(MoneyNewsWire.Net, October 07, 2017 ) According to the report Middle East and Africa Aquafeed Market, published by Market Data Forecast the Market was worth USD 7.70 billion in 2016 and estimated to be growing at a CAGR of 7.14%, to reach USD 10.65 billion by 2021. Aqua feed is a mixture of raw materials, additives and other supplements, sourced from either natural or synthetic sources and are fed to the aquaculture.
Aqua feed additives include amino acids, vitamins, minerals, enzymes, probiotics, antibiotics, flavors and colorants are the most common additives blended to form fish feed. Fish production in the world is mainly from both Aquaculture and Capture. The end consumers of Aqua feed are fish, molluscs, crustaceans etc. Tilapia is the most farmed fish, raised in 135 countries whereas Shrimp is the largest aquaculture commodity.
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The growth of the Middle east and Africa Aquafeed market is majorly driven by factors such as the growth in fish consumption, increase in mass production of fish, and limited availability of marine feed resources. Strict regulatory structures, volatile economies, and increasing cost of operations are the major hindrances for the market in this region. And, an increase in the cost of raw materials is also a key challenge for the companies in the market.
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The Middle east and Africa Aquafeed market is segmented based on End Use and Additives. On the basis of End Use, the global Aquafeed market is segmented into Fish, Mollusks, and Crustaceans. Fish is further sub segmented into Carp, Salmon, Tilapia, Catfish, and others. Mollusks is further sub segmented into Shrimp, Crab, and others. Crustaceans is further sub segmented into Oyster, Mussel, and others. On the basis of Additives, the global Aquafeed market is segmented into Vitamins, Minerals, Antioxidants, Amino Acids, Enzymes, Acidifiers, Binders. The market has been geographically segmented into Middle east and Africa and is projected to be one of the fastest-growing Aquafeed markets in the world. In terms of revenue, South Africa leads the market in this region. The market in this region has the lowest share of the global market due to unawareness of the farming community about the uses and benefits of fish feed additives.
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Some of the major companies dominating the market in this region are Cargill, Inc., Nutreco N.V., Alltech Inc., AllerAqua A/S, Beneo GmbH, Biomar A/S, Charoen Pokphand Foods Public Company Limited, and Coppens International B.V.
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