The surge in the growth of the human population and their ever-increasing demands present several challenges for aquafeed and aquaculture industries. At the current rate of population and demographics, we need to double food production over the next two decades. Thus, the demand for aquaculture will surely increase in the future, which in turn, fuels the growth of the aquafeed industry.
According to Allied Market Research, the global aquafeed market is expected to reach $131.92 billion by 2030, growing at a CAGR of 5.6% from 2021 to 2030. Increase in fish and seafood consumption, growth of the aquaculture industry, and availability and flexibility in the use of alternative raw materials drive the market growth.
With the rapid intensification, the consumption of fishmeal and fish oil has doubled over the past decade in the global aquaculture industry. However, the limited availability of sources of aquafeed and high prices trouble the market players in the aquafeed market. Moreover, the new generations are more concerned about the environmental impact of their actions and choices. Thus, companies are focusing on investing in eco-friendly ways to produce aquafeed that nutritionally balanced, economical, and are sustainable.
Recently, the Minister of Fisheries and Seafood in Norway opened Aquafeed Technology Centre which would focus on environmentally friendly fish feed. Currently, more than 70% of the greenhouse gas emissions produced by the widely used salmon come from a fish feed. Moreover, the salmon industry in Norway is responsible for producing 1.6 million tons of fish feed and 90% of raw materials are imported. This, the research will develop the aquafeed of the future. Moreover, the research conducted at the center will be open research, offering access to industry players across the globe.
Aquafeed industry to focus on sustainability
Aquaculture industry is far from being eco-friendly and sustainable. However, several companies and start-ups have taken efforts to make the fish farming industry greener than before. Some companies have brought innovations in oil and protein aquafeed ingredients that can replace traditional practices. While fish oil and meal make the ideal aquafeed for salmon and other aquacultures, they reek of sustainability concerns.
Microalgae as a sustainable source of aquafeed
Similar to fish oil, microalgae contain necessary oil and protein for aquaculture. These microalgae are heterotrophic, which means they use light through photosynthesis to capture CO2 from the air as a carbon source. This is the sustainable way to feed several aquacultures as it limits the emission of carbon dioxide.
BioMar, one of the leading suppliers of high-performance aquafeed recently reached 1 million metric tons of aquafeed that contained microalgae instead of fish oil. BioMar is considered the first company to switch fish oil in salmon feed with microalgae. This is the first step toward a sustainable future and dealing with finite resources for the aquaculture industry. With the use of microalgae in aquaculture, the wild fish stocks receive the essential omega-3s and offer them the optimal nutrition that they require.
However, to bring change in the entire value chain, more and more fish farmers have to join forces with the company’s ideal. After the launch of the company’s first microalgae product, AlgaPrime, many salmon farmers and retailers have adopted this new aquafeed and experienced its benefits. Now, BioMar has hit a milestone and aims to increase the use of microalgae in aquafeed.
Insects as aquafeed
Various leading companies such as AgriProtein and Ynsect have already presented oil-rich insect meal as vital aquafeed ingredients, which mainly consist of mealworms and larvae. According to research, seven species of insects are a potential source of ingredients for aquafeed and are a sustainable source of feed for salmon. The use of insects as aquafeed is gaining popularity in North America, Europe, and Australia and more and more parts of the world are considering insects as the future of aquafeed.
In 2020, the Founder and CEO of Beta Hatch, Virginia Emery developed a novel insect-rearing technology that converts organic waste into high-value proteins, oils, and nutrients for aquafeed. The start-up secured funding for their product and has been growing to develop products and research that focus on sustainably sourced aquafeed.
While the demand for sustainable aquafeed has increased, there are some challenges yet to be overcome. However, the leading companies and some start-ups in the aquafeed industry have set an example and opened opportunities that can lead the aquaculture industry toward a more sustainable future. Slowly, more fish farmers and businesses will adopt alternative feed ingredients and the supply chain that focuses on a sustainable way of fish farming will establish.
Thanks to the increase in R&D in the market, one thing is sure that there is not a lack of potential ingredients for aquafeed. There are ways to embrace biodiversity and make the aquaculture industry better, greener, and more sustainable.
Author Bio
Swamini
Kulkarni
Swamini Kulkarni holds a bachelor’s degree in Instrumentation and Control Engineering from Pune University and works as a content writer at Allied Market Research. She is deeply fascinated by the impact of technology on human life and loves to talk about science and mythology. When she is not glued to the computer, she loves to read, travel and daydream about her areas of interest.
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