Aquaculture plays a key role in providing food to billions of people across the globe. Aquaculture has led to food security as the population is expanding. Moreover, people are consuming fish and other sea food for their health benefits and thus require sustainable fish farming practices. All these factors are driving the growth of the global aqua feed market. The high demand for fish is linked with increase in incomes of consumers. While catfish, carp, and freshwater prawns are increasingly produced, cultured freshwater pearls, protein rich algae, and non-conventional species of fishes such as ornamental fish are contributing to the diversification of the sea food consumed and also increasing the potential for a high income.
Factors benefitting the global aqua feed market:
The demand for fish is growing across the globe and this is expected to continue even in the coming years. The growing incomes of people in developing nations, increase in population, and rapid urbanization are collectively fueling the demand for fish. Moreover, there has been stagnancy in the fishes captured, over the years. This is expected to encourage aquaculture and drive the demand for aqua feed consequently. Farmed fishes contain omega 3, which when consumed maintains cardiovascular health, prevents eczema, psoriasis, and Crohn’s disease asthma. Also fishes help in the cognitive development and improvisation among fetus and children, as well as reduce fat levels in the body of adults. All these factors have boosted aquaculture and in turn the global aqua feed market.
Which end use segment is leading in the industry and why?
Of the various end use of aqua feed such as crustaceans, carp, catfish, mollusks, tilapia, and salmon, the carp segment is dominant in the industry. The growing importance of carp in the food and beverage industry is behind the leading position of this segment. Carps help in the reduction of cholesterol, which is another reason why cars are farmed. Moreover, carps are increasingly being used to feed insects to improve the yield in rice paddies.
Factors posing a challenge for players in the global aqua feed market
The raw materials needed to manufacture aqua feed are also in demand from other sectors such as healthcare, industrial processes, and for direct human consumption (DHC). This may cause a deficit in the supply of raw materials to manufacture aqua feed. In addition to this, of the many raw materials required for manufacturing aqua feed such as fish meal, fish oil, corn, wheat, and soybean, the prices of fish oil are increasing due to farming restrictions, especially in Peru. These two factors are posing a challenge for the market players.