(MoneyNewsWire.Net, October 12, 2017 ) According to the report North America Aquafeed Market, published by Market Data Forecast, the Market was worth USD 31.34 billion in 2016 and estimated to be growing at a CAGR of 9.80%, to reach USD 50.02 billion by 2021. Aqua Feed deliver the required nutrition for aquatic animals. Aquafeed is generally in the form of granules or pellets. They provide the nutrition in a steady and concentrated form, allowing the species to feed effectively and grow to their full capacity.
Aquatic animals are a vital source of high quality protein and consists of several vitamins and minerals. Aquatic animals such as fish comprise of Omega-3 fatty acids, which are heart-friendly and can make enhancements in brain development and reproduction. They are an essential food source in several countries. Aquaculture has the capacity of creating large quantities for a comparatively lower cost when compared to ruminants, fowl, or swine.
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The major growth drivers in the North American market are the increase in fish consumption, growing consumer awareness regarding the protein content in the fish food, and limited availability of marine feed resources. However, environmental regulations on wild, marine and inland fisheries has made it difficult to procure important raw materials like fish meal, fish oil for feeds. Regulatory structure of the animal feeds industry which restricts the use of certain materials such as antibiotics, and increasing costs of raw materials are the chief factors hindering the growth of this regional market.
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The North America 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. Carp fish type has been observed to have the highest market share in fish feed market. This is due to their abundant availability and popularity as common carp fish types are tolerant to most water conditions. On the basis of Additives, the global Aquafeed market is segmented into Vitamins, Minerals, Antioxidants, Amino Acids, Enzymes, Acidifiers, Binders. Amino acids are an essential component of aquafeed with a market share of almost 21% in the total of aquafeed market in 2016.
The North America market, which has the largest consumer base in the world has been geographically segmented into segmented into US and Canada. USA leads the market in this region and is also the major market for Aquafeed with a global share of almost 27%. This regional market is slowly growing, as massive investments are being thrust into the market, and various R&D systems and facilities have been started to enhance the market growth.
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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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