United States Aquafeed Market Gaining Momentum—Projected to Grow at a CAGR of 7.2% by 2027
Published | 16 September 2021
United States aquafeed market is being driven by the increasing demand for seafood, and favorable government initiatives across the United States. Additionally, the fish farming trend is anticipated to surge, thus pushing the aquafeed market in the country...
A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that United States Aquafeed market was worth USD 11.37 Billion in 2020 and is further projected to reach the valuation of USD 18.11 Billion by 2027 at a CAGR of 7.2% during the forecast period (2021-2027). The growing aquaculture and the rising demand for seafood are the primary drivers of the market in the United States. This can be attributed to the inadequate availability of marine feed resources and the increasing demand for fish. Moreover, fish farming trend is anticipated to surge during the forecast period, thus propelling the United States aquafeed market in the country.
Growing Aquaculture Production is Driving the Market Growth
Aquaculture production in the United States has grown over the past 35 years. Growing demand for seafood is the primary reason for the steady growth of aquaculture in the country. The United States is home to the world's largest aquaculture sector and North America's largest seafood industry. The National Oceanic and Atmospheric Administration's (NOAA) "Fisheries of the United States 2019" stated that the per capita seafood consumption in 2019 was 19.2 pounds, an increase of 0.2 pounds over the 19 pounds of seafood consumed in 2018. Therefore, increasing seafood consumption demand has been stimulating the aquaculture production in the country, boosting the United States aquafeed market.
The Dry Form Feed Anticipated to Contribute Majorly in the United States Aquafeed Market
Based on forms, the United States Aquafeed market is categorized into dry, wet, moist, and others. The dry form held the largest market share in 2020 and is likely to dominate the market during the forecast period. Dry form feed is comparatively easy to produce, store, and transport. The significant advantage of such type of feed is that it can be manufactured in various sizes to satisfy specific needs. A variety of feed sizes and the manufacturing of specialized feed with such form are anticipated to boost the segment growth during the forecast period.
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United States Aquafeed Market: By Additives
In terms of additives, the United States Aquafeed market is categorized into amino acids, prebiotics & probiotics, antioxidants, antibiotics, vitamins & minerals, enzymes, and other additives. Due to its high compatibility with various fish species and its benefits, such as a high protein content and enhanced immunity against various types of infections and water-borne diseases, the amino acid segment has accounted for a significant share of the market. Besides this, few amino acid additives, including leucine and lysine, improve the outer body strength and aids in healthy flesh growth in fishes, boosting the product demand. The demand for amino acid proteins from aquatic species, including prawns and fish, is anticipated to grow due to their inability to break down proteins into amino acids such as threonine, tryptophan, methionine, lysine, valine, phenylalanine, and arginine.
Impact of COVID-19
Coronaviruses plagued the country in early 2020, resulting in a shortage of staff and strict hygienic requirements for fishing and processing operations. In addition, the lockdown restrictions have led to a reduction in procedures. Farmers have received considerable supplies from feed corporations to protect the health and well-being of their animals and preserve farm productivity. The growing use of 'Scientific Aquaculture Management Practices' has been fueled by the increased demand for fish (SAMP). As a result, fish farming is likely to rise, providing opportunities for the aquafeed industry to thrive. Because marine feed supplies are limited and fish demand is increasing, the fish farming trend is likely to grow, providing an opportunity for the compound feed market to thrive.
United States aquafeed market is highly fragmented due to the solid presence of global and regional players in the market. New product development, partnerships, and expansions are a few significant strategies adopted by the market players to grow their brand image and increase their sales. The Archer Daniels Midland Company, Ridley USA Inc., Cargill Animal Nutrition, Nutreco USA Inc, Alltech Inc., Nutraid USA, Novus International Inc., Skretting AS Purina Animal Nutrition, Charoen Pokphand USA Inc, and Other Prominent Players.
In March 2021, Cargill has launched a new initiative aimed at helping aquaculture farmers raise products with less environmental impact. The initiative is known as "SeaFurther sustainability" the project has aimed to reduce the footprint of farmed salmon by 30% by 2030. the company has projected to save two billion kgs of CO2 by 2030.
The report's in-depth analysis provides information about growth potential, upcoming trends, and statistics of the United StatesAquafeed market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the United StatesAquafeed market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- United States Aquafeed Market, By Form (Dry, Wet, Moist and Others); By Ingredients (Soybean [Soybean Meal, Soy Oil, and Soy Lecithin], Fish Meal, Corn [Corn Gluten Meal, Corn Gluten Feed, and Corn Oil], Fish Oil, Additives, and Other Ingredients); By Additives (Amino Acids, Vitamins & Minerals, Prebiotics & Probiotics, Enzymes, Antibiotics, Antioxidants, and Other Additives); By Species (Fish [Tilapia, Salmon, Carp, Trout, and Other fish Species], Crustaceans [Shrimp, Crabs, Krill, and Other Crustaceans], Mollusks [Oysters, Mussels, and Other Mollusks], and Other Species); By Lifecycle (Grower Feed, Finisher Feed, Starter Feed, and Brooder Feed); Trend Analysis, Competitive Market Share & Forecast, 2017-2027
Publish Date: September 2021
The growth of the Aquafeed market in the United States is attributable to a rise in fish consumption. Increased awareness regarding the protein content in fish food and the limited availability of marine fish resources have further influenced the total consumer demand for the aquafeed market
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