The global shrimp feed market is expected to post a CAGR of over 5% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio predicts the global shrimp feed market to post a CAGR of over 5% by 2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the increase in shrimp farming practices. Shrimp farming is an aquaculture practice of producing shrimps and prawns in a marine or freshwater environment. The shrimp farming practices have been growing significantly over the years owing to the rise in demand for healthy and fresh shrimps for human consumption. Furthermore, the increase in shrimp farming area and decline in the anti-dumping tariff of shrimps have fueled the growth of shrimp farming market. The global shrimp consumption is expected to grow at more than 11% by 2030. The major shrimp-producing countries include India, China, Ecuador, Vietnam, Indonesia, Thailand, Argentina, Brazil, and Mexico. The improvements in shrimp farming and the adoption of intensive farming methods with industrialized processes have enhanced shrimp farming practices globally. Thus, the rise in shrimp farming practices is likely to increase the need for high-quality shrimp feed.
This market research report on the global shrimp feed market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the rise in the use of prebiotic in shrimp feed as one of the key emerging trends in the global shrimp feed market:
Global shrimp feed market: Rise in use of prebiotic in shrimp feed
Prebiotics are non-digestible food ingredients on which probiotics feed. They increase the healthy bacterial population in the gut, enhance the production of important vitamins, and aid digestion. As the aquaculture industry is growing rapidly, there is a need for enhanced disease resistance, feed efficiency, and growth performance of cultured species. As the shrimps are cultured, there are chances of incidence of various diseases owing to toxic compounds in water, adverse climatic conditions, eutrophication, accumulation of organic matter, and dietary deficiency. Acute hepatopancreatic necrosis syndrome (AHNS) caused by Vibrio parahaemolyticus bacteria can kill shrimps. Therefore, there is a need for dietary supplementation with feed additives such as prebiotics. Thus, the benefits associated with the use of prebiotics are expected to increase its demand and use in the global shrimp feed market.
“Apart from the use of prebiotic in shrimp feed, some other factors boosting the growth of the global shrimp feed market are the continuous development of new products, growing adoption of alternative feed source, increase in use of improved technologies for shrimp feeding, and the expansion of shrimp feed production plants,” says a senior analyst at Technavio for research on food products.
Global shrimp feed market: Segmentation analysis
This market research report segments the global shrimp feed market by type (grower, finisher, starter) and geographical regions (APAC, EMEA, and the Americas).
The APAC region led the market in 2018 with a market share of over 67%, followed by the Americas and EMEA respectively. During the forecast period, the APAC region is expected to continue dominating the global shrimp feed market and register the highest incremental growth of close to 1%.
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