North America Aqua Feed Market - Segmented by Animal Type, Ingredients, and Geography - Growth, Trends and Forecast (2018 - 2023)
North America is the most advanced producer of animal feeds, globally, but has a relatively small aquaculture industry. Leading producers are investing in R&D to develop effective and nutritious feed at cheaper cost. In North America, growing inclination towards salmon farming, rising demand for seafood and governmental interest led to a higher demand for aqua feed from aquaculture species. The demand for aqua feed is limited in the region because of relatively less production, but nevertheless demand has been for live fish and other sea food products.
The United States and Canada are focusing on expansion of aquaculture in onshore and offshore waters. Intensive farming methods are largely practiced in North America. North America follows strict environmental regulations and strict regulations are imposed on the use of antibiotics and hormones to ensure the safety of products. The producers are involved in finding cheaper alternatives for the costly raw materials, such as fishmeal and fish oil. The reduction in the cost of feeds is expected to create greater acceptance of these products, among the farmers.
A Positive Step for Aqua Culture Industry in the United States
The United States government as a part of its push to reduce trade deficit has approved federal funding of USD 9.3 million for research to develop the country’s aquaculture industry through the National Oceanic and Atmospheric Administration (NOAA) of the United States. This policy is in line with the America First policy of the US government to reduce its import bill and create more jobs at home. This initiative by the government is expected to support the development of the aqua culture industry and as a consequence the aqua feed industry in the United States.
The Canadian Aqua Feed Industry Has Increased Its Capacity to Meet the Increasing Demands of both Domestic and Export Markets
Seafood is the largest single food commodity exported by Canada. Salmon, trout, mussels, oysters, and clams dominate the Canadian aquaculture production. Although aquaculture in Canada is a recent activity, the industry is expected to expand further to meet the increased demand for seafood in the local market, as well as in the United States market. The aqua feed industry is also expected to grow due to the rising consumer awareness about healthy and safe seafood. The country is known for safe, high-quality fish and seafood products. The combination of natural resources and geographical advantages provides a strong platform for marine, as well as freshwater aquaculture.
Major Players: NUTRIAD INTERNATIONAL NV, BIOMAR A/S and ALLER AQUA A/S amongst others
KEY DEVELOPMENTS IN THE MARKET
October, 2017: Epicore, a company operating in the North American and South American aquaculture market with specialization in the manufacture of larval feed and probiotics was acquired by Neovia. Neovia intends to leverage its supply chain and its R&D network and the expertise of Epicore to develop its aquaculture business.
January, 2018: Butterfly Equity, a Los Angeles based private equity firm specializing in the food sector has acquired Mexico based Pacifico Aquaculture. The company is known in the markets of USA and the Americas for non-hybrid striped Bass besides other types of species which it produces in its farm site.
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