03 March 2021
Visiongain has published a new report on Aquafeed Market Report to 2031: Forecasts By Ingredient (Soybean, Corn, Fish Meal, Additives, Fish Oil, Others), By Additives (Vitamins & Minerals, Prebiotics & Probiotics, Amino Acids, Antibiotics, Enzymes, Antioxidants, Others), By Species (Fish, Crustaceans, Mollusks, Others), By Form (Dry, Moist, Wet), By Lifecycle (Grower Feed, Finisher Feed, Starter Feed, Brooder Feed), By Distribution Channel (Online Channels, Offline Channels) PLUS Profiles of Leading Aquafeed Manufacturing Companies and Regional and Leading National Market Analysis, PLUS COVID-19 Recovery Scenarios.
Global Aquafeed market was valued at US$ XX billion in 2020 and is projected to reach at a market value of US$ xx billion by 2031. Augmentation in thee aquaculture industry and technological advancements is leading to the high demand for aquafeed market.
COVID-19 Impact on Aquafeed Market
Coronavirus has led to various changes across the value chain of the aquafeed producing industry. Most of the countries are experiencing lockdown and strict government regulations primarily for the food and beverage industry. Most of the manufacturing plants are working below their production capacity leading to demand and supply gap. The disease has forced some of the manufacturing plants to shut shop owing to disruptions across the value chain of the industry. Additionally, market players in aquafeed industry are focusing onto new business strategies to continue smooth operations at their factories. This has also resulted into shortage of raw materials and hence increased prices, which is further adding up to the increasing prices for end product. Many organization have faced financial losses due to the ban on cross border trade during the initial period of pandemic. However, measures are being undertaken by the government, organization, industry associations and key market players to compensate the losses and improve the market scenario of aquafeed market.
Rising consumption of seafood coupled with benefits associated with these products
The overall consumption of seafood has grown significantly over past few years, which has accelerates the aquaculture activities to ensure the fulfilment of global demand for seafood. The global seafood demand is estimated to exceed 260 million tons by 2030. Additionally, consumers have become aware about the benefits offered by high-quality seafood products including prevention from cardiac arrest, reduction of depression, and lowering of blood pressure among others. This resulted into improves the supply of aquafeed across the globe. Major demand for seafood comes from countries such as China, France, U.S., Norway, Sweden, Japan, and Malaysia among other countries. Russia and Brazil are among the major emerging markets in terms of rising demand for seafood. The growth in the demand from these emerging markets is attributed to the increase in consumer spending on the animal proteins and increase in the income levels. These factors are driving the demand for seafood and hence growth of the aquafeed market.
Augmentation in the aquaculture industry across the globe
Aquaculture has experienced the fastest growth rate among the animal food industry owing to the increasing income levels and various initiatives of the organizations to improve the industry. The global aquaculture witnessed a total rise in consumption of 122% and growth in the production at a rate of 527% from 1990 to 2018. Moreover, increasing trend of smart and sustainable fishing coupled with the initiatives being undertaken by industry associations is leading to the growth of aquaculture industry. The increasing government initiatives such as grants, funds and investments in the sector to boost the overall demand. For instance, The Government of New Zealand set up the ‘Aquaculture Planning Fund (APF)’ to help the aquaculture industry in achieving its sales goal of US$ 1 Bn by 2025. The funds help regional council with the cost of coastal planning related to developments in aquaculture. This is leading to a significant growth in the aquaculture industry thus propelling the demand for aquafeed worldwide.
Increasing investments new product development and research in the field of aquafed market
The key industry leaders are investing into research and development of new products in the aquafeed market to offer customized solutions to their customers and provide effective aquafeed products. Some of the recent developments in the market are listed below:
• In August 2020, Delacon, multinational feed additive company entered in the aquaffed market with the introduction of is new pathogenic solution called ‘Syrena® Boost’ to modern aquaculture practices. The product ensures efficient, profitable and sustainable aquaculture production. It uses essential oils, spices and pre-mixture of specific saponins that targets productivity and gut performance.
• In July 2020, Liptoaqua, an aquaculture solution providing company launched Vital Plus H.R., a nutraceutical product to reduce the stress among fishes caused due to seasonal changes, antibiotics treatment, transport and fish grading and vaccination. This also helps in fast recovery of the species under intensive production conditions.
• IN June 2020, Lallemand Animal Nutrition entered into partnership with CEA to develop a technology that quantifies live yeast cells within a range of feed material. The company designed NUMCELL, which is a dedicated software that helps in numeration of live yeast cells within any feed type and improves the manufacturing of feed.
Rising trend of commercialization of the aquaculture industry
Most of the countries are planning to commercialize their aquaculture industry, which will further accentuate the market demand for aquafeed. The high demand for fish in Cambodia is leading to the increase in caught-fish imports in the country as fish is the primary source of protein for health in the country. Commercialization of Aquaculture for Sustainable Trade (CAST) is a project launched in the country to create new market opportunities for farmers leading to increased household income. In January 2019, the Government of U.S. started funding the CAST project with a funding amount of over US$ 17 Mn to increase the growth and development of freshwater aquaculture in Cambodia. Iniitiatvives like these in most of the countries including India, Brazil and Norway among others is expected to further bosst the demand for aquafeed.
Some of the companies profiled in the report include ADM Animal Nutrition, Purina Animal Nutrition LLC., Cargill, Incorporated, Adisseo and Alltech among others. Key players in the aquafeed market are exploring organic and inorganic business strategies maintain their position and expand their business in the market space. For instance, in October 2020, Cargill entered in partnership with BinSentry, to distribute BinSentry’s easy-to-install feed management solution for aquaculture that accurately tracks the feed inventory. The partnership was aimed at eliminating the cost efficiencies and improving the operational sustainability of the aquaculture farmers.
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