Aquafeed Market Size By End-Use (Crustaceans, Mollusks, Carp, Salmon, Catfish, Tilapia), Aquaculture Additives Market Size By Product (Amino Acids, Antibiotics, Vitamins, Feed Acidifiers), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024
Published Date: January 2018 | 155 Pages | Report ID: GMI495 Report Format: PDF
Aquafeed Market size was over USD 80 billion in 2016 the industry expects consumption above 115 million tons by 2024. Aquaculture Additives Market size was over USD 950 million in 2016.
Europe Aquafeed Market Size, By End-Use, 2016 & 2024, (USD Million)
Increasing fish consumption along with rising consumer awareness on seafood products quality should drive aquafeed market size. Fish is the key source of animal proteins and contains long chain of omega-3 fatty acid, supplies nutrients such as calcium, iodine, and vitamin D. Rise in per capita disposable income in China and India along with rapid urbanization has led to rise in fish consumption due to reduced wastage which are the key factors driving the industry growth. As per FAO, seafood accounted for over 15% of the global population of animal protein intake. Asia accounted for over 65% of the global fish production in 2016. They are gaining importance owing to wide range marine and freshwater resources, thereby driving aquafeed and aquaculture additives market size.
Increasing marine aquaculture production has led to rise in shrimp, mollusks, and salmon feed owing to technological advancement and various innovative techniques is likely to drive aquaculture additives market demand. Aquaculture accounted for over 50% of the total fish consumption in 2017. Increasing fish production along with fisheries business expansion will drive industry growth. India accounted for over 10% of the total market share in 2016. Increasing shrimp farming in the coastal areas accompanied with rise in government spending in fishery business will escalate industry growth in the region.
Fish meal and fish oil are the key ingredients used for the production process of aquaculture feed. Approximately, 35% of the total fishmeal production is mainly obtained from fish by-products. Rise in fishmeal production will expand aquaculture production due to improved efficiency. Peru is the largest producer of fish meal and accounts for over 15% of the overall fish meal production. Fish meal production in Peru was over 730 kilo tons in 2017 with an increase of 11% from 2016. Fluctuations in anchoveta catches owing to El Nino phenomenon referring to the climatic changes and season may hinder fish meal production thereby affecting aquafeed industry profitability. Also, strict environmental norms regarding fish catching in China and Peru may hamper the industry growth. However, favorable climatic condition may have a positive impact on the anchovy fish quality which will increase fishmeal import, thereby driving aquaculture additives market size.
Aquaculture Additives Market, By Product
Amino acids based aquaculture additives market size should register gains at over 5% during the forecast period. Fish requires essential amino acid such as threonine, tryptophan, lysine, and methionine. Fish feed is prepared by soybean meal which is low in methionine and it must be added in the diet to promote heath and growth.
Antibiotics in aquaculture additives market size is poised to exceed USD 280 million by 2024. It mainly depends on fish farming practices, government norms and regulations. Usage if antibiotics mainly enhance productivity, prevent disease, and maximize efficiency. Strong R&D spending for drug resistance product in fish, prawns, and shrimps along with stringent screening programs to restrict product usage may fuel product demand.
Feed acidifiers in aquaculture additives market size may witness significant gains over the forecast timeframe. It has the ability to reduce pathogen impacts, disease prevention, improve feed conversion rate, and preserve food. Usage of AGPs as feed additives in shrimp and fish diets can improvise weight.
Aquafeed Market, By End-Use
Aquafeed market size from carp is projected to reach at over USD 55 billion by 2024. It is a viable source of protein which contains high omega-3 fatty acid and low-fat content imparting high growth rate. Also, they are reared extensively owing to its adaptability to changing weather conditions.
Aquafeed market size from salmon may witness significant gains at over 11% up to 2024. Atlantic salmon is commercially farmed due to its ease of farming technologies and easy availability in Norway, Scotland, and Ireland. Various government policies for purchasing genetically engineered product accompanied with increasing its consumption is driving the industry growth of aquafeed market.
Aquafeed market demand from mollusks is poised to exceed USD 40 billion by 2024. Mollusks such as oysters and clams are major food sources for human containing nutrients and provide health benefits. They are found in bacteria form which has application scope in medicinal purpose for neurological and antibiotic treatment.
Aquafeed & Aquaculture Additives Market, By Region
Asia Pacific driven by India, Japan and China aquafeed market may surpass USD 125 billion over the foreseeable timeframe. Fish production business expansion in China along with increasing salmon fishing on account of ease of farming technology, and ability to grow within land based farm systems should drive regional industry growth. Inexpensive labor, ambient environmental conditons, and resource availability may drive industry growth in the region. Rise in disposable income along with improved standard of living should stimulate industry growth.
Europe aquaculture additives market size, driven by UK, France, and Germany should register gains at over 4% up to 2024. Atlantic salmon, rainbow trout, sea breams, and seabass are major farmed species in the region. Rise in fish consumption owing to shifting preferences towards high protein diets may escalate regional industry growth.
North America driven by the U.S. aquafeed market size should witness significant gains at over 10.5% during the forecast timeframe. Increasing fish demand along with supportive government regulations should drive industry growth in the region. The U.S. is the major importer of salmon and tilapia fish and companies are investing for product launch in local and international market.
Competitive Market Share
Global aquafeed market share is moderately fragmented due to presence of various market players. Cargill, Biomar, Addcon, Alltech, Ridley Corporation, Norel Animal Nutrition, and Biomin are key industry participants catering to domestic and international market. Market may witness consolidation in the form of mergers & acquisitions and joint ventures which may strengthen product portfolio and increase the regional presence.
Aquafeed & Aquaculture Additives Industry Background
Aquafeed are mainly compound meals, prepared for aquatic animals by mixing various raw materials and ingredients. Positive outlook in aquaculture additives market due to its nutritional benefits, growth promoting properties, and resistance immunity should drive industry growth. Fish feed contains nutrient and energy sources for fish health and growth. Deficiencies of these substances can reduce growth rates or lead to various diseases.
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