The global market for aquafeed is expected to reach $133.1 billion by 2020, according to a new study by Grand View Research, Inc.
Increasing use of aquafeed in carp and crustacean farming is expected to boost market demand over the forecast period. The growing market for aquaculture, owing to the static natural production of fishes is expected to be another key driver for market growth over the next six years. In addition, the increasing focus on nutraceuticals such as omega 3 enriched products is also expected to have a positive impact on aquafeed applications.
Key aquaculture additives include antibiotics and amino acids as they cannot be synthesized by the fish but are essential for regular body mechanism. Amino acids were the largest used aquafeed product, with estimated market revenue of $236.0 million in 2013.
Feed acidifiers are expected to be the fastest growing segment over the forecast period, at an estimated CAGR of 6.1 per cent from 2014 to 2020.
