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The global market for aquafeed is expected to reach US$133.1bn by 2020, according to a new study, with growth particularly high in countries such as China and Vietnam due to increasing awareness on increasing yield and high efficiency
Grand View Research Inc said that the increasing use of aquafeed in carp and crustacean farming is expected to boost market demand over the forecast period. The growing market for aquaculture, owing to the static natural production of fishes is expected to be another key driver for market growth over the next six years.
In addition, the increasing focus on nutraceuticals such as Omega-3 enriched products is also expected to have a positive impact on aquafeed applications.
The global market for aquafeeds was estimated to be worth around US$55,685mn in 2012 and is expected to reach US$106,695.7mn by 2018, growing at the CAGR of 12.1 per cent from 2013 to 2018.
Key aquaculture additives include antibiotics and amino acids as they cannot be synthesised by the fish but are essential for regular body mechanism. Amino acids were the largest used aquafeed product, with estimated market revenue of US$236mn in 2013. Feed acidifiers are expected to be the fastest growing segment over the forecast period, at an estimated CAGR of 6.1 per cent from 2014 to 2020.
The aquafeed market is driven by the associated advantages such as increase yield, safe environment and better quality of fish. Other positive factors driving the demand of the industry include growth in aquaculture industry, increased consumption of sea food, flexibility to use raw materials depending on availability and increasing income of middle class population in developing nations.
However, the rising cost of essential raw materials like fish meal and fish oil is the major obstacle in growth of the market. One of the key restraining factors for aqaufeeds market is the high product cost associated with these.