The aqua feed market has been forecast to increase at a compound annual growth rate (CAGR) of 12.1% over the next five years, rising from a valuation of $55,685 million in 2012, to hit a market value of $106,695.7 million by 2018.
Globally, the aqua feeds market is witnessing steady growth on account of increasing demand for high-quality sea food, growth within the aquaculture industry, the increasing income of the middle class population in developing nations and the flexibility to use raw materials depending on availability.
Aqua feeds have proven advantages over farm made feeds in terms of enhanced nutrition, increased yield, and quality of fish. In addition, these are less harmful to the environment as they cause less pollution. These positive attributes of aqua feeds are viewed as an excellent business opportunity in a steadily growing animal feeds market.
This has attracted many multinational feed producing companies to make a foray into production and marketing of aqua feeds.
In 2012, fish feeds accounted for the major share within the aqua feeds market, followed by crustacean feeds. The increase in fish farming activities and aquaculture has led to an increased demand for fish feeds. Usage of aqua feeds for other fish types like frogs, turtles, sea urchins etc. is also increasing at end-use level.
Many major players operating in this marketplace are focusing on Asia-Pacific region for business expansion as the increasing rate of awareness among the farmer and increasing area under aquaculture has triggered the demand for aqua feeds.
Asia-Pacific and Europe represent the leading consumers of aqua feed, together accounting for more than 70% of consumption on a global scale. Asia-Pacific is estimated to be the fastest growing region in terms of revenue. Growth is particularly high in countries such as China, Japan, Indonesia, and Ecuador.
The aqua feeds market has grown exponentially in the last few years and a similar trend is expected to follow for the next five to seven years. Leading companies are focusing on launching of new products for expansion of the business in local as well as foreign market. Investment and expansion is the second most preferred growth strategy after new product launches.
For more information on the aqua feeds market, see the latest research: Aqua Feeds Market
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