Rising demand for low fat food options to boost aquaculture augmenting the growth for top aquafeed companies in 2022

Aquafeeds are meals for aquatic animals by amalgamating an assortment of additives and raw materials. These mixes are prepared in accordance with the particular needs of the species and age of animals. Its nutritional, immune-resistant, and growth-stimulating characteristics have made it important to the aquaculture sector. Owing to their composed and requirement-specific arrangement, great-quality aquafeed is notably more beneficial to fish, crustaceans, mollusks, and other aquatic creatures than farm-made feed.

As per Fortune Business Insights, the global market size for aquafeed stood at USD 55.71 billion in 2020. The market is likely to grow from USD 58.19 billion in 2021 to USD 85.17 billion by 2028 at a CAGR of 5.59% during the 2021-2028 period.

COVID-19 Impacts

Nearly all business sectors have been affected by the COVID-19 pandemic. It has disrupted supply chains, forcing the closure of numerous manufacturing facilities around the world, seriously disrupting air and sea traffic, and closing crucial air routes. Only critical business services were allowed to continue operating and all industrial activity was halted, which had a substantial impact on feed production as companies experienced supply chain disruptions and personnel shortages.

Below mentioned are the top aquafeed companies functioning in the market.

1. Cargill Inc.

Cargill Incorporated is one of the leading companies in the market with a huge clientele base and strong distribution network worldwide. The company has a dedicated research and development team for animal feed additives. Furthermore, the company is focused on strategic mergers and acquisitions and base expansion in the market to strengthen its market presence.

2. Alltech

Alltech Inc., another prominent player in the market, holds a significant share due to its extensive focus on improving plant and animal nutrition quality through innovation. The company's product portfolio encompasses a wide range of animal feed additives.

3. Archer Daniels Midland Company

Archer Daniels Midland Company produces, extracts, and manufactures ingredients for multiple sectors and industries such as food and beverages, animal nutrition, industrials, and fuel. The company operates more than 330 food and feed ingredient manufacturing facilities across the world.

The company's global value chain includes operations in more than 200 countries with 62 Research & Development (R&D) and innovations centers, and the world’s premier crop transportation network. The company generated a revenue of USD 64.35 billion in 2020.

4. BioMar AS

BioMar AS is a reputed and trusted aquafeed company in the industry that owns a wide range of aquafeed product offerings and has a huge clientele base. Innovations and new product developments are some of the major strategies of the company. In April 2019, BioMar finished testing insect meal in feeds for aquaculture, which can be used as an alternative protein source.

5. Aller Aqua AS

Aller Aqua produces fish feed for saltwater and freshwater aquaculture. It is a family-owned company. Aller Aqua has a professional and broad product range, consisting of feed for 30 species of fish. The company exports its products to more than 60 countries worldwide. The company owns a professional development & research center in Germany, Aller Aqua Research, which constantly works on enhancing, evolving, and recording the impact of its products.

6. Ridley Corporation Ltd.

Ridley Corporation is Australia’s one of the leading providers of high-performance animal nutrition solutions, owning Ridley AgriProducts and CSF Proteins. The Australian operation supports the major food producers in the beef, dairy, poultry, pig, sheep, and aquaculture industries, along with the equine and canines in the recreational sector. To expand its consumer base globally, the firm is focusing on ramping up its production capabilities and investing in the same.

7. Nutreco N.V.

Nutreco N.V. is one of the major companies operating in animal nutrition and aquafeed. Innovation, quality and sustainability are managing norms embedded in the Nutreco culture, from research and raw material acquisition to products and services for livestock farming and aquaculture. Nutreco provides employment to around 11,000 people in 35 nations, with sales in over 90 nations.

8. Land O’ Lakes

Land O' Lakes Inc. is one of the largest privately-owned animal feed manufacturers in the U.S. The company specializes in dairy, beef, sheep, pig, and poultry feeds. The company also offers numerous services such as silage/mineral/dung analysis, calf rearing, calf weighing, herd management & budgeting, and feed plans. In 2020, the company generated a revenue of USD 14 billion from all these services.

9. Novus International

Novus International Inc., Inc. is one of the leading companies in nutrition and health solutions for the animal agriculture market. Customers trust the family of Novus products to be an integral part of their daily animal agricultural actions.

10. Biomin

Biomin takes advantage of the power of science to sustain animal health and performance. The company delivers sustainable, natural, and profitable solutions to the feed, livestock, and aquaculture industries by applying state-of-the-art and proprietary technology. The company operates in the poultry, ruminant, swine, and aquaculture sectors. This aquafeed company is situated in over 120 nations across the globe.

5 Things to Recognize About Aquafeeds:

1. The options for ingredients continue to expand and improve.

2. Combining taurine with plant-based proteins exposes their aquafeed potential.

3. Trimmings can reduce the need to harvest fish for feeds.

4. Sustainable feeds aid in preserving a nutritional balance for healthy fish and healthy people.

The Way Forward

Since fish is a low-fat protein compared to other meats, such as beef and chicken, its direct human consumption has increased. The diversity of fish that is offered in the retail market is what has caused this growth. Additionally, it has a number of health advantages, including improving children's cognitive development, lowering body fat, and helping to lessen the risk of cardiovascular illnesses.

The market growth is anticipated to be positively impacted by the rising investments made by market participants and associations in the research & development of novel products.

High fish consumption has a beneficial effect on aquaculture production, which will lead to a faster rise in demand for aquafeed. Market participants are being compelled by the rising demand for this product to diversify their product lines and distribution channels to broaden their customer bases and market penetration.