According to the new research report available at MarketStudyReport.com under the title ‘Global Aquafeed Market Insights, Forecast to 2025’, the worldwide aquafeed market is anticipated to surpass US $54700 million by the year 2025.
Aquafeed is referred to food specially produced for aquatic animals in order to fulfill their nutritional requirements. It is usually prepared with explicit additives and ingredients that provide nutrition and are supplemented in small amounts. Availability of wide product range, pertaining to growing customer demand for species-specific needs and functionality, is propelling the aquafeed market.
Aquafeed is derived from plant sources like sunflower protein concentrate, canola oil, corn gluten meal and soya meal. The most preferred form is extruded aquafeed, owing to its faster onset action and high disintegration rate in fish. Furthermore, immune resistant qualities, growth promoting properties and nutrition of the product are the major factors driving aquafeed market growth.
According to the report, aquafeed market was worth US $39900 million in 2018 and is projected to grow with a CAGR of 4% by the year 2025. Moreover, the report offers a comprehensive insight about segmental share, trends, drivers, challenges, and opportunities impacting the industry growth.
The worldwide aquafeed market is analyzed on the basis of product type, application spectrum and regional landscape. Speaking of the product type, the market is fragmented as aquatic feed, premix feed, high-end extruded feed, and others. While considering the application spectrum, the market is segmented as aqua, poultry, pig, pet, ruminant, and others.
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Speaking of regional landscape, aquafeed market, as per the consumption parameter, is divided into five main geographies; North America comprise of Mexico, United States, and Canada; Russia, Germany, France, Italy, UK, and rest of Europe fall under Europe; Asia Pacific consists of Vietnam, China, Malaysia, Japan, India, Thailand, Australia, Indonesia, Philippines, and South Korea; Middle East & Africa is split into Turkey, South Africa, GCC Countries, Egypt, and rest of Middle East & Africa; and Brazil and rest of South America come under Central & South America.
The prominent manufacturers operating in aquafeed market include TRS, CP Group, Yuetai Group, Cargill, Tongwei Group, New Hope Group, NACF, Purina Animal Nutrition, Haid Group, Wen’s Food Group, Nutreco, BRF, Tyson Foods, ForFarmers Group, East Hope Group, Twins Group, and JA Zen-Noh.