The Latin America commercial aquafeed market size is expected to reach USD 11.91 million in 2024 and reach USD 18.76 million by 2029, growing at a CAGR of 9.50% from 2024 to 2029.
Manufactured feeds are a significant part of the modern aquaculture industry. They provide the balanced nutrition needed by farm fish. The feeds are available in the form of granules or pellets, and provide the nutrition in a stable and concentrated form, enabling the fish to feed efficiently and grow up to their full potential.
Many of the fish brought up in farms around the world today are carnivorous, such as the Atlantic salmon, trout, sea bass, and turbot. In the early development of fish feeding which has hence evolved into the modern aquaculture, fishmeal and fish oil were key components of the feeds for these species. They are combined with other ingredients such as vegetable proteins, cereal grains, vitamins and minerals and made into feed pellets. Wheat, for example, is widely used as it helps to bind the ingredients in the pellets.
The growth of the caseinate market is mainly driven by factors such as population growth, rising disposable income, and rapid urbanization, and is facilitated by the strong expansion of fish production and more efficient distribution channels. As for the restraints of the market, large scale storage of the same for farms is still a problem and the high costs are also turn offs for the market. The industry has to come up with innovative solutions for these problems in order for the market to grow freely.
The Latin American region is one that offers immense scope for development in the forecast years as is evident from the high growth rate of the region. Inspite of having only a minor market share, the CAGR of the region is the second highest globally only behind Asia-Pacific. This market is one that shows promise in the coming years.
The Commercial Aquafeed market is highly competitive with a large number of players. Key market players dominating the market with their products are Archer Daniels Midland Company, Ridley Corporation Limited, Cargill, Nutreco N.V., and Avanti Feeds Ltd.; these are well-established and financially stable players that have been operating in the industry for several years. Other players include Purina Animal Nutrition LLC, Nutriad, Alltech, Biostadt India Limited, Aller Aqua A/S, Biomar, BIOMIN Holding GmbH, Norel Animal Nutrition, Dibaq A.S, and De Heus Animal Nutrition.
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