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The Global Aquafeed Market Driven by Rising Demand For Seafood

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ashwini bakhade
The Global Aquafeed Market Driven by Rising Demand For Seafood

 The aquafeed market consists of a wide variety of aquatic animal feeds that are produced using different ingredients and formulations. Feed constitutes around 60% of the total variable cost of fish and shrimp production and contributes around 60% to 70% of the total input cost. The quality and consistency of aquafeed have a direct impact on fish health, growth, and yield. Rising demand for nutrient-rich aquafeed to improve aquaculture yields along with growing adoption of advanced extrusion technologies and inclusion of additional micronutrients have aided the growth of the industry.


The global Aquafeed Market is estimated to be valued at US$ 71.2 Bn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.


Market key trends:

The aquafeed market is witnessing rising demand for natural growth promotants. Fishmeal and fish oil are rich sources of essential fatty acids, proteins, vitamins, and minerals that are essential for fish growth. However, overfishing and limited supply have led to increased incorporation of plant-derived ingredients like soybean meal, corn gluten meal, and wheat bran in aquafeed formulations. Advancements in biotechnology have enabled production of various natural growth promotants obtained from microorganisms, yeast, fungi, and algae that promote fish growth performance. These natural growth solutions aid in maintaining fish gut health while reducing feed costs and environmental impacts. Such innovations in natural growth promotants are amongst the major trends expected to drive the aquafeed market expansion over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the aquafeed market is low as there are high costs involved in setting up facilities, distribution channels, and establishing brands.


Bargaining power of buyers: The bargaining power of buyers in the aquafeed market is high. Buyers can negotiate on price and switch between brands easily as there are many established players.


Bargaining power of suppliers: The bargaining power of suppliers is moderate as feed ingredients are commoditized and there are many suppliers. However, suppliers of specific/ premium ingredients may exert some control over price.


Threat of new substitutes: The threat of substitutes is low as no direct substitutes exist for aquafeed.


Competitive rivalry: The aquafeed market is fragmented with major players competing on price and product differentiation.


Key Takeaways

The Global Aquafeed Market Size is expected to witness high growth over the forecast period.

Regional analysis: Asia Pacific region accounts for the lion's share of the global aquafeed market and is expected to maintain its dominance over the forecast period. This can be attributed to the presence of major fish producing countries like China, India, Indonesia, Bangladesh, and Vietnam. China dominates the APAC market accounting for over 30% of the global production.

Key players operating in the aquafeed market are Oracle Corporation, Microsoft Corporation, Google LLC, IBM Corporation, and Salesforce.com Inc. Oracle Corporation and Microsoft Corporation are focusing on developing innovative aquafeed products and solutions to strengthen their position in the market.

For more Insights, Read –

https://www.marketwebjournal.com/aquafeed-market-market-size-and-share-analysis/


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