The total size of global aquafeed market differs by which report you are looking at. However, most reports have a common point: the need for aquafeed is increasing due to the rise in the demand for aquaculture products. And this mostly originates from the rise in middle class income in developing countries.
There are two significant phenomena about aquafeed market. The first one is the growth of the market and the second one is the rise in the price of ingredients. Some of the factors favoring the aquafeed market growth are increasing demand for seafood and availability of fish meal. On the other hand, there are also some factors restricting the market such as growing raw material prices and strict environmental regulations about fishing. The prices for the raw materials used for aquafeed are soaring, because of various parameters. This condition has generated the replacement demand for additives that are cost-effective and can enhance the production.
There are various reports on aquafeed market giving statistical information about its size, development and growth rates. Although they differ by how they calculate the size of the market, they have some points in common as well. All of the reports say that the aquafeed market is growing successively and most of them highlight that it is expected to grow around 10% annually in the near future. And this mostly originates from the rise in middle class income in developing countries.