Portland, OR -- (SBWIRE) -- 01/24/2018 -- Aquafeeds are compounded meals prepared for aquatic animals by mixing various raw materials and additives. These blends are prepared according to specific requisite of the species and age of the animal. Aquafeed has become crucial to aquaculture industry due to its nutritional, immune resistant, and growth promoting properties. High quality aquafeed is exponentially more beneficial to fish, mollusks, crustaceans & other aquatic animals than farm-made feed due to their balanced and need specific composition.

Increasing global seafood consumption and growing consumer awareness on quality of seafood products are boosting the aquafeed market growth. Furthermore, rising per capita income, especially from developing nations, is expected to maintain the growth of aquaculture and aquafeed industry. In the long term Increasing raw material costs may restrict the market growth as majority of high quality feed is prepared by fish meal and fish oil.

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The global aquafeed market is segmented based on end consumption, additives and geography. The end consumption segment is further bifurcated into fish, mollusks, crustaceans, and others. The demand for fish and mollusks is rising due to the increase in income levels and demand for protein rich healthy food products globally. Seafood is a good source of protein rich diet which is available on 3/4th of the planet, with current population and consumption trends the burden on land based food products is required to be controlled. Hence with rise in aquaculture to sustain the demand for seafood for the growing population, the aquafeed industry is also rising.

Fish is further segmented into various types such as carp, salmon, tilapia, and catfish among others. Carp fish type has been observed to have the highest market share in fish feed market. This is due to their abundant availability and popularity as common carp fish types are tolerant to most water conditions. Based on additives, the market is segmented into vitamins, antioxidants, amino acids, enzymes, acidifiers, and binders. The demand for amino acids is increasing owing to its extensive application in aquafeed additives. Amino acids are the main components of protein, since animals require continuous supply of protein in their diet; it is considered as essential component of aquafeed. amino acids had a market share of 19% in the total of aquafeed enzymes market in 2015.

Nutreco N.V. used acquisition and joint venture as key strategies for market growth, whereas AllerAqua A/S expanded into emerging economies for increasing their geographic reach. Cargill, Inc., Nutreco N.V., and Alltech Inc. are leading players providing a wide range of aquafeed products across all aquatic animal sectors worldwide. The key players profiled in global aquafeed market includes AllerAqua A/S, Cargill, Inc., Beneo GmbH, Biomar A/S, Avanti Feeds Ltd, Alltech Inc., Biomin GmbH, Charoen Pokphand Foods Public Company Limited, Nutreco N.V. and Coppens International B.V.

Amino acids and vitamins segments accounted over a one thirds of the aquafeed additive market in 2015. Amino acids play an important in the development of nutrition and metabolism of aquatic animals, and hence this trend is projected to continue in the future.

Key findings of Aquafeed Market:

- Crustaceans is projected to be the fastest growing segment in global aquafeed market registering a CAGR of 13.7% (value terms) during 2016 and 2022.

- Amino acid is projected to be the fastest growing additive segment in aquafeed additives market registering a CAGR of 7.9%.

- Carps held 39.9% market share in the fish segment in 2015, in terms of volume.

- Asia-Pacific is projected to occupy the highest market share with a CAGR of 13.1%.

- China would continue to lead the aquafeed market at a CAGR of 12.3%.

- Brazil held more than half of the market share in the LAMEA region in 2015, whereas South Africa intends to grow at a CAGR of 14.1% during the period under consideration.

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The global market is expected to garner $156 billion by 2022, registering a CAGR of 13.3% during the period 2016-2022. Fish and molluscs end use segment accounted for more than three fourth of the total aquafeed consumption. Total consumption of China and Indonesia was about 75% of the Asia-Pacific aquafeed market in 2015.