Microalgae-based Aquafeed Market by Species (Spirulina, Chlorella, Nannochloropsis, Isochrysis, and Others), by Aquatic Animal (Fish, Mollusks, Crustaceans, and Others), by North America Europe Asia Pacific South America Middle East & Africa (, ) Forecast 2024-2032
The Microalgae-based Aquafeed Market size was valued at USD 239.70 USD Million in 2023 and is projected to reach USD 403.67 USD Million by 2032, exhibiting a CAGR of 7.73 % during the forecast period. Micro algae-enclosing aquafeed is a more promising aquafeed compared to conventional feed, which is made from microscopic algae. These minute algae and plants are packed with nutrients and act as food sources for fish. They contain proteins, fats, and vitamins which eventually benefit the fish. Abundant in omega-3 fatty acids, proteins and vitamins, microalgae-based aquafeed is not only eco-friendly but also free from environmental harm that is brought about by the reduction of wild fish that are generally fished to be used in aquaculture. This way water quality is maintained. It refers to the mass production of microalgae of different species which are commonly used to feed our various types of fish and shellfish such salmon, trout, shrimp, and tilapia, that can be produced with Spirulina, Chlorella, and Nannochloropsis species. It uses an innovative feed which puts less pressure on wild fish stocks, advances sustainable aquaculture, and improves fish health and growth consequently leading to the production of a food which is not only environmentally friendly and kind to the economy but also achieves the growth in fish culture.
October 2020: All microalgae doubles its algae-based ingredient production capacity.
This report provides a comprehensive analysis of the Microalgae-based Aquafeed market, including:
Geographically, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is the largest market for microalgae-based aquafeed due to the high production of aquatic animals in the region.
Aspects | Details |
---|---|
Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 7.73 % % from 2018-2032 |
Segmentation |
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