Albany - NY, Sept. 29, 2016 (GLOBE NEWSWIRE) -- The demand for all kinds of aquaculture products have been significantly increasing over the past few years across the globe. High in nutrients and also quite affordable, the demand for aquatic foods is high around the world. In order to sustain the ever rising demand for aquatic food products, aqua culture, the science of breeding and growing aquatic products in supervised and controlled environment, has also gained huge attention in the past centuries.
The report credits the flourishing growth of the global aquaculture market as the largest contributor to the overall growth of the global aqua feed market. According to the report, revenue generated by the aqua feed market contributes nearly 50% of the overall costs involved in running an aquaculture facility. The growth of the aqua feed market, therefore, to an extent depend on the overall growth of aquaculture industry. While the continuously rising demand for aquatic food products from the aquaculture industry will drive the market for aquafeed, the fluctuating costs of key ingredients such as fish oil, corn, soybean and fish meal will restrain market’s growth to a certain extent over the report’s forecast period.
The fluctuating cost of raw materials used in aqua feed is predicted to hamper the growth of the global aqua feed market in the next few years. However, the rising demand for functional and conventional aqua feed from China and Rest of Asia is expected to benefit the global aqua feed market in the near future. The growth of the global aqua feed market is projected in the next few years due to the increasing demand for fish in various foods. The human consumption of fish is predicted to increase in the years to come, thereby driving the global aqua feed market.
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The global aqua feed market is segmented on the basis of geography and end-users. By end-users, the global aqua feed market is classified into crustaceans, carp, catfish, salmon, mollusks, tilapia, and others such as milkfish, eels, and trout. In 2012, by end-user, the highest demand for aqua feed was from the carps segment, accounting for 25% of the global aqua feed market. Carps have the highest demand in the retail industry whereas crustaceans have the highest demand in the food and the pharmaceutical industries. The rising demand for aqua feed from end-user segments such as mollusks and salmons is expected to propel the global aqua feed market in the near future.
The global aqua feed market is expected to expand at a CAGR of 11.4% during the period between 2013 and 2019. The report projects the overall market to be worth US$122.6 bn by the end of 2019. The global aqua feed market stood at a valuation of US$57.7 bn in 2012. The growing consumption of fish has been driving the demand from the global aqua feed market.
Based on geography, the global aqua feed market is divided into Europe, Asia Pacific, North America, and Rest of the World. In 2012, Asia Pacific accounted for a share of 65% in the global aqua feed market. Europe is expected to be the second-largest contributor to the global aqua feed market after Asia Pacific.
In 1970, the contribution of aquaculture to the worldwide fisheries market was merely 4%. In 2006, the contribution grew to nearly 36%. It is predicted that, by 2020, 120-130 million tons of aquatic products will enter the global fisheries market thanks to the aquaculture industry. This growth of the aquaculture industry is expected to boost the global aqua feed market. Alltech Inc., Avanti Feeds Ltd., BioMar A/S, Cermaq ASA, Aller Aqua A/S, and Beneo GmbH are some of the key companies operating in the global aqua feed market.
Key Segments of Aqua Feed Market
Aqua Feed Market by End-Users
- Crustaceans
- Mollusks
- Carp
- Salmon
- Catfish
- Tilapia
- Others (Trouts, eels, milkfish, etc.)
Aqua Feed Market by Geography
- North America
- Asia Pacific
- Europe
- Rest of the World
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