Aquafeed Market size to exceed USD 109bn by 2026
Published Date: October 19, 2020 Authors: Kunal Ahuja, Kritika Mamtani
Aquafeed Market size is set to surpass USD 109 billion by 2026, according to a new research report by Global Market Insights, Inc.
Increasing consumption of protein-rich food products coupled with the increasing fishing activities in different regions of the world is expected to boost the demand for aquafeed and aquaculture additives in the coming years. Increasing fish meal production in countries of South America and rising awareness regarding the use of plant-based aquafeed for easy digestion and healthy growth of aquatic species is likely to raise the product demand. Changing dietary patterns and increasing awareness regarding the importance of leading a healthy dietary lifestyle may further promote growth of the aquafeed and aquaculture additives market.
Health benefits such as development of bones, tooth, exoskeleton, skin and tissues to raise the demand for vitamins in aquaculture additives
The numerous benefits including healthy development of bones, tooth, exoskeleton, skin and tissues, improved immune system, enhanced calcium and phosphorus absorption capacity are likely to raise product demand in aquafeed. Besides, inclusion of vitamins in aquafeed maximizes feed formulation stability and improves protein synthesis and cellular division.
Ascorbic acid is finding increasing applications as a source of vitamin C in aquafeed owing to its strong reducing and antioxidant properties and ability to protect aquatic species from fin infections. The increasing use of feed antibiotics to control outbreak of diseases in aquatic species reduces the vitamin synthesizing capacity of aquatic microflora, thus raising the demand for vitamin supplements in aquafeed. The increasing competition among market players to develop improved vitamin-based aquafeed products is expected to further propel aquafeed market growth. For instance, DSM invests heavily in research and development to provide cost-effective vitamin C supplementation to prevent disease outbreak and boost immune system of farmed fish and shrimp. Aquaculture additives market through vitamins segment is expected to reach USD 105 million by 2026 growing at a CAGR of 3.5% over the forecast period.
Browse key industry insights spread across 290 pages with 332 market data tables and 48 figures & charts from the report, “Global Aquafeed 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, 2020 – 2026” in detail along with the table of contents:
Increased sustainability in mollusk farming and its increasing applications in pharmaceutical sector to foster the aquafeed market trends
High level of sustainability in farming of mollusks such as snails, winkles, limpets, oysters, scallops, clams, octopuses, cuttlefish and nautilus is expected to raise the demand for aquafeed in mollusk farming. Besides, guts in mollusks contain unique bacteria which are extensively used in medicinal purpose for antibiotic and therapeutic treatment of brain, which is expected to raise the product demand.
The increasing demand for oysters, cuttlefish and octopuses in different food delicacies is likely to further promote aquafeed industry outlook. Increasing government regulations in the form of implementation of stringent laws to protect aquaculture life is expected to drive the demand of mollusks in the years to come. The aquafeed market through mollusks segment is expected to reach USD 19 billion by 2026 growing at a CAGR of 4.3% throughout the assessment period.
Key players are engaging in acquiring smaller companies and merging with other players with a view to expand their client reach and product portfolio and strengthen their existing position in the market. Besides, market players are also focusing on research and development to develop innovative products and set their footprint in the aquafeed and aquaculture additives market. The primary industry players in aquafeed market include Alltech Inc., Norel Animal Nutrition, Archer Daniels Midland (ADM), BioMar A/S, Nutriad International, BASF SE, Aller Aqua A/S, ADDCON, Novus International, Dibaq A.S., Alicorp, Growel Feeds, Ridley Corporation, Biomin Holding Gmbh, Avanti Feeds Ltd., DSM, Evonik Industries, , Beneo Ingredients GmbH, Purina Animal Nutrition LLC, Cargill, Inc., NK Ingredients Pte. Ltd., De Heus Animal Nutrition, Skretting.
Increasing applications of mollusks in the pharmaceutical sector coupled with increasing consumption of fish and seafood products may scale-up growth of North America aquafeed and aquaculture additives market
North America aquafeed market is expected to experience considerable growth during the forecast period owing to the rapid development of pharmaceutical sector and increasing application of mollusks in treating problems of human nervous system. Changing food consumption patterns coupled with the increasing importance of omega-3 in diet may raise the demand for seafood in the next few years. Demand for aquaculture additives may escalate in the region owing to growing influence of advertising in pharmaceutical and retail industries. Increasing consumption of saltwater fish delicacies in Mexico is likely to increase the aquafeed production in the region, thus driving the market growth. Aquaculture additives market in North America is expected to reach over USD 252.40 million by 2026.
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