Aqua Feed Market – Industry Overview
Global Aqua Feed Market: Overview
Global aqua feed market is expected to rise in the coming years due to growing demand of global population. Aquaculture provide food security to multiple regions in the world. Fish consumption among humans have risen owing to increase in demand for animal protein and health benefits it provides.
The global aqua feed market is also rising due to feasible fish farming practices in various regions. The rise in demand for fish is increasing around the globe. With increase in population, urbanization, and income, the demand and trend for aqua food will witness a significant rise during the forecast period of 2013 to 2019. The dependency on aqua food is likely to rise due to stagnation of capture fish production. Aqua feed are produced in the form of pellets and is distributed externally to various aquatic species. These feeds include essential ingredients that alters the food essential of aquatic species. This has led to popularity and growth of aqua feed market.
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Aquatic food is increasing in demand around the globe due to its affordable price and nutrient values. The science of growing and breeding of aquatic products under controlled and supervision environment to sustain the rising demand of aquatic food products, aqua culture, it has gained popularity in the society.
The global aqua feed market is anticipated to grow at a remarkable CAGR of 11.4% during the forecast period of 2013 to 2019. The market value for aqua feed market was US$57.7 bn in 2012 and is expected to rise up to US$122.6 bn by 2019.
Carp to Lead the Global Aqua Feed Market Owing to Rise in Demand
The global aqua feed market’s segment according to end user consist of tilapia, catfish, mollusks, salmon, crustaceans, carp, and others. Among these, carp dominated the end user segment by 25% of the overall global aqua feed market during 2012. The crustaceans and carp segments are expected to witness the fastest growth in the market as they can withstand harsh conditions of environment. During 2012, mollusks segment held the second largest share in the global market. It is anticipated to rise in demand during the forecast period. Mollusks will witness growth in the market due to increased health benefit awareness among consumers about its consumption. Rise in demand for salmon is also expected during the forecast period. This rise is due to rise in disposable income and need to spend on luxurious food items. It will also rise due to many people willing to experiment with taste.
Asia Pacific will Lead Global Aqua Feed Market Due to Rise in Consumption
The global aqua feed market is geographically segmented into Asia Pacific, Europe, North America, and rest of the world. Asia pacific led the global aqua feed market by holding 65% of the total share during 2012. This region is expected to rise due to increase consumption of seafood. The expanding aquaculture facilities in this region will retain its dominant position in the market during the forecast period. Whereas, Europe stood as the second leading region in the global market during the same year. This rise in consumption is due to increased disposable income along with effective import facilities.
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Some of the leading companies in the market are Beneo Cargill Inorporated, Alltech Inc., Dibaq Aquaculture, BioMar A/S, Nutreco N.V., NK Ingredient Pvt Ltd., Aller Aqua, Ridley Aqua-Feed, Avanti Feeds Ltd., Norel Animal Nutrition, Tongwei, Cermaq ASA, and Charoen Pokphand Foods Company Ltd.