China aquatic feed market is expected to grow at a compound annual growth rate of 2.31% over the forecast period to reach a market size of US$21,254.851 million in 2027, from US$18,109.550 million in 2020.
Aquafeed is a type of aquaculture feed that can be used to feed aquatic species, as the name implies. Aquafeed typically contains vital vitamins and minerals, which serve to meet the dietary needs of various aquatic species, improving their health and productivity. According to the Food and Agriculture Organization, China accounted for 19.2 percent of global marine capture fishery production and 61.5 percent of global aquaculture production, making it the world's largest capture fisheries and aquaculture producer in 2020. China's aquaculture industry has multiplied in recent decades, and the country has been the world's largest aquaculture producer since the 1990s. The aquaculture business in China has recently come under fire for its environmental practices and unsustainable use of wild marine fishing resources.
According to the Food and Agriculture Organization, China is currently the world's largest producer, consumer, and exporter of aquafeed, as well as a significant producer of fish feed. For nearly two decades, the country has also dominated worldwide aquaculture production. The restriction on coastal fishing in China in 2019 increased aquaculture and marine culture, which boosted fish feed demand even more, necessitating the production of higher-quality, more formulated feeds in the country. Furthermore, factors such as rising seafood consumption in China, as well as increased consumer awareness of seafood quality, are driving up demand for aquafeed in the region. Furthermore, the Chinese government is implementing several steps to boost the aquaculture business to enhance its output share in the global market. Fish feed is in high demand throughout the country right now.
Total fish output (excluding aquatic plants) is predicted to increase from 179 million tonnes in 2018 to 204 million tonnes in 2030, according to the United Nations Food and Agriculture Organization. In absolute terms, the increase from 2007 to 2030 is 15 percent (26 million tonnes), a deceleration from the 27 percent increase from 2007 to 2018. Aquaculture will continue to be the primary driver of global fish production increase, continuing a decades-long trend. In 2030, aquaculture production is expected to reach 109 million tonnes, up 32% (26 million tonnes) from 2018.
Market growth will be aided by an increase in seafood trading.
Aquaculture production is expected to increase due to rising seafood consumption and consumer expenditure on fish and fish products such as fish oil, fish meal, and fish silage. Furthermore, the rising demand for animal protein in well-established western economies boosts seafood commerce, which is likely to move the industry forward. Supplies declined in 2019 due to COVID-19 as imports of squid and cuttlefish declined by 20% in the first nine months of 2020.
Aquaculture production in China has been escalating every year with increased production and consumption. China stands highest in production at 62,207 tonnes and is projected to grow to 73,720 tonnes, according to the Food and Agriculture Organization. China’s consumption rate is higher than the production rate-limiting china with exports.
In China, carp is the most popular cultivated fish, with grass carp being the most popular species. Carp fishes account for 50% of all fish cultivated in China. Carp production in the country is fueled by the fish's low production costs and ability to withstand a wide range of climatic and environmental conditions. Carp are bony fish, and Chinese people have acquired a taste for them over the years.
High price changes related to the raw material used to prepare feed can hamper the market growth. For example, a rise in the price of soybean and corn can hamper the price of the final product, which affects product sales. However, people opting more for vegetarian and vegan diets and excluding non-vegetarian diets can hamper the market's growth.
The volume exported from China had decreased significantly, not only due to lower external demand but also as a result of logistical difficulties faced by many suppliers. Imported fishery products were not consumed by Chinese consumers. As a result, demand for imported fisheries products has decreased, allowing domestic demand for domestically produced fisheries to increase. The demand for local fish oil and fishmeal from their aquaculture feed clients has not increased substantially as the volume shipped has decreased. China, the top supplier, lost market share with a 38.9% reduction in shipments to the United States of America. China accounted for half of these products' imports into the United States in 2019. China's participation fell to 42 percent in 2020, according to FAO.
Introduction
Aquafeed is a type of aquaculture feed that can be used to feed aquatic species, as the name implies. Aquafeed typically contains vital vitamins and minerals, which serve to meet the dietary needs of various aquatic species, improving their health and productivity. According to the Food and Agriculture Organization, China accounted for 19.2 percent of global marine capture fishery production and 61.5 percent of global aquaculture production, making it the world's largest capture fisheries and aquaculture producer in 2020. China's aquaculture industry has multiplied in recent decades, and the country has been the world's largest aquaculture producer since the 1990s. The aquaculture business in China has recently come under fire for its environmental practices and unsustainable use of wild marine fishing resources.
