Aquafeed and Aquaculture Additives Market size to exceed $116.95bn by 2027
Published Date: October 1, 2021 Authors: Kunal Ahuja, Kritika Mamtani
Aquafeed and Aquaculture Additives Market size is anticipated to surpass USD 116.95 billion by 2027, according to a new research report by Global Market Insights, Inc.
The increasing fish consumption along with growth in the processed seafood industry has led to a rise in aquafeed market size. Favorable government regulations & standards by the EU pertaining to the approval of insect protein usage in aquafeed will stimulate the industry growth. Positive outlook for vitamins, antibiotics, and feed acidifiers will drive the aquaculture additive demand. Vitamin C is one of the crucial elements for aquaculture diets due to the lack of ability of fishes to synthesize this nutrient.
The growing population along with increasing consumer spending on premium food has led to a rise in salmon consumption. Aquafeeds are composed of fish oil and fish meal derived from forage fishes. When it is fed to salmon or other aquatic species, a forage fish passes on its omega-3 fatty acid content.
The salmon is consumed in fresh, frozen, and canned forms and is either processed or imported. Pacific salmon accounted for 45% of the canned products, 34% of the frozen products, and 21% of the fresh products. Likewise, manufacturers of feeds for salmon, tilapia, and catfish are focusing and relying on various aquafeed dryers and coolers which are efficient for various aquafeed production is uplifting market growth and anticipated to remain significant over the forecasted period.
Viable sources of protein and low fat & high omega- 3 fatty acids will stimulate aquafeed market demand from the carp end-use segment.
The global aquafeed and aquaculture additives market size from carps end use segment is projected to grow at a CAGR of over 5.1% during the forecast period. Carps are omnivorous consuming animal food, such as larvae of insects, zooplankton and mollusks. Additionally, carps also consume leaves, stalks and seeds of terrestrial and aquatic plants. They are extensively reared owing to its adaptability to changing climate.
Browse key industry insights spread across 280 pages with 326 market data tables and 46 figures & charts from the report, “Aquafeed And Aquaculture Additives Market Statistics, By Application (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, 2021 – 2027” in detail along with the table of contents:
Acidifiers including organic acids and salt function as conserving agents, reducing the pH of the feed, and stimulating market expansion
Aquafeed market from the acidifiers segment is anticipated to witness a significant growth of around 3.5% during the forecast period. Acidifiers such as organic acids and salt have the ability to preserve food, reduce pathogen impacts, and improve feed conversion rate. Organic acid acts as preservative and improves the livestock performance.
Optimum nutrition is essential to accelerate fish growth and increase the production potential. Manufacturers are hence drawn toward natural growth promoters as a substitute to antibiotic growth promoters in aquafeed due to the consumer demand for antibiotic-free fish & fish products. The use of organic acids and their salts in the diets as growth enhancers has been proven, further propelling the market statistics.
Dietary organic acids can promote pancreatic enzyme secretion, reduce gastric pH, inhibit pathogens, provide energy, improve mineral utilization, and improve nutrient digestibility, promoting the fish growth. Aquaculture is also expected to be a key focus over the next decades to deliver high-quality protein to the world's growing population.
Asia Pacific aquafeed market is gaining traction owing to the increasing fish consumption
The Asia Pacific aquafeed and aquaculture additives market is anticipated to gain traction with a CAGR of over 5% through 2027. Fish is an important dietary component for human consumption, which lowers the risks of heart diseases and manages weight. Fish nutrients include vitamin D, protein, Vitamin B12, selenium, and omega-3 fatty acids. According to the dietary guidelines, adults must consume two fish meals a week. The increasing aquaculture sector has led to a rise in fish consumption due to the growing need for animal proteins.
As per the Food and Agriculture Organization (FAO), seafood accounted for over 15% of the of the animal protein intake by the global population. Fish & other aquatic animals are playing important roles, mainly in China, India, Thailand, and Malaysia, owing to a wide range of fishery resources, freshwater & marine, driving the regional aquafeed and aquaculture additives market size.
Key manufacturers of the aquafeed market are investing in several activities such as mergers, acquisitions, collaborations, and research & development. Some of the key players operating in the market are Biomar A/S, Ridley Corporation, Norel Animal Nutrition, Aller Aqua A/S, BASF SE, Biomin Holding GmbH, De Heus Animal Nutrition, Avanti Feeds Ltd., NK Ingredients Pte. Ltd., Evonik Industries, Growel Feeds, and Purina Animal Nutrition LLC.
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