Global aquafeed market to increase 91% by 2018
The global aquafeed market is driven by, among other things, consumer demand for seafood and as that increases so does the demand for aquafeed. According to a recent report by Markets and Markets this sector could be worth around US$106,695 by 2018.
Aquafeed was valued at around US$55,685 in 2012 and is expected to reach US$106,695.7 million by 2018, growing at a compound annual growth rate (CAGR) of 12.1% from 2013-2018.
However, the rising cost of essential raw materials like fish meal and fish oil is the major obstacle in growth of the market. One of the key restraining factors for Aquafeeds market is the high product cost associated with these. Growth is particularly high in countries such as China, Vietnam, and Ecuador because of increasing awareness levels on increasing yield and high efficiency of aquafeeds which result in high-quality produce.
Leading manufacturers are focusing on expansion of the respective businesses across regions and setting up new manufacturing plants to ramp up production capacities and broaden overall product line. Major industry participants are involved in new product launches and collaborations to penetrate in untapped markets of Asia and Latin America.