Global Aquafeed Market to Reach $123.83 Billion by 2027, Driven by Increasing Seafood Consumption

The Business Research Company’s Aquafeed Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

LANDON, GREATER LANDON, UK, November 17, 2023 /EINPresswire.com/ — The global aquafeed market is set to experience substantial growth, with projections indicating an increase from $82.84 billion in 2022 to $91.86 billion in 2023, at a significant compound annual growth rate (CAGR) of 10.9%. Despite challenges posed by the Russia-Ukraine conflict and the lingering effects of the COVID-19 pandemic on the global economy, the market is expected to expand further, reaching $123.83 billion by 2027. This growth is fueled by the rising demand for seafood and the adoption of innovative technologies within the aquafeed sector.

Surging Seafood Consumption Fuels Market Growth

The escalating demand for seafood or fishery products is expected to be a primary driver for the aquafeed market. As human consumption of fish is projected to increase by 180 Mt by 2029, aquaculture production plays a vital role in meeting this demand. To ensure the quality of fishery products, there is a growing need for high-quality aquafeed, thereby propelling the growth of the market.

Gain a comprehensive understanding of the dynamics and trends shaping the global aquafeed market through the sample report:
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Key Players and Market Trends

Key players such as Cargill Incorporated, Alltech Inc., and Evonik Industries are actively contributing to the market’s growth through the development of innovative products that focus on improved nutrition and feed conversion. Technological advancements, such as the launch of Secma Cabon Solution Vide’s MultyWays aquafeed delivery system, exemplify the industry’s efforts to optimize feed output and profitability. The system not only enhances yield and allows for more frequent daily feedings but also reduces manual handling and the associated risks, ultimately leading to higher productivity and profitability.

Segments:

• By Additives: Vitamins, Antioxidants, Amino Acids, Enzymes, Acidifiers, Binders
• By Form: Dry Form, Wet Form, Moist Form
• By Distribution Channel: Direct Sales, Indirect Sales, Hypermarket/Supermarket, Wholesalers, Online, Other Distribution Channels

Geographical Insights: Asia-Pacific Leads, North America Exhibits Highest Growth Rate

Asia-Pacific currently dominates the aquafeed market, while North America is expected to demonstrate the highest CAGR in the coming years.

Explore regional market dynamics and trends through the complete report:
https://www.thebusinessresearchcompany.com/report/aquafeed-global-market-report

Aquafeed Global Market Report 2023 from TBRC covers the following information:

1. Market size date for the forecast period: Historical and Future
2. Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
3. Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Aquafeed Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on aquafeed market size, aquafeed market drivers and trends, aquafeed market major players, aquafeed market competitors’ revenues, market positioning, and aquafeed market growth across geographies. The aquafeed market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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