Aquafeed Market Regional Analysis

North America is dominating with the largest aquafeed market share. The aquafeed industry in North America is projected to grow significantly due to the rising seafood consumption in countries such as the U.S. and Canada. The increasing consumption of salmons and mollusks, hard clams, oysters, and mussels substantially contributes to the industry's growth. The climatic conditions in the region are suitable for the growth of various aquaculture species, such as crustaceans and catfish. Furthermore, the rising requirement for seafood due to the increasing population is anticipated to augment the development of the aquaculture industry, which is expected to drive the growth of aquafeed market.

The region of Asia Pacific is anticipated to witness the highest growth during the aquafeed market forecast period. Asia-Pacific is growing rapidly in the global aquafeed market due to the substantial growth of the aquaculture industry, which is attributed to the availability of cheap labor, ease of induced conditions for aquaculture, and the presence of natural resources in the region. Strong aquaculture production in the region, predominantly in China and India, and factors such as the ease of fish farming, durability of species, and better water quality within closed farm systems is driving the demand for aquafeed. In addition, the favorable climatic conditions in these countries aid the overall aquaculture production, thereby driving the aquafeed industry and, consequently, the aquafeed market.

The aquafeed industry is growing significantly across European countries, especially the UK, France, Italy, and Spain. The main groups of reared aquaculture species include marine fish, freshwater fish, bivalves, and salmonids. Further, the demand for aquafeed in the region has increased rapidly over the past decade, mainly because of the expanding marine aquaculture in countries such as Norway, Denmark, and Ireland. The improving environmental management, along with a drastic increase in the efficiency of feed and nutrient consumption, has aided the growth of the aquafeed market in the region. In addition, the presence of fish breeding bases in Europe, coupled with the growing popularity of mussels as a cheaper source of protein, is anticipated to supplement the aquafeed market growth over the forecast period.

The aquaculture industry in Latin America is mainly concentrated in Brazil and Mexico. The key aquatic species produced in the region include salmonids, shrimps, tilapia, mollusks, carp, and seaweed. In addition, the use of phytosterols as aquafeed for Atlantic salmon is expected to boost its health and lipid metabolism. These benefits of the feed, along with the high production of Atlantic salmon, are expected to drive the demand of aquafeed during the forecast period. Furthermore, due to favorable climatic conditions, the market is driven by aquaculture production in Brazil and Chile.

The aquafeed market in the Middle East and Africa is increasing due to the growing consumption of seafood and an increase in fish imports. It is the largest producer of Litopenaeus vannamei (whiteleg shrimp). International players are entering into strategic alliances to get a foothold in the country's aquafeed market. In addition, tuna, salmon, and fishmeal are being exported to various countries. This has increased the demand for aquafeed, further fueling the aquafeed market growth in the region.