PUBLISHER: Grand View Research | PRODUCT CODE: 1097036
PUBLISHER: Grand View Research | PRODUCT CODE: 1097036
The global aquafeed market is expected to reach USD 102.2 million by 2030, registering a CAGR of 4.4% from 2022 to 2030, as per the new report by Grand View Research, Inc. The growth is majorly driven by the rising consumption of aquafeed by species like carp, catfish, salmon, and shrimps among others due to its rich protein content.
The future of the global market is dependent on the increasing acceptance of aquafeed which contains essential oils, feed acidifiers, natural extracts, and palatants which are important for aquaculture species in their overall growth across each stage of development. The widespread fish mortality due to various infections which are caused by parasites is driving the demand for the consumption of anti-parasites.
These feed products are consumed by various warm-water and cold-water fish species such as catfish, salmon, trout, tilapia, shrimps, largemouth bass, and eel among others. These feeds for aquatic species are a source of omega-3 fatty acids and proteins. It improves the nutritional value of feed and offers several other benefits like improved growth rate, reduced mortality of various aquatic species, digestibility of proteins, and enhanced immune system.
The COVID-19 pandemic had crippled the economies of the world and severely impacted the supply chain across key industries. The distribution of raw materials for aquafeed was affected by the pandemic due to which its production was hampered. In addition, strict lockdowns were imposed to curb the virus from spreading, and due to this many manufacturing and production units were closed. Furthermore, there were rumors of transmission of the virus through poultry, which ill-affected the market.