy.

“Amino acids are important in animal nutrition and are the building blocks of protein, which play an essential role in the growth, production, and overall maintenance of aquatic animal health,” Markets and Markets wrote. “The utilization of modern feed management techniques and high awareness levels are the main factors responsible for the high consumption of feed [containing] amino acids in the growing markets.”

European countries led the global market in 2016, with Germany and Norway consuming the most aquafeed, as consumption of seafood increases in the region, according to the firm.

Key players identified in the market during the forecast period are Archer Daniels Midland, Ridley Corporation Ltd, Cargill, Nutreco N.V., and Avati Feeds Ltd.

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