Aquafeed Market Size, Share & Trends Analysis Report By Form (Dry, Wet), By Additive (Amino Acid, Feed Acidifiers), By Feed (Grower, Finisher), By Application (Tilapia, Carp), By Region, And Segment Forecasts, 2023 - 2030

Research Methodology

A three-pronged approach was followed for deducing the aquafeed market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for aquafeed market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of aquafeed market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Aquafeed Market Categorization:

The aquafeed market was categorized into five segments, namely form (Dry, Moist, Wet), additives (Amino Acids, Antibiotics, Vitamins & Minerals, Feed Acidifiers, Antioxidants, Enzymes, Anti-parasitic, Probiotics & Prebiotics), feed (Starter Feed, Grower Feed, Finisher Feed, Brooder Feed), application (Carp, Rainbow Trout, Salmon, Crustaceans, Tilapia, Catfish, Sea Bass, Grouper), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).

Segment Market Methodology:

The aquafeed market was segmented into form, additives, feed, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The aquafeed market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-two countries, namely, the U.S.; Canada; Mexico; Germany; the UK.; France; Italy; Spain; Denmark; China; India; Japan; Vietnam; Thailand; Indonesia; Australia; Brazil; Argentina; Chile; Ecuador; South Africa; and Egypt.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Aquafeed market companies & financials:

The aquafeed market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Cargill, Incorporated - Cargill, Incorporated is engaged in a variety of business operations such as food ingredient & bio-industrial, protein & salt, animal nutrition, metals & shipping, and agricultural supply chain. It mostly carries out its operation business to business and has a presence across the globe in more than 70 countries with its business operations and delivery to customers and end-users across over 125 countries. Products manufactured by the company are catered to numerous end-use industries such as agriculture, beauty, food & beverages, and pharmaceutical. It also provides data analytics, market experience, risk management, and financial solutions services to its partners.

• BioMar Group - BioMar Group is a manufacturer and distributor of high-performance feed for aquaculture species for more than 45 different species of fish and shrimps. It is fully owned by a Danish conglomerate Schouw & Co. and has over 50 full-time researchers who carry out constant research and development activities. The recent global EBIT figure of the company was stated as USD 88.06 million. The company provides feeds for salmon, trout, sea bass, sea bream, sturgeon, tilapia, shrimps, and other species. It produces approximately 1.25 million tons of feed annually. The company supplies aquafeed to over 80 countries across the globe.

• Ridley Corporation Limited - Ridley Corporation Limited is a prominent commercial supplier of high-performance animal nutrition solutions. The company offers its products for the animal nutrition industry as well as aquaculture species. The feed products manufactured by the company are catered for beef, dairy, dogs, aqua, horses, hobby farms & pets, pigs, poultry, and sheep. In the aquafeed business line, the company produces and supplies aquafeed for various species including salmonids, prawns, barramundi, native fish, and marine fish. The company operates through more than 20 facilities in Australia that produce more than 2.0 million tons of finished feed and feed ingredients per year.

• Aller Aqua - Aller Aqua is a family-owned company. It is a manufacturer of fish feed for cold/warm saltwater and freshwater aquaculture species. It has a wide product portfolio consisting of dry feeds, grower feeds, broodstock feeds, finisher feeds, functional feeds, and organic feeds. The company has a presence around the world and its factories are in countries such as Egypt, Serbia, Germany, Denmark, Poland, China, and Zambia. It exports its products to more than 60 countries and has wide fish feed products for more than 30 species of fish.

• BENEO - BENEO is a manufacturer of naturally sourced functional ingredients for food, feed, and pharmaceutical industries. These ingredients are used in baby food, bakery, beverages, cereals, confectionary, and dairy products; pet food, aqua feed, and pig feed; and tablets, powder blends, and syrups in the pharmaceutical industry. The company has production sites and a customer base in more than 80 countries worldwide. It has production sites in countries including Italy, Chile, Belgium, and Germany. The company also has local offices in Singapore, Germany, Belgium, Brazil, the U.S., and Spain.

• Alltech - Alltech is engaged in enhancing the nutritional value of food and feeds with various technologies including yeast fermentation, enzyme technology, algae, and nutrigenomics. Its feed product portfolio consists of natural and nutritional solutions tailored to address challenges affecting modern aquaculture production and profitability. It has a presence in 128 countries on 5 continents. The company operates through three business divisions, namely animal nutrition & health, crop science, and food & beverage. It manufactures aquaculture and aquafeed additives through the animal nutrition & health division.

• AKER BIOMARINE - AKER BIOMARINE manufactures and supplies krill-based ingredients and products for aquaculture, nutraceutical, and animal feed applications. It provides krill oil products including choline, astaxanthin, and phospholipids under the Superba brand. In addition, the company also offers aqua feed products for salmonids, freshwater fish, marine fish, shrimp, and QRILL pet, a functional ingredient for pet food. The company has developed patented Eco-Harvesting technology to eliminate unwanted by-catch.

• Charoen Pokphand Foods PCL - Charoen Pokphand Foods PCL is a vertically integrated company, which is engaged in the industrial and agro-business including swine, broiler, layer, duck, shrimps, and fish. The company operates in 17 countries and exports to more than 30 countries across the 5 continents, covering more than 3 billion people worldwide. In 2021, it reported a net profit of USD 390.66 million. Its business is classified into three major categories, namely feed, farm, and food. Through its feed business, the company undertakes animal feed production and distribution. It is engaged in breeding and animal farming through its farm business.

• Skretting - Skretting is engaged in providing sustainable and innovative nutritional solutions and services for the aquaculture industry. The company has a wide product portfolio consisting of fish and shrimp feed for more than 60 species. Its production volume of 2.6 million tons annually. The company has a presence in more than 18 countries worldwide including Australia, Chile, India, Canada, Egypt, Italy, the U.S., Nigeria, and Spain. It is a global aquafeed division of Nutreco, which is a subsidiary of Steenkolen Handels-Vereeniging (SHV).

• Purina Animal Nutrition LLC - Purina Animal Nutrition LLC is a manufacturer and supplier of animal feed. The company is a subsidiary of Land O’ Lakes, Inc., a company engaged in dairy food production, feed production, and developing products and services to support and help farmers. It has a variety of feed products available for multiple animals that help in their overall growth and development. The company produces feeds for horses, dairy, cattle, flocks, swine, goats, sheep, rabbits, fish, and deer, among others.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Aquafeed Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Aquafeed Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Central & South America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.