The global demand for aqua feed is expected to grow at a compounded annual growth rate of 11.4% from 2013 through 2019, according to a new report published by Transparency Market Research on the trends and forecasts for the aqua feed market.
By 2019, the report predicts, demand will reach a value of $122.6 billion, up from $57.7 billion in 2012. In terms of volume, the demand is projected to grow at a compounded annual growth rate of 10.9%, reports the Digital Journal.
Increasing aquaculture activity has been one of the major factors driving the demand for aqua feed over the past few years and the trend is expected to continue over the next few years. In addition, growing human consumption of fish owing to rising consumer awareness about health benefits is expected to fuel the demand for aqua feed over the next few years.
However, fluctuating prices of key ingredients used in manufacturing fish feed such as fish meal and fish oil is expected to affect the growth of the market adversely. Growing demand for conventional and functional feed for fishes, particularly from Asia Pacific is expected to provide new opportunities for the market growth in near future.
Carps were the largest end-user of aqua feed accounting for over 25% of the market share in 2012. Crustaceans and carps are expected to be the fastest growing end-users of the market owing to their increasing farming activities in aquaculture. Carps are being increasingly reared due to their growing demand in the retail market and high mortality rates in less than ideal climatic conditions. Demand for crustaceans is expected to grow rapidly over the next few years on account of its growing demand in the food and pharmaceutical industry.
The demand for aqua feed is expected to be above average for species such as mollusks and salmons owing to their increasing demand for human consumption.
Asia Pacific led the demand for aqua feed in 2012 and accounted for over 65% of the market share. Europe was the second largest market for aqua feed in 2012. Asia Pacific is expected to witness the highest growth over the next few years on account of rising aquaculture activities in this region. In addition, regional demand for fish for food and non-food use is expected to contribute to the growth of the market significantly over the next few years. Some of the key players of the markets are Alltech, BioMar, Cargill, Cermaq and many others.
Undercurrent News Limited