Market Trend
According to the Food and Agriculture Organization, China is currently the world's largest producer, consumer, and exporter of aquafeed, as well as a significant producer of fish feed. For nearly two decades, the country has also dominated worldwide aquaculture production. The restriction on coastal fishing in China in 2019 increased aquaculture and marine culture, which boosted fish feed demand even more, necessitating the production of higher-quality, more formulated feeds in the country. Furthermore, factors such as rising seafood consumption in China, as well as increased consumer awareness of seafood quality, are driving up demand for aquafeed in the region. Furthermore, the Chinese government is implementing several steps to boost the aquaculture business to enhance its output share in the global market. Fish feed is in high demand throughout the country right now.
Total fish output (excluding aquatic plants) is predicted to increase from 179 million tonnes in 2018 to 204 million tonnes in 2030, according to the United Nations Food and Agriculture Organization. In absolute terms, the increase from 2007 to 2030 is 15 percent (26 million tonnes), a deceleration from the 27 percent increase from 2007 to 2018. Aquaculture will continue to be the primary driver of global fish production increase, continuing a decades-long trend. In 2030, aquaculture production is expected to reach 109 million tonnes, up 32% (26 million tonnes) from 2018.
Growth Factors
Market growth will be aided by an increase in seafood trading.
Aquaculture production is expected to increase due to rising seafood consumption and consumer expenditure on fish and fish products such as fish oil, fish meal, and fish silage. Furthermore, the rising demand for animal protein in well-established western economies boosts seafood commerce, which is likely to move the industry forward. Supplies declined in 2019 due to COVID-19 as imports of squid and cuttlefish declined by 20% in the first nine months of 2020.
Rising aquaculture production aids the market
Aquaculture production in China has been escalating every year with increased production and consumption. China stands highest in production at 62,207 tonnes and is projected to grow to 73,720 tonnes, according to the Food and Agriculture Organization. China’s consumption rate is higher than the production rate-limiting china with exports.
The market is dominated by carp fish feed
In China, carp is the most popular cultivated fish, with grass carp being the most popular species. Carp fishes account for 50% of all fish cultivated in China. Carp production in the country is fueled by the fish's low production costs and ability to withstand a wide range of climatic and environmental conditions. Carp are bony fish, and Chinese people have acquired a taste for them over the years.
Restraint
Price volatility in raw materials may limit market expansion:
High price changes related to the raw material used to prepare feed can hamper the market growth. For example, a rise in the price of soybean and corn can hamper the price of the final product, which affects product sales. However, people opting more for vegetarian and vegan diets and excluding non-vegetarian diets can hamper the market's growth.
Impact of COVID-19 Pandemic:
The volume exported from China had decreased significantly, not only due to lower external demand but also as a result of logistical difficulties faced by many suppliers. Imported fishery products were not consumed by Chinese consumers. As a result, demand for imported fisheries products has decreased, allowing domestic demand for domestically produced fisheries to increase. The demand for local fish oil and fishmeal from their aquaculture feed clients has not increased substantially as the volume shipped has decreased. China, the top supplier, lost market share with a 38.9% reduction in shipments to the United States of America. China accounted for half of these products' imports into the United States in 2019. China's participation fell to 42 percent in 2020, according to FAO.
Segmentation:
By Raw Material
- Corn
- Wheat
By Feed Type
- Fish Feed
- Other
Table of Contents
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. CHINA AQUATIC FEED MARKET ANALYSIS, BY RAW MATERIAL
6. CHINA AQUATIC FEED MARKET ANALYSIS, BY FEED TYPE
7. COMPETITIVE ENVIRONMENT AND ANALYSIS
8. COMPANY PROFILES
Companies Mentioned
- Cargill Corporation
- Biomin
- BioMar Group
- AllTech Inc.
- Archer Daniels Midland
- Nutreco NV
- Aller aqua
- BASF SE
- Well Hope Agri-tech Co. Ltd
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 82 |
| Published | July 2022 |
| Forecast Period | 2020 - 2027 |
| Estimated Market Value ( USD | $ 18109.55 million |
| Forecasted Market Value ( USD | $ 21254.85 million |
| Compound Annual Growth Rate | 2.3% |
| Regions Covered | China |
| No. of Companies Mentioned | 9 |
