September 16, 2014

Global aquafeed market to hit US$124billionby 2019

The global aquafeed market is projected to total 89,479 million tonnes worth US$124 billion by 2019 at a CAGRs of 10.7% and 12.3%, respectively, from 2014 to 2019, according to ReportsReport.com.

The marketing research website said the Asia-Pacific region again will enjoy the major market share in terms of consumption with 76% of the total aqua feed market share in 2013.

Increase in domestic demand has contributed to the continuing growth trend particularly in this region. Fish dominated the aquafeed market, by animal species, in 2013, with more than half of the market share.

The global aquafeed market is currently the fastest-growing segment of the agriculture and animal feed milling industry and is witnessing a steady growth particularly in China.

The aquafeed market has grown exponentially in the last decade and this trend is expected to continue, a release by PR Newswire says.

The aquafeed market includes feed for fish, crustaceans, mollusks, and others. There has been a growing trend within most developing countries and many developed countries (such as Japan) towards the increased use of artificially compounded feeds (aqua feeds) for farmed finfish and crustaceans.

Aquafeed additives mainly comprise antibiotics, vitamins, antioxidants, amino acids, feed enzymes, feed acidifiers, and others. Amino acid is the major source of nutrients and constitutes the largest fish feed additive of animal species (fishes, crustaceans, and mollusks) diets, followed by antibiotics.

Aquafeed market companies profiled in the ReportsnReport.com research include Alltech Inc., Aller Aqua A/S, Beneo - Animal Nutrition, Biomar A/S, Biomin GMBH, Cargill Incorporated, Charoen Pokphand Foods Public Company Limited, Coppens International B.V., Nutreco N.V. and Ridley Corporation.