MARKET REPORT 72 FEED & ADDITIVE MAGAZINE August 2023 Europe ranks third in world aqua feed production with 4.6 million tons. The production in the region increased by 1.7% compared to the previous year. North America follows Europe with 1.7 million tons in world aqua feed production. According to Alltech's report, in 2022, aquaculture feed tonnage in the region increased by 1.1% compared to the previous year due to increases in fish prices, favorable weather conditions and the lifting of size restrictions. In Africa, 1.4 million tons of aqua feed was produced in 2022. According to the report, aquaculture feed production in the region was down 2.38% in 2022, though increases were reported in South Africa, Zimbabwe, Zambia, Ghana and Seychelles. In the Middle East, where the total aqua feed production is around 500 thousand tons, all countries had feed tonnage increases or stayed at the same level as 2021. Finally, in Oceania, which produces around 200 thousand tons of aqua feed, total production has also increased due to the increase in Australian feed tonnage by over 5% in 2022. MARKET GROWTH EXPECTATIONS There are different forecasts of the global commercial scale of the aqua feed market. For example, in a report prepared by Fortune Business Insights, the size of the market is estimated at around US$ 60 billion. According to the report, the global aqua feed market size was US$ 55.71 billion in 2020 and is projected to grow from US$ 58.19 billion in 2021 to US$ 85.17 billion in 2028 at a CAGR of 5.59% during the 2021-2028 period. Markets And Markets also makes close predictions. According to the company's report, the global aqua feed market size is expected to grow from US$ 61.8 billion in 2023 to US$ 88.0 billion by 2028, with a CAGR of 7.3% during the forecast period (2023-2028). According to Future Market Insights, which made a lower estimate in its report than the other two research companies, the global aqua feed market value is projected to expand from US$ 46.8 billion in 2023 to US$ 90.9 billion in 2033, with a CAGR of 6.8% during the forecast period (2023-2033). Making an estimate similar to the report by Future Market Insights, Mordor Intelligence estimates the market value to be US$ 50 billion. According to the company's report, the aqua feed market size is expected to grow from US$ 50.05 billion in 2023 to US$ 60.90 billion by 2028, at a CAGR of 4% during the 2023-2028 forecast period. Aqua Feed Production by Region (MMT) Source: 2023 Alltech Agri-Food Outlook - Million metric tons. Region Africa Asia-Pacific Europe Latin America Middle East North America Oceania GRAND TOTAL 2021 1.484 37.350 4.605 5.652 0.500 1.730 0.190 51.510 2022 1.449 38.340 4.687 5.922 0.566 1.750 0.200 52.914 Growth -2.38% 2.65% 1.78% 4.79% 13.14% 1.16% 5.26% 2.72%
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