The China aqua feed market is estimated to register a CAGR of 3.8% during the forecast period (2020 - 2025). Aquaculture is one of the fastest growing segment in the Chinese feed industry. In the year 2018, due to the annual coastal fishing ban in China, there has been an expansion in aquaculture and mariculture, leading to growth in aqua feed demand. Despite an increase in the global production of aquaculture feed, China reported a decline of around 5% in the production of aquaculture feed in the year 2017 and 2016, primarily due to government regulations on food safety and feeding practices.
Key Market Trends
Growing Aquaculture Production Drives the Market
The aquaculture industry in China is very well developed and has been continuously growing. The market value of china aquaculture was recorded as USD 135 billion in 2016, rising to 140 billion in 2017. The country had 7.2 million hectares in aquaculture in 2018, of which 5.14 million was in fresh-water and 2.04 million hectares in sea-water. Chinese aquaculture is estimated to grow at 4.4% over the next 4 years, boosting the aquafeed market.
Carp Fish Feed Dominates the Market
Carp fish feed accounted for 62% of China aqua feed market value. Carp is the most popular cultured fish in China, with grass carp being the most popular species of carp. Fifty percent of the fishes cultured in China are Carp fishes. The production of carp in the country is driven by the fact that the fish has low production costs and is tolerant of most climatic and environmental factors. Carp are bony fish and Over the years, Chinese people have developed a preference for bony fish.
The china aquafeed market is consolidated with few players holding a major share of the market. 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.
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