Global aquafeed worth $70 bil­lion by 2022

Fish Farmer - - World News -

THE global aquafeed mar­ket is set to reach new heights over the next five years thanks to the ar­rival of ad­di­tional play­ers, says a new re­search re­port.

Pub­lished by Trans­parency Mar­ket Re­search (TMR), the anal­y­sis says that with a large num­ber of aquafeed sup­pli­ers func­tion­ing across the world, the mar­ket was demon­strat­ing a frag­mented and com­pet­i­tive land­scape.

New play­ers were con­tin­u­ously ven­tur­ing into this mar­ket, which was likely to in­ten­sify the com­pe­ti­tion sub­stan­tially in the years to come.

Cer­maq, Konin­kli­jke DSM, BENEO, Dibaq Dipro­teg, Ri­d­ley Corp, Nutreco, Aller Aqua, Cargill, and Archer Daniels Mid­land were just some of the lead­ing sup­pli­ers across the world, says the re­port.

It ex­pects the world­wide mar­ket to reach US $51.12 bil­lion by the end of this year and it will pro­lif­er­ate at a com­pound an­nual growth rate (CAGR) of 6.5 per cent be­tween now and 2022, and touch US $70.09 bil­lion.

The re­port con­tin­ues: ‘Ex­truded aquafeed has been wit­ness­ing a high de­mand across the world and ex­pand­ing at a CAGR of 8.70 per cent.

‘The con­tin­ual in­crease in the con­sump­tion of seafood across the world has a sig­nif­i­cant in­flu­ence on the growth of the global mar­ket for aquafeed.

‘With con­sumers be­ing aware of the ben­e­fits of high qual­ity seafood prod­ucts, the de­mand for bet­ter qual­ity aquafeed has aug­mented, boost­ing this mar­ket re­mark­ably.

‘The con­sump­tion of seafood is ex­pected to re­main high in the near fu­ture, thanks to the es­ca­lat­ing dis­pos­able in­come of con­sumers, es­pe­cially in emerg­ing economies, which is likely to boost the growth of this mar­ket sub­stan­tially over the forth­com­ing years.’

The study also presents a geo­graph­i­cal eval­u­a­tion of the world­wide mar­ket. The re­gion of Asia Pa­cific and Ja­pan has sur­faced as the lead­ing mar­ket, due to the promi­nence of aqua­cul­ture pro­duc­tion in Asian coun­tries, specif­i­cally China.

The ris­ing pop­u­lar­ity of salmon farm­ing, on ac­count of the ease of farm­ing and the re­silience of this fish even in ad­verse con­di­tions, is ex­pected to pro­pel the Asian and Ja­panese mar­kets for aquafeed in the years to come.

The Euro­pean aquafeed mar­ket is also pro­jected to re­port steady growth over the fore­cast pe­riod, notes the re­search study.

Above: Sushi

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.