The global aquafeed market sizeis expected to reach USD 80.05 billion by 2027, exhibiting a CAGR of 5.3%during the forecast period. The rising seafood trades in various regions of theworld is expected to bode well for the global market, states Fortune BusinessInsights, in a report, titled “Aquafeed Market Size, Share &COVID-19 Impact Analysis, By Type (Fish (Carps, Tilapias, Catfish, Salmons, andOthers), Crustaceans, Mollusks, and Others), Ingredient (Soybean, Fishmeal,Fish Oil, Corn, Additives, and Others), Form (Dry and Wet), and RegionalForecast, 2020-2027.” The market size stood at USD 56.92 billionin 2019.
The coronavirus emergency has resulted in financial jeopardy fortrades and businesses around the world. The authorities of several countrieshave initiated lockdown to avert the increase of this infectious disease. Suchstrategies have caused disturbances in the production and supply chain. But,with time and resolution, we will be able to combat this stern time and getback to normality. Our well-revised reports will help companies to receivein-depth information about the present scenario of every market so that you canadopt the necessary strategies accordingly.
Market Driver:
Significant R&D Investments to Favor Business
The increasing research and development of innovative products byindustry players is expected to enable speedy expansion of the market. Forinstance, in August 2020, Milkfish Aquafeeds Research, Development, andExtension Project (RDEP) were introduced in Guiuan. The R&D project aims atproviding solutions for cost-effective aquaculture feeds. The new substitutecomprises of locally-procured plant-based proteins for aquaculture feeds. Theongoing mergers and acquisitions among companies to enhance product portfoliowill foster the healthy growth of the market. For instance, in November 2019,the Washington-based feed and Ingredient company Wilbur-Ellis announced theacquisition of Renger Inc., the U.S. based producer and distributor ofaquafeed.
Export Bans to Impede Market Amid Coronavirus
The aquafeed industry majorly relies on the import and export ofmarine ingredients. The disruption of the supply chain will significantly limitthe scope of the market during coronavirus. For instance, China relies onChilean fish meal which usually would require a month for shipping. The delayedshipment of raw material has caused immense loss to the global market. However,the ease of road transportation by governments will improve the market amidCOVID-19. The shift towards digital platforms among retailers will further spuropenings for the market. In addition, the market is expected to recoverprevious losses post-pandemic, when cases decline by the end of 2020.
Regional Analysis:
Presence of Major Companies to Propel Market in Asia Pacific
The market in Asia Pacific is expected to experience a rapidgrowth rate during the forecast period owing to the presence of prominentcompanies in the region. Increasing sales in China and India will contributepositively to the market growth in Asia Pacific. Furthermore, theimplementation of strategies by key players to expand its regional presence.Europe is expected to rise tremendously during the forecast period owing to theincreasing inclination towards salmon production. The market in North Americais expected to dominate the global market owing to existing companies such asCargill Incorporated, Archer Daniels Midland Company, Alltech Inc., in the U.S.The increasing export of aquaculture is expected to enable speedy expansion ofthe market in North America.
Key Development:
January 2020: BioMar unveiled its new aquafeed plant inWesley Vale, Tasmania. The new plant will have an annual production capacity of110,000 tonnes of aquafeed. This base expansion will facilitate the productioncapacity of the company.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/aquafeed-market-100698
