Global demand for aqua feed to reach $122.6 billion by 2019
Asia-Pacific accounted for 65 percent of market share
According to a new report published by Transparency Market Research, the global demand for aqua feed was valued at $57.74 billion in 2012 and is expected to reach $122.60 billion in 2019, growing at a compound annual growth rate (CAGR) of 11.4 percent from 2013 to 2019. In terms of volume, the demand was 35,000.0 kilo tons in 2012 and is expected to reach 72,207.8 kilo tons in 2019, growing at a CAGR of 10.9 percent from 2013 to 2019, according to the report, “Aqua Feed Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019.”
Increasing aquaculture activity has been one of the major factors driving the demand for aqua feed over the past few years and the trend is expected to continue over the next few years. In addition, growing human consumption of fish owing to rising consumer awareness about health benefits is expected to fuel the demand for aqua feed over the next few years. However, fluctuating prices of key ingredients used in manufacturing fish feed such as fish meal and fish oil is expected to affect the growth of the market adversely. Growing demand for conventional and functional feed for fishes, particularly from Asia-Pacific is expected to provide new opportunities for the market growth in near future.
Asia-Pacific led the demand for aqua feed in 2012 and accounted for over 65 percent of the market share. Europe was the second largest market for aqua feed in 2012. Asia-Pacific is expected to witness the highest growth over the next few years on account of rising aquaculture activities in this region. In addition, regional demand for fish for food and non-food use is expected to contribute to the growth of the market significantly over the next few years.