With reference to the latest market forecast report published byTransparency Market Research, titled 'Aquafeed Market: Global Industry Analysis andOpportunity Assessment 2018-2026', revenue generated fromthe global aquafeed market is estimated to be valued ataround US$ 52,553.8 Mn in 2018, which is projected to increase at a CAGR of5.7% during the forecast period (2018-2026).
Factors such as customers shifting towards plant-derived feedingredients, high demand for aquaculture commercialization, and automated feeddispensers for feed optimization are the key reasons driving the growth of theaquafeed market over the forecast period. Asia Pacific is the major consumer ofaquafeed, and is estimated to contribute around 44.2% value share of aquafeedover the forecast period, owing to an improved supply chain system andincreased focus towards high digestibility feeds in the region. Increasedpenetration in the market by key aquafeed producers in developing economiesmakes the aquafeed market highly competitive, resulting in steady launches andexpansion of aquafeed products in the aquafeed space. Players such as Cargill,Inc. and Archer Daniels Midland are well-known for their quality premiumaquafeed products. These companies spend enormously on the research anddevelopment of aquafeed products, and also promote their brands throughknowledge-based advertisement, resulting in larger market shares in the globalaquafeed market.
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Increased Press Movement for Aquafeed
For the past few years, an increase in press movement has beenobserved all over different platforms of media, including the Internet, foraquafeed products, especially crustaceans feed, which is expected to drive moredemand for aquafeed products over the forecast period. A major shift has beennoticed in the Indian aquafeed sector after 2009. The introduction of Whitelegshrimp into the region has changed the whole fishery sector’s topography. Theaquaculture market captured 48% of the total production during 2009. Itovertook capture production and reached more than 52% in 2015, which alsosignifies the increase in demand for aquafeed over the years.
India, a Potential Market for Aquafeed
Aquafeed in India has stepped up to address the global demandfor initiatives from governments and other regulatory authorities, to increasefocus over the export market. A number of reforms have been seen in the lastfew years. With heavy investments in the cold chain for aquafeed, theGovernment of India is proceeding over the action plan to regulate the wholeaquafeed industry. This is being supported by a number of aquafeed key playerswho have gone public after successfully conducting business over the lastdecade. This is regarded as the indicators of growth for the aquafeed industry.With stricter quality control measures and investments in research anddevelopment, India is expected to easily penetrate into stricter markets of theEuropean Union with its aquafeed offerings. Diversion of investments has beennoticed in the last few years. Industry sources of aquafeed are indicatingTilapia to become a key player over the course of the next few years. With thehuge demand in the international market, shrimp is expected to dominate as akey species in the Indian aquafeed market over the forecast period.
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Increasing Per Capita Consumption ofFish in Europe
The increasing preference for a healthy source of nutrients isprompting consumers in Europe towards the purchase of good quality aquafeed foraquaculture production. This reason is expected to drive the growth of theEuropean aquafeed market over the forecast period, as a steady growth in percapita consumption of aquaculture is anticipated.
According to the European Union, annual per capita fishconsumption by European consumers reached 25.5 kg in 2014, an increase of 1 kgfrom 2013. This data clearly shows a rise in the consumption of fish, as such,indicating an increase in the consumption of aquafeed in the region.
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Key Manufacturers of Aquafeed
This TMR report contains the current trends that are drivingeach market segment, and offers detailed insights and analysis into thepotential growth of the global aquafeed market. The last part of the reportincludes the competitive landscape of numerous market players to provide acomprehensive and comparative dashboard. Major players covered in the reportare the dynamic manufacturers who are currently present in the aquafeed market.A detailed view of the manufacturers has also been provided in the scope of thereport to examine their short- and long-term strategies, recent developments,and key offerings in the aquafeed market.
Global Aquafeed Market: CompetitionDashboard
TMR has profiled the most prominent companies that are active inthe global aquafeed market, such as AlltechInc., BENEO GmbH, Skretting, Cargill Inc., Cermaq, Sonac B.V, Aller AquaA/S, Novus International, Clextral, Koninklijke DSM N.V., Archer DanielsMidland, Novus International, Biomin Holding GmbH, Ridley Corporation LimitedNutriad NV, Dibaq, Biomar, INVE Aquaculture Inc., Nutreco N.V, Zeigler Bros.,Inc., and Norel SA, among others.
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Global Aquafeed Market: Key Insights
Several manufacturers are entering new markets through theacquisition of major regional players in order to enhance their productofferings and manufacturing facilities. Moreover, companies are currentlyfocusing on opening new innovation and development centers in order to expandand boost their regional and manufacturing capabilities in the targetedcountry, and enhance their presence accordingly.
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