MARKET REPORT 74 FEED & ADDITIVE MAGAZINE August 2023 es. Farmers may rely on low-quality feeds or even household waste, which can result in inadequate nutrition for the farmed fish. This can lead to slower growth rates, higher mortality rates, and lower overall productivity of aquaculture operations. Considering the growth in government support for the aquaculture industry as an opportunity, research companies agree that the most important challenges are concerns about the environment and human health. MARKET STATUS BASED BY REGION On a regional basis, Asia-Pacific countries lead the global aqua feed market in terms of both production and consumption. For example, according to the report by Grand View Research, The Asia Pacific region dominated the global industry in 2022 and accounted for the largest share of more than 44.10% of the overall revenue. The regional market is estimated to expand further at the fastest growth rate maintaining its dominant position throughout the 2023 – 2030 forecast period. This is attributed to the substantial growth of the regional aquaculture sector. In addition, the availability of low-cost labor, inducing conditions to promote the growth of aquaculture, and the presence of natural resources in the region will boost the growth. According to the company's report, the aquaculture sector is also growing significantly across European countries, especially in the U.K., France, Italy, and Spain. Improvements in environment management, along with a significant increase in feed efficiency and nutrient consumption by aquatic species, have further fuelled the growth of the market in Europe. The North America regional market is also projected to have significant growth over the 2023 – 2030 forecast years. The aquaculture sector in North America is estimated to witness rapid growth over the 2023 – 2030 forecast period owing to the rising consumption of seafood, such as salmonids, mollusks, hard clams, oysters, and mussels. AQUA FEED INDUSTRY OVERVIEW Prominent companies in the aqua feed market include well-established, financially stable manufacturers of aquafeed. These companies have been operating in the market for years and possess a diversified product portfolio, state-of-the-art, and strong global sales and marketing networks. According to the report of Markets And Markets, these companies have been focusing on expanding their market presence, enhancing their solutions, and partnering with many channel partners and technology companies to cater to consumers across the globe. The deep roots of these players in the market and their
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