Aquafeed Market Trend Analysis, Competitive Market Share & Forecast

1. Aquafeed Market, By Form, Trend Analysis, Competitive Market Share 2021-2027

2. Industry Trends & Forecast Report 2027 A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global aquafeed market was worth USD 59.6 billion in 2020 and is further projected to reach USD 83.2 billion by 2027, at a CAGR of 5.4% during the forecast period (2021-2027). The market’s growth is attributable to increased fish consumption, which has boosted aquaculture activities. This is one of the primary elements that has fueled the growth of global aquafeed market. Additionally, consumers have become aware of the advantages of high-quality seafood products. As a result, the supply of enhanced aquafeed is likely to improve globally during the forecast period.

3. Growth Drivers Increase in Sea-Food Trade to Play Vital Role in the Market Growth Leather Segment is expected to hold significant market share during the past years and is expected to display a similar trend over the forecast period. The leather is more in demand due to its multiple benefits such as breathable, elastic, tear proof, abrasion-resistant, heat insulating, and supple. Moreover, it lends shoe protection with its sturdiness, also has a temperature-regulating effect, as well as lends shoes a sophisticated appearance as well. In additional companies are continuously launching innovative products such as In 2018, luxury brand Hugo Boss launched vegan pineapple leather men’s shoes and raised concerns towards the growing demand for cruelty-free footwear range by introducing vegan shoes for men.

4. Restraints Stringent Regulatory Framework and Increasing Cost of Raw Materials Aquaculture is one of the most comprehensively regulated industries in the world. Regulations are becoming more strict, as evidenced by the ban placed on the use of antibiotics as growth promoters in animals in the European Union in 2006 and the United States in 2009. There are no such regulations in many countries that export fish to Europe and the U.S., including China, Vietnam, and Thailand. These inconsistencies in regulations affect the global fish and aqua feed trade, especially between developed and developing economies.

5. Impact of COVID-19 on Global Aquafeed Market Global lockdowns resulting from the COVID-19 pandemic have had devastating economic consequences on the global aquafeed market. Fisheries and aquaculture supply chains include activities such as fishing, aquaculture production, processing, input transportation, distribution, and wholesale/retail marketing. All of these activities are essential to the success of a supply chain. Impacts arising from COVID-19 and related measures severely disrupted all the stages of the chain. Additionally, the pandemic’s prohibitionist measures have badly damaged small-scale fisheries. The sector directly engages 90% of fisheries workers (around 36.7 million) and hundreds of millions more indirectly.

6. Global Aquafeed Market: Regional Insights Geographically, the global aquafeed market is categorized into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. Among all the regions, Asia-Pacific dominated the aquafeed industry in 2020. It is likely to dominate the market during the forecast period due to the the flourishing aquaculture industry in the region. The aquafeed industry in the APAC region is driven by rising aquaculture and boosted demand for seafood. Moreover, more than half of the domestic production in Thailand, Vietnam, the Philippines, Indonesia, and India are exported exclusively for the European and North American markets.

7. Competitive Landscape The aquafeedmarket is fairly consolidated, with the presence of limited domestic and international players. Besides this, the emergence of new entrants has resulted in healthier competition among long-established service providers in the industry. Some key players in the global aquafeed market are Archer Daniels Midland Company, Cargill Inc., Ridley Corporation Limited, Nutreco, Alltech, Purina Animal Nutrition, Nutriad, Aller Aqua A/S, Biomin, Biomar, Norel Animal Nutrition, Avanti Feeds Limited, De Heus Animal Nutrition B.V, Novus International, Biostadt India Limited, Nk Ingredients Pte Ltd., Marubeni Nisshin Feed Co., Ltd., Marvesa, Beneo, JapfaComfeed, Cpf Plc, Growel Feeds, Sonac, Kent Feeds, Lifecircle Nutrition, and other prominent players.

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9. Recent Developments In July 2021, Evonik enhanced its Near-infrared Spectroscopy (NIR) services for feed raw materials and feeds. With ISO 12099 for near-infrared spectroscopy (NIR), updated calibrations for feed raw materials and feeds, and additional features in AMINONIR Portable, the company now offers a more comprehensive service to its customers in the feed industry. Sample Copy of the report :https://www.blueweaveconsulting.com/report/global-aquafeed-market/report-sample

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