United States Aquafeed Market Trends 2024- Industry Share, Revenue, Growth Drivers, Key Players, Business Challenges and Future Opportunities till 2033: SPER Market Research
Aquafeed is a specialized nutritionally balanced feed that is intended to provide essential nutrients to aquatic species raised in aquaculture systems. It is sometimes referred to as fish feed or aquaculture feed. Fish, shrimp, prawns, and other aquatic species are farmed in controlled environments such ponds, tanks, or cages under the practice of aquaculture. Aquafeed plays a vital role in improving the efficiency of aquaculture operations by giving farmed animals the nutrients they need to grow and thrive. It is carefully made to meet the target aquatic species’ nutritional requirements. Common ingredients include fishmeal, fish oil, cereals, plant proteins, vitamins, minerals, and additional additions.
According to SPER market research, ‘United States Aquafeed Market Size- By Ingredient, By Additives, By Species, By Product Form – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the United States Aquafeed Market is predicted to reach 23.88 billion by 2033 with a CAGR of 7.35%.
Drivers:
The US aquafeed market is mostly driven by the increased demand for aquaculture products brought on by the expansion of the aquaculture industry and rising seafood consumption. Aquaculture has become a vital source of seafood to meet global demand as wild fish stocks face challenges like overfishing and environmental concerns. Aquafeed is becoming more and more necessary as a result of the aquaculture industry’s growth. A significant aspect influencing the US aquafeed market is the increased public awareness of environmental sustainability. Concerns from stakeholders and consumers have led to a growing recognition of the importance of sustainable practices for the aquaculture industry’s long-term viability.
Restraints:
Raw material availability and price fluctuation are two of the most significant difficulties confronting the US Aquafeed Market. Aquafeed formulas often contain a combination of protein and fat sources, with many derived from marine and agricultural commodities. Fluctuations in the availability and pricing of ingredients like fishmeal and fish oil can have a substantial impact on the cost and composition of aquafeed. Climate-related events, overfishing concerns, and global market dynamics all contribute to the volatility of raw material prices, making it difficult for aquafeed makers to maintain steady production costs.
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Impact of COVID-19 on United States Aquafeed Market
The chain of supply for aquaculture has suffered as a result of the coronavirus. Due to the ban on employees leaving the nation for work-related travel, the output of the world economy has decreased. In addition, limitations on international air travel have hurt species including lobster, salmon, sea bass, and tilapia raised for fresh export markets by reducing air freight capacity and sharply raising air freight costs. The COVID-19 epidemic also affected worker safety in industries that processed fish, as workers were in close proximity to conveyor belts. In this kind of setting, COVID-19 spreads quickly, however the effects were not as bad as they were in the US meat, poultry, and pig processing industries.
United States Aquafeed Market Key Players:
The Midwest region of the United States now dominates the aquafeed business due to its substantial presence. This is mostly due to its copious water resources, which create a great climate for aquaculture. The region has advanced aquaculture facilities that use cutting-edge technology to ensure efficient and sustainable seafood production. The Midwest’s strong demand for seafood strengthens its position as a market leader in aquafeed production. Furthermore, the industry’s main participants include Archer Daniels Midland Company, Ridley USA Inc, Cargill Animal Nutrition, Nutreco USA Inc, Alltech Inc, and other well-known firms.
United States Aquafeed Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
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.
For More Information, refer to below link:-
United States Aquafeed Market Future Outlook
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