Organic Aqua Feed –Market Outlook
Organic aqua feed represents the farming of aquatic animals. It prohibits the use of chemical pesticides, synthetic chemicals, and use them only organic feed to raise aquatic animals. The organic aqua feed is use to provide the nutritional requirement to aquatic animals to perform the natural physiological function and improve the metabolism. According to the International Federation of Organic Agriculture Movements (IFOAM) requires animals to spend at least two-thirds of their life span in an organic system to qualify for certification. Organic aqua feed is available in pellet, granular, powder, and liquid form in the market. Grains, cereals, and pulses are added in aqua feed products due to they are higher in proteins, minerals, and vitamins. The people are shifting towards fish farming due to higher demand and an increased in farmer income. Larval feeds are the specialty feeds for the shrimp and other fish, which are high in protein content and provides the nutrients to Aqua animals. An increase in consumer awareness about the health benefit and consumption of aqua animals increased the demand for aqua feed in the global market.
Higher the consumption of the aqua product in the food industry increase the demand for Organic aqua feed in the global market.
The Organic aqua feed market driven by the growth of fisheries industries and meat consumption among consumers. Growth in marine and terrestrial land and higher the demand for aqua products are factors that increase the demand for Organic aqua feed in the global market. Change in lifestyle, rapid Urbanization, higher the demand for frozen food and meat are also drive the growth of organic aqua feed worldwide. Contamination of insecticides and pesticides and lack of nutrition are the other factors that affect aqua feed demand in the markets. These days the demand for aquarium and fish feeding is one of the major trends in the market. Higher the demand for fish oil, fishmeal, and rising the key ingredient benefits among consumers has rapidly improved the aqua feed demand worldwide. According to the Food and Agriculture Organization (FAO), the total aqua feed used in 2016 was 49,577 metric tons, higher by 4% year over year. The total feed estimated in 2020 around 60,429 metric tons based on expected growth from the previous years. However, Fluctuation in fishmeal and oil prices hamper the growth of organic aqua feed in the global market.
Global Organic aqua feed market: Segmentation
On the basis of Ingredient, the global Organic aqua feed market has been segmented as
On the basis of Form, the global Organic aqua feed market has been segmented as
On the basis of fish type, the global Organic aqua feed market has been segmented as
On the basis of region, the global Organic aqua feed market has been segmented as
Global Organic aqua feed market – key players
The market participants operating in the global Aqua feed products are Anova Seafood BV, Organic Shrimp Farming Co. Ltd., SalMar, Ristic GmbH, Artisan Fish LLC, Glenarm organic salmon, DOM Intentional, Omarsa S.A., OSO, M Seafood Corp., Artisan Fish LLC, AllerAqua A/S, Cargill, Inc., Beneo GmbH, Biomar A/S, Avanti Feeds Ltd, Alltech Inc., Biomin GmbH, Charoen Pokphand Foods Public Company Limited, Nutreco N.V. and Coppens International B.V.
Opportunities for New Participants in Global Organic aqua feed Market
The demand for organic food and fish ingredient has growing at the global level will expected to open the new opportunity in the market. Higher the consumption of organic aqua animals and ingredients increases the demand for organic aqua feed in the global market. Europe is a leading player in organic aqua feed and accounted for the higher market share especially (Germany and France). North America is the second leading player after Europe. Change in perception of consumers towards the lifestyle and preferring organic food instead of conventional food are the factors that affect the demand of organic aqua feed worldwide. Asia Pacific region is the emerging market and lucrative growth in organic aqua feed due to the increasing demand for aquaculture and seafood in the global market.
Impact of COVID-19 on Organic Aqua Feed
The spread of COVID-19 is the major factor that affects the global economy. Organic aqua feed market has also affected by this virus. The outbreak of COVID-19 showed a major impact on global trade. Lower consumption of seafood by china puts pressure on Organic aqua feed in the market. However, the market anticipates to witnessing moderate growth of organic aqua feed in the global market.