MARKET REPORT FEED & ADDITIVE MAGAZINE August 2023 73 Among the research companies, the highest estimate of the current size of the market is in the report of Grand View Research. According to the company's report, the global aquafeed market size was valued at US$ 72.5 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 4.4% from 2023 to 2030. On the other hand, Expert Market Research draws attention to the size and growth potential of the market in terms of volume in its report. According to the report, the global aquaculture feed market attained a volume of 47.2 million tons in 2022 driven by the rising mass production of fish and growing consumption of seafood. Aided by the growing adoption of sustainable farming practices, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 5.3%. The aquaculture feed market is projected to reach 64.2 million tons by 2028. MARKET DRIVERS & RESTRICTIONS In recent years, there has been a significant increase in fish consumption worldwide. As people become more health-conscious and aware of the nutritional benefits of fish, it has become a popular choice for many individuals and families. One of the main reasons for the rise in fish consumption is the recognition of fish as a rich source of high-quality protein, omega-3 fatty acids, vitamins, and minerals. These nutrients are essential for maintaining a balanced diet and promoting overall well-being. Moreover, fish is often considered a healthier alternative to red meat due to its lower saturated fat content. According to the report of Markets And Markets, another contributing factor to the increased demand for fish is the growing awareness of the environmental impact of meat production. As concerns about climate change and sustainability rise, more people are opting for fish as a more environmentally friendly protein source. Compared to land-based livestock farming, fish farming generally has a lower carbon footprint and requires fewer resources such as land and water. Additionally, advancements in technology and transportation have made fish more accessible to a wider range of consumers. Improved cold chain logistics and efficient global trade networks enable the availability of various fish species throughout the year, regardless of geographical location. This accessibility has opened up new culinary experiences and expanded the choices for seafood lovers. In its report, the company also makes estimates for the use of fishmeal and fish oil, which are seen as an important problem in terms of sustainability. According to the company, by 2030, it is estimated that 85% of fishmeal will be consumed by the aquaculture sector as feed. China, being the largest producer of aquaculture, will be the largest consumer of fishmeal, accounting for 38% of global fishmeal consumption by 2030. The consumption of fish oil is characterized by competition between the aquaculture industry and dietary supplements for human consumption. By 2030, 66% of fish oil is projected to be used as feed for farmed fish, particularly salmon. The European Union and Norway will remain the main consumers of fish oil, representing 16% and 14% of the world total, respectively, by 2030. Thus, the expanding consumption of fish across different applications is a key contributing factor behind the surge in the aquafeed market. Considering the lack of awareness about modern feeding methods in developing countries as a restraint, Markets And Markets emphasizes the following in its report: The lack of awareness about modern feeding methods in developing countries can indeed be a restraint for the aquafeed market. Aquaculture, which is the farming of fish and other aquatic organisms, has become an increasingly important industry worldwide to meet the growing demand for seafood. However, the success of aquaculture largely depends on the availability and quality of aquafeed, which is the primary source of nutrition for farmed fish. In many developing countries, traditional feeding methods are still prevalent due to a lack of knowledge and awareness about modern aquafeed practic-
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