Market Leader: Increasing Seafood Trade Drives the Demand For Aquafeed Products
The aquafeed market is estimated to be valued at USD 50.6 billion in 2020 and is projected to reach USD 71.6 billion by 2025, recording a CAGR of 7.2% during the forecast period. The growth of the aquafeed market is driven by factors such as the growth in the aquaculture industry and growing seafood trade, which demands aquafeed.
The key players in the aquafeed market include Cargill (US), Archer Daniels Midland Company (US), Alltech (US), Purina Animal Nutrition (US), Nutreco N.V. (Netherlands), and Ridley Corporation Ltd. (Australia).
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Cargill is involved in the manufacturing and marketing of food, agricultural, financial, and industrial products and services. The company’s major business segments include food ingredients & applications; grain origination and oilseed processing; animal nutrition; and risk management and financial services. Cargill’s animal nutrition business offers a range of compound feed, premixes, feed additives, and supply chain & risk management solutions to feed manufacturers, animal producers, and feed retailers around the world. The company is one of the largest aquafeed suppliers and focuses on three core species, namely, salmon, tilapia, and shrimp. To remain competitive in the aquafeed market, recently, the company entered into a partnership with InnovaFeed (France) to develop fish feed using insect protein.
Archer Daniels Midland Company (ADM) produces food & beverage ingredients, feed ingredients, industrial ingredients, and biofuels. It offers aquafeed products through its subsidiary, ADM Animal Nutrition, Inc. (US). Strategies, such as expansions, joint ventures, and acquisitions, have aided the company to integrate its distribution channels to most feed producers. For instance, in April 2019, the company built a new high-tech feed facility in the US to increase the capabilities of its animal nutrition business and cater to the customers in the aquafeed industry.
Nutreco develops and produces animal nutrition and aquafeed products. It is a fully owned subsidiary of SHV Holdings (Netherlands). Two of the company’s global brands are Skretting (aquafeed) and Trouw Nutrition (animal nutrition). Nutreco streamlined the functioning of its business units effectively to develop and deliver product-marketing strategies for different feed segments. The company has signed agreements and joint ventures with regional players and institutions to sustain in these regional markets.
Related Reports:
Aquafeed Market by Species (Fish, Crustaceans, and Mollusks), Ingredient (Soybean, Corn, Fishmeal, Fish Oil, and Additives), Lifecycle (Starter Feed, Grower Feed, Finisher Feed, and Brooder Feed), Form, Additive, and Region - Global Forecast to 2025
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