Dublin, May 05, 2023 (GLOBE NEWSWIRE) -- The "Global Shrimp Feed Market Report and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global shrimp feed market reached a value of USD 9.45 billion in 2022, growing at a CAGR of 9.9% during 2018-2022. Aided by the growing demand for shrimp, the market is projected to further grow at a CAGR of 5.6% in the forecast period of between 2023 and 2028.
Shrimp feed is prepared in order to meet the nutritional needs of farmed shrimp. It helps maintain healthy levels of vitamins, minerals, vital amino acids, and fatty acids in the shrimp population. Fish oil, fish and squid meal, cereal flour, and different additives are common ingredients in shrimp feed. Using shrimp feed reduces environmental contamination caused by shrimp aquaculture while enhancing production cycles, harvest per unit area, and profitability.
The rise in consumer health consciousness is resulting in an increase in demand for seafood high in protein, like shrimp. Furthermore, the need for easy-and ready-to-cook shrimp items is encouraging farmers to use high-quality feed to boost farm output due to changing consumer dietary choices. Additionally, the advent of products with increased functioning as a consequence of various additives - including antibiotics, antioxidants, and antimicrobial preservatives - has further boosted the market growth.
The changing dietary habits of consumers and their increasing health consciousness are the main drivers of the global shrimp feed market expansion. Due to this, there is a sizable market for healthy shrimp, which is increasing the demand for shrimp feed. One of the main factors fostering growth potential in the market is the lowering in the counter-dumping duty on shrimps and the extension of shrimp feed territory. However, a factor limiting the market growth for shrimp feed in the forecast period is the increase in cost of research and development activities.
The demand for shrimp feed has been fuelled by the commercialisation of shrimp in response to a considerable demand from both emerging and developed countries. Improved shrimp farming techniques, population development, and increased disposable incomes are further fuelling the shrimp feed market growth. The forecast period will likely bring about new prospects for producers of shrimp feed due to an increase in research and development activities and an increase in demand from emerging economies.
In the Asia Pacific, an increase in seafood consumption brought on by people's growing awareness of the advantages of eating seafood, is helping the market for shrimp feed expand. Easy access to healthy, disease-free shrimp is another important element influencing the demand for shrimp feed in the region.
A number of producers are releasing shrimp feed that is made without artificial substances. They are also concentrating on strategic partnerships with global firms to introduce new product versions with various additives. The global shrimp feed market is also anticipated to grow as a result of the increase of offline and online distribution channels offering a variety of shrimp feeds.
Competitive Landscape
This report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global shrimp feed market companies.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 133 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $9.93 Billion |
| Forecasted Market Value (USD) by 2028 | $13.01 Billion |
| Compound Annual Growth Rate | 5.6% |
| Regions Covered | Global |
Some of the major key players explored in the report are as follows:
- Cargill, Incorporated
- Charoen Pokphand Foods PCL
- Nutreco
- BioMar Group
Market Segmentation
Market Breakup by Type
- Grower
- Finisher
- Starter
Market Division by Ingredient
- Soybean Meal
- Fish Meal
- Wheat Flour
- Fish Oil
- Others
Market Segmentation by Additives
- Vitamins and Proteins
- Fatty Acids
- Antioxidants
- Feed Enzymes
- Antibiotics
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/vmjmkg
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