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 used 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. Larval feeds are the specialty feeds for the shrimp and other fish, which are high in protein content and provides the nutrients. Awareness of consumers towards health and higher the consumption of seafood has driven the aqua feed growth 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 is 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. Higher the consumption of seafood products and Change in preference of the food over organic instead of conventional are the other factors that drive the growth of organic aqua feed in the global market. Contamination of insecticides and pesticides and lack of nutrition are the other factors that affect aqua feed markets worldwide. Innovation in the development of new products by the key manufacturer is also the key factor that increases the demand for Aqua feed in the global market. 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 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 grown at the global level will be expected to open the new opportunity in the market. Higher the consumption of organic aqua animals and ingredients increases the demand for organic aquafeed in the global market. Asia Pacific region is the leading player in organic aqua feed, especially India and China accounted the largest share in the global market. Europe, followed by North America is the second leading player in organic aqua feed after the Asia Pacific region. Changing buy habits given the preference over organic instead of conventional and rising fish oil demand are the factors that drive the growth of organic aqua feed in the global market. Africa and other regions are emerging players in organic aqua feed and open the new opportunity in the world.
Impact of COVID-19 on Organic Aqua Feed
The spread of COVID-19 has the major factor that affected the global economy. The outbreak of COVID-19 showed a major impact on global trade. The Organic aqua feed market has a moderate affected by this pandemic. Lack of workforce, restriction of the supply chain, and partially cease of the international ports are the factors that drive the growth of the Organic aqua feed market. Therefore, the Organic aqua feed market is expected to witnessing the moderate impact due to COVID-19 disease.
Regional analysis covers market performance in-