The global aquafeed market size is 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 the world is expected to bode well for the global market, states Fortune Business Insights, in a report, titled “Aquafeed Market Size, Share & COVID-19 Impact Analysis, By Type (Fish (Carps, Tilapias, Catfish, Salmons, and Others), Crustaceans, Mollusks, and Others), Ingredient (Soybean, Fishmeal, Fish Oil, Corn, Additives, and Others), Form (Dry and Wet), and Regional Forecast, 2020-2027.” The market size stood at USD 56.92 billion in 2019.
The coronavirus emergency has resulted in financial jeopardy for trades and businesses around the world. The authorities of several countries have initiated lockdown to avert the increase of this infectious disease. Such strategies have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
Market Driver:
Significant R&D Investments to Favor Business
The increasing research and development of innovative products by industry players is expected to enable speedy expansion of the market. For instance, in August 2020, Milkfish Aquafeeds Research, Development, and Extension Project (RDEP) were introduced in Guiuan. The R&D project aims at providing solutions for cost-effective aquaculture feeds. The new substitute comprises of locally-procured plant-based proteins for aquaculture feeds. The ongoing mergers and acquisitions among companies to enhance product portfolio will foster the healthy growth of the market. For instance, in November 2019, the Washington-based feed and Ingredient company Wilbur-Ellis announced the acquisition of Renger Inc., the U.S. based producer and distributor of aquafeed.
Export Bans to Impede Market Amid Coronavirus
The aquafeed industry majorly relies on the import and export of marine ingredients. The disruption of the supply chain will significantly limit the scope of the market during coronavirus. For instance, China relies on Chilean fish meal which usually would require a month for shipping. The delayed shipment of raw material has caused immense loss to the global market. However, the ease of road transportation by governments will improve the market amid COVID-19. The shift towards digital platforms among retailers will further spur openings for the market. In addition, the market is expected to recover previous 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 rapid growth rate during the forecast period owing to the presence of prominent companies in the region. Increasing sales in China and India will contribute positively to the market growth in Asia Pacific. Furthermore, the implementation of strategies by key players to expand its regional presence. Europe is expected to rise tremendously during the forecast period owing to the increasing inclination towards salmon production. The market in North America is expected to dominate the global market owing to existing companies such as Cargill Incorporated, Archer Daniels Midland Company, Alltech Inc., in the U.S. The increasing export of aquaculture is expected to enable speedy expansion of the market in North America.
Key Development:
January 2020: BioMar unveiled its new aquafeed plant in Wesley Vale, Tasmania. The new plant will have an annual production capacity of 110,000 tonnes of aquafeed. This base expansion will facilitate the production capacity of the company.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/aquafeed-market-100698
