Aquafeed Market – Size, Share, Outlook, and Opportunity Analysis, 2018 – 2025
Commercially produced food for aquatic species such as crustaceans, fish, and mollusks is known as aquafeed, which is widely used in aquaculture. Aquaculture is an increasingly important means of food production that encompasses farming of aquatic species. Ingredients from marine and land animals and plants are used as aquafeed ingredients. Aquafeed is essential for aquaculture sector owing to various benefits associated to it such as nutrition and immune resistant. Request For Sample Copy of this Research Report : https://www.coherentmarketinsights.com/insight/request-sample/2164 Market Dynamics Growing aquaculture industry is expected to drive growth of the aquafeed market over the forecast period. For instance, according to Food and Agriculture Organization of the United Nations (FAO), the global aquaculture production reached 106 million tonnes in 2015. Furthermore, government initiatives to support aquaculture sector is also fueling the aquafeed market growth. For instance, in New Zealand, the government supports sustainable aquaculture growth and is committed to help industry achieve goal of US$ 1 bn in annual sales by 2025. Market Trends On the basis of species type, fish segment is expected to show a significant growth in the aquafeed market over the forecast period owing to a large consumption of fishes. According to British Columbia Ministry of Agriculture, the fish consumption in Japan was 2,512 thousand tonnes and is continuously growing whereas the consumption of crustaceans was 472 thousand tonnes in 2017. Moreover, high cost and difficulty in the preparation of crustaceans and mollusks, lowers its demand as compared to fish, which in turn drives growth of fish segment in the market.