ALBANY, New York, November 26, 2018
ALBANY, New York, November 26, 2018 /PRNewswire/ --
The global aquafeed market showcases the presence of a highly competitive and fragmented vendor landscape, says Transparency Market Research on the basis of a recently published report. Such competitiveness mainly exists due to the presence of innumerable players in this sector. Many companies are focusing on improving their aquafeed product manufacturing techniques, thereby enhancing customer retention by providing good quality feed in the global aquafeed market.
Achieving product differentiation, improving geographical reach, and increasing manufacturing capacity are three strategies implemented by most people operating in the global aquafeed market. Many companies are also participating in important mergers & acquisitions, partnerships, and collaborations, to maximize their earning potential. Cargill Inc., BENEO GmbH, Aller Aqua A/S, Skretting, and Cermaq, are chief players operating in the global aquafeed market.
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According to experts from Transparency Market Research, the global aquafeed market had fetched revenue worth around US$52,553.8 Mn in 2018. This growth is projected to occur at an impressive CAGR of 5.7% measured during the forecast period from 2018 to 2026. Under the species criteria, the fish segment is prophesized to retain its dominant position in the market thanks to a rise in increased demand for fish in the raw material for culinary preparation. Geography-wise, Asia Pacific holds a spectacular hold in the global aquafeed market thanks to a humungous demand for aquatic life-forms and their availability in the region.
A Surge in Keeping Fish and Other Aquatic Species in Aquariums Boosts Expansion
A rising awareness regarding the protein-based health benefits of consuming seafood products is majorly responsible for driving growth in the global aquafeed market. With high-protein rich diets that involve eating aquafeed varieties being followed all over the globe, the global aquafeed market is progressing rapidly to showcase a positive growth curve in the near future.
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Several health conscious people need a high intake of proteins in their diets. As aquafeed items provide such nutrients, several fitness enthusiasts regularly consume these foods, thus causing a rise in their demand. Moreover, people are increasingly keeping fishes in aquariums as pets. This has greatly contributed towards a rise in the need for appropriate aquafeed that needs to be provided to the fishes on a regular basis, consequently providing a huge impetus to the market's expansion.
Rapid urbanization and an increase in disposable income coupled with improving lifestyles have made people try out different options for gaining proteins in the form of key nutrients, thus leading to an increase in demand for aquafeed products. These factors are prophesized to continue propelling the global aquafeed market's growth in the upcoming years on a large-scale basis. Moreover, a surging popularity of aquaculture production in emerging economies such as China and India also pushing the market's growth as these nations are witnessing an unprecedented population explosion in recent times.
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High Costs of Manufacturing Quality Aquafeed Stunts Progress
However, stringent regulations regarding use of fishes and other aquatic creatures for aesthetic as well as for consumption purposes, is greatly hampering the global aquafeed market's growth. Moreover, processing aquafeed could be expensive, further translating into expensive products for consumers having less disposable income. In addition, a rising environmental awareness to safeguard several aquatic life from extinction also poses as a key obstacle to the global aquafeed market's expansion. Nevertheless, many businesses are soon expected to introduce cost-effective and eco-friendly aquafeed production techniques, thereby attempting to reduce the restraints acting on the market.
The review is based on a report by Transparency Market Research, titled, "Aquafeed Market (Form - Extruded, Pellets, Powder, Liquid; Species - Fish (Salmon, Tilapia, Sea Bass/Bream, Sturgeon, Trout, Others), Crustaceans (Prawns, Shrimp, Crabs, Krill), others; Function - Health, Digestibility, Palatability, Special Nutrition, Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2026."
Key segments of the global aquafeed market:
Aquafeed Market by Form
Aquafeed Market by Species
Aquafeed Market by Function
Aquafeed Market by Region
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