With reference to the latest market forecast report published by Transparency Market Research, titled ‘Aquafeed Market: Global Industry Analysis and Opportunity Assessment 2018-2026’, revenue generated from the global aquafeed market is estimated to be valued at around US$ 52,553.8 Mn in 2018, which is projected to increase at a CAGR of 5.7% during the forecast period (2018-2026).
Factors such as customers shifting towards plant-derived feed ingredients, high demand for aquaculture commercialization, and automated feed dispensers for feed optimization are the key reasons driving the growth of the aquafeed market over the forecast period. Asia Pacific is the major consumer of aquafeed, and is estimated to contribute around 44.2% value share of aquafeed over the forecast period, owing to an improved supply chain system and increased focus towards high digestibility feeds in the region.
Increased penetration in the market by key aquafeed producers in developing economies makes the aquafeed market highly competitive, resulting in steady launches and expansion of aquafeed products in the aquafeed space. Players such as Cargill, Inc. and Archer Daniels Midland are well-known for their quality premium aquafeed products. These companies spend enormously on the research and development of aquafeed products, and also promote their brands through knowledge-based advertisement, resulting in larger market shares in the global aquafeed market.
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