). - The European aquafeed market is quite small, as compared to the markets of the other regions, such as Asia-Pacific and North America. Nevertheless, it has the potential for steady growth in the near future, due to stringent regulations and hikes in the prices of raw materials.
New York, March 24, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Europe Aqua Feed Market - Growth, Trends and Forecasts (2020 - 2025)" - https://www.reportlinker.com/p05877793/?utm_source=GNW
Growth of the European aquafeed market is majorly driven by an increase of fish farming and the introduction of new species, programs and strategies for boosting aquaculture by the European Commission and increased consumption of seafood due to rising awareness about their health benefits.
- Fishmeal and fish oil are the major types of feed ingredients produced in the European nations. In 2017, the European region produced about 500,000 metric tons of fishmeal and 170,000 metric tons of fish oil.
Key Market Trends
Increase in Consumption of Seafood with Rising Awareness on Thier Health Benefits
European consumers had access to around 17.24 million metric tons of seafood in 2016. The region’s net domestic supply of seafood for human consumption amounted to 7.84 million metric tons in 2016, an increase of 1.4%, while imports totaled 9.4 million metric tons, up by 1.78%. The region’s per capita consumption in 2018 increased to 24.33 kg, according to the European Commission. Tuna, salmon, and cod were the species in the highest demand in the market. Luring new consumers into the sector and reviving the less active consumers have been the key challenges in the industry in recent years. It is evident from the recent figures, that the opportunity to continue building on the current momentum and grow further is vibrant in Europe. The increased per capita consumption of aquaculture products coupled with benefits associated with the seafood products is likely to intensify the commercial aqua production in the country, thereby driving the aquafeed market in the years to come.
Rise in Demand For Fish is Dominating the Market
The distinguishing feature that characterizes the fish feed industry in the European Union is the ongoing research and consideration of alternative protein sources, such as fish trimmings, insects, and other invertebrate-based ingredients in fish feed, in lieu of fish meal from the wild fish catch. As the production of fish meal and oil, is an important fraction of the diet of farmed fish, is posing a serious threat to marine ecology and environment, initiatives such as the INvertebrateIT EU Project can help augment and stabilize the production of fish feed in the region with minimal environmental footprint. Europe ranked second in the production of fish feed with a production volume of 5.9 million metric tons in 2016, a substantial increase from 3.2 million metric tons registered in 2015. The upsurge in the feed production volume can be attributed to the corresponding rise in fish production, both freshwater and marine, in the region.
Nutreco, Cargill, Biomar Group, Alltech and Aller Aqua group are some of the major players who are operating in this region. New product launches, partnerships, and expansions are some of the major strategies adopted by these players to strengthen their position in the market. For instance, In 2018, Aller Aqua group launched two products namely, Aller Active and Nutra in Europe.
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