Feed is a major expenditure for fish farmers as it accounts for 40 - 50 per cent of the production cost. The global aquafeeds market is estimated to grow at a CAGR of 11.7 per cent from 2013 to 2018, reaching 82,390.5 KMT by 2018, reports Reportlinker.
The global aquafeeds 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.
Asia-Pacific and Europe are the leading consumers of Aqua feeds-together accounting for more than 70 per cent of the 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.
Fish accounts for the maximum consumption of aquafeeds. The feed composition of most of the fish consists for fish meal, soybean meal, and fish oil. Recently, the use of rice, wheat, and corn-based products has also become common. There is no major difference between feed composition of fish and crustaceans. The mollusks feed consists primarily of algae.
The global market is driven by many factors such as growth in Aquaculture industry, increased consumption of fish and sea food, flexibility in use of secondary raw materials, and increasing income of expanding middle class in developing nations. The main obstacles in the growth of global market are the rising cost of raw materials and strict regulatory structure. Other reason, which is restricting the farmers from switching to the Aqua feeds, is the high cost.
Markets And Markets has used various secondary sources such as encyclopedia, directories, and databases to identify and collect information useful for this extensive commercial study of the Aqua feeds market.
The primary sources - experts from related industries and suppliers have been interviewed to obtain and verify critical information as well as to assess the future prospects of Aqua feeds.
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