Aquafeed, commonly known as fish feed or aquaculture feed, is a specialized nutritionally balanced feed designed to supply critical nutrients to aquatic species raised in aquaculture systems. Aquaculture is the farming of aquatic animals and plants, such as fish, shrimp, prawns, and other aquatic species, in controlled habitats like ponds, tanks, or cages. Aquafeed contributes significantly to the performance of aquaculture operations by providing nutrients for the growth and health of farmed species. It is precisely prepared to fulfill the dietary needs of the target aquatic species. Ingredients including fishmeal, fish oil, plant proteins, cereals, vitamins, minerals, and other additives are commonly used.
United States Aquafeed Market Driving Factors and Challenges
Driving Factors: Increased seafood consumption, as well as rising consumer expenditure on fish and fish products like fish oil, fish meal, and fish silage, are predicted to drive aquaculture production and market growth. Furthermore, growing demand for animal protein in developed economies, as well as increased seafood commerce throughout the United States, are likely to boost market expansion during the projection period. Furthermore, rising investments by industry players and associations in the research and development of innovative products are likely to drive U.S. aquafeed market expansion. Furthermore, increased government investment in the United States has fueled the market. To lower the trade deficit, the US government has engaged in federal financing for aquaculture research and development via the National Oceanic and atmospheric administration.
Challenges: Over the course of the projection period, market expansion may be impeded by the high price volatility linked to raw materials used in feed preparation. For example, a notable rise in the cost of corn, soybeans, or other raw materials may directly affect the product's final price and consequently lower sales. Additionally, it is anticipated that a growing number of individuals would choose vegetarian diets and abstain from non-vegetarian meals, which will decrease demand for fish and potentially impede the expansion of the aquafeed business in the United States. Events related to climate change, worries about overfishing, and changes in the worldwide market all add to the volatility of raw material prices, which makes it challenging for companies that produce aquafeed to keep production costs constant.
Impact of COVID-19 on United States Aquafeed Market
The Coronavirus has had an adverse effect on the aquaculture supply chain. Employees have been barred from traveling outside of the country for work purposes, resulting in lower global economic production. Furthermore, restrictions on international air travel have restricted air freight capacity and significantly increased air freight pricing, harming species such as lobster, salmon, sea bass, and tilapia grown for fresh export markets. The COVID-19 pandemic also had an influence on worker safety in seafood processing industries, where employees worked closely with conveyor belts. COVID-19 spreads swiftly in such an environment, albeit the consequences were not as severe as in the pig, beef, and poultry processing industries of the United States.
United States Aquafeed Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; 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, and Charoen Pokphand USA Inc, are a few of the major companies operating in the market.
United States Aquafeed Market Segmentation:
By Ingredient: Based on the Ingredient, United States Aquafeed Market is segmented as; Soybean, Fish Meal, Corn, Fish Oil, Additives, Others.
By Additives: Based on the Additives, United States Aquafeed Market is segmented as; Amino Acids, Vitamins & Minerals, Prebiotics & Probiotics, Enzymes, Antibiotics, Others.
By Species: Based on the Species, United States Aquafeed Market is segmented as; Carps, Marine Shrimps, Tilapias, Catfishes, Marine Fishes, Salmons, Freshwater Crustaceans, Trout, Others.
By Product Form: Based on the Product Form, United States Aquafeed Market is segmented as; Pellets, Extruded, Powdered, Liquid.
By Region: This research includes data for West United States, East United States, North United States, South United States.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.