The value of the global aquaculture feed market is projected to reach $123bn by 2019, according to a new report from AquaFeed Market, published by whattech.
The value has a compound annual growth rate of 10% from 2014 to 2019.
Increasing consumption of seafood and growth in the aquaculture industry are propelling the market for the aquafeed industry globally, the report says.
The expanding middle class population, especially in developing nations, and their increasing income are expected to maintain this growth of the aquaculture industry in the long term, it says.
Asia-Pacific contributes to around 90% of the global aquaculture production.
The main producers are China, India, Vietnam, Philippines, and Japan. China is the largest market for fish in Asia-Pacific region, which is driving the demand for aquaculture feed particularly in this region.
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