Asia Pacific Aquafeed Market is segmented by fish type into shrimp, yellow catfish, snakehead, seabass, Pomfret, flounder, herring and eel, and by geography into China, Vietnam, Japan, India, and Indonesia.
The Asia-Pacific Aquafeed Market is projected to grow at a CAGR of 15.5% during the forecast period (2019-2024). Increased consumption of fish is the major driver behind the growth of the Asia-Pacific Aquafeed market. The changing demographics in Asia-Pacific and South America and the rising demand for processed fish are the factors that are augmenting the growth of the market studied.
Key Market Trends
The Shrimp Market in India
According to the National Fisheries Development Board, India ranked second after China, accounting for 6.3% share of the global aquaculture production. The biodiversity of fish in the Indian subcontinent and high demand for Indian shrimp in the global market has driven the aquaculture production in the country. The shrimp farming in India is fully dependent on the formulated feeds. With the rise in shrimp farming, due to the increased exports and international demand for Indian shrimp, the demand for shrimp feed in the country is increasing. Around 80% of the market is controlled by the major players, like Avanti Feeds, CP Group, etc.
China dominates the market
China dominates the aquaculture industry in the world, with its massive production and consumption of low trophic-level carp species and its rapidly rising output and exports of tilapia. With the development of aquaculture in the country, the Chinese feed industry has faced some challenges, such as low popularity of formulated feed among small-scale farmers and high demand for trash fish as feed input, water pollution, use of trash fish provision of accurate nutrition and feeding, antibiotic residues, and fish meal and fish oil issues, among others. In order to address the aforementioned issues in the feed industry, the Chinese government released some policy changes related to aquaculture in its 13th Five-year plan. The government has been actively working to control feed quality, with investments in research programs to support nutrition and feed studies and issued a series of standards to control quality with respect to nutrition and safety and to support the modern feed industry.
The Asia-Pacific aquafeed market is highly fragmented, with a large number of local and international players accounting for about 50% of the share. These major players are investing in new products and improvisation of products, expansions, and acquisitions for business expansions. Another major area of investment is the focus on R&D, in order to launch new products at cheaper prices.
Major players of the industry include Biomar A/S, Alltech Coppens BV, Aller Aqua A/S, Cargill Incorporated and ChareonPopkhand Foods PCL