Aquatic Feed Ingredients And Products Market to grow at a CAGR of 5.8% during 2024-2028
The Aquatic Feed Ingredients And Products Market is expected to grow at a CAGR of 5.8% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 4728 billion. In the dynamic and expanding global aquatic feed ingredients and products market, technological innovations serve as a primary catalyst for growth. The burgeoning aquaculture sector necessitates advanced technologies to boost efficiency, productivity, and sustainability. One such technological advancement is the incorporation of alternative feed ingredients, such as plant-derived proteins and oils, which replace traditional fishmeal and fish oil. This shift not only lessens reliance on wild fish stocks but also offers a more economical and eco-friendly alternative. Another significant technological development is the implementation of precision feeding systems, which employ sensors and software to analyze fish feeding patterns and regulate feed delivery accordingly, thereby optimizing nutrient utilization and reducing waste.
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Technavio analysts predict that the Fishes subsegment will lead the Type segment during 2024 and 2028 The global aquatic feed ingredients and products market encompasses a significant segment dedicated to fish species, including salmon, catfish, tilapia, diadromous fish, and others. Currently, this segment holds a prominent position in the market. However, during the forecast period, there is an anticipated decline in the farming of common fish varieties due to decreasing consumption rates, particularly in urban areas. This trend is driven by a shift towards crustaceans such as shrimp. Despite this, the relatively affordable cost and ease of cultivation of these common fish species continue to make them a popular choice in rural regions, thereby sustaining market revenue growth.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish increase in production of nutrient-rich, aquatic-based food
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The Aquatic Feed Ingredients and Products Market encompasses a wide range of raw materials and additives used in the production of feed for aquatic species, including terrestrial proteins, marine proteins, oils and fats, grains, and more. Terrestrial proteins like soybean meal and fishmeal are commonly used, while marine proteins from fish and crustaceans provide essential nutrients for high-value species. Oils and fats, such as fish oil, play a crucial role in providing energy and essential fatty acids. Grains like corn/maize and other feedstuffs serve as energy sources. In the aquaculture industry, nutrition for ornamental fish, aquatic species, and fish production is essential. Sustainable aquaculture practices and aquafeed innovation are driving the market, with alternative ingredients like microalgae and plant-based proteins gaining popularity. Additives, such as vitamins and minerals, ensure optimal growth and health. The seafood trade and global aquaculture production have led to an increase in demand for high-quality aquafeed. Aquaculture technologies, including compound aquatic feed and feed equipment evolution, have improved efficiency and productivity. The market for aquatic feed ingredients is expected to continue growing due to increasing seafood demand and the need for sustainable, nutrient-rich food sources for aquatic species.
The Aquatic Feed Ingredients and Products Market encompasses businesses engaged in the production and supply of feed components and additives for aquaculture. Market size is determined by the consolidated revenue of market participants. Equipment manufacturers and producers of packaged alcoholic and non-alcoholic beverages, including aquatic mineral waters, are excluded. Key growth drivers for this market include the health benefits linked to the consumption of minimally processed aquatic feeds, which are rich in essential nutrients such as potassium, dietary fiber, folate (folic acid), vitamin A, and vitamin C.
The Aquatic Feed Ingredients And Products Market is experiencing significant growth, fueled by the increase in production of nutrient-rich, aquatic-based food. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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