USD 2.86 billion
Report ID:
SQMIG35H2066 |
Region:
Global |
Published Date: July, 2024
Pages:
219
|Tables:
122
|Figures:
77
Global Aquafeed Additives market size was valued at USD 2.86 billion in 2022 and is poised to grow from USD 2.95 billion in 2023 to USD 3.80 billion by 2031, at a CAGR of 3.21% during the forecast period (2024-2031).
Aquafeed Additives is becoming popular since It has several advantages such as improved fish health, increased growth rates, improved feed conversion, better water quality, and enhanced flavor and color.
Aqua feed additives are beneficial to the health of aquatic animals as they supplement essential nutrients, vitamins, and minerals that may be lacking in their diet. By providing these necessary elements, feed additives help prevent diseases and promote overall well-being. This is particularly important in aquaculture, where fish and other aquatic animals are often raised in controlled environments, which can limit their access to natural sources of nutrition. By including feed additives in their diets, aquaculture operations can ensure that their animals receive a balanced and complete diet, which can help them to grow stronger and healthier. Moreover, the use of feed additives can also reduce the risk of disease outbreaks, which can have a significant impact on the productivity and profitability of aquaculture operations. Therefore, aqua feed additives play a vital role in promoting the health and well-being of aquatic animals, thereby contributing to the sustainability of the aquaculture industry.
Along with this, The use of feed additives in aquaculture can significantly improve the growth rates of aquatic animals. Compared to animals that are not fed with additives, those that are supplemented with these additives can experience accelerated growth. This can be highly advantageous for aquaculture operations that require large quantities of fish or shrimp in a short amount of time. By providing the necessary nutrients, feed additives enable the animals to grow faster and reach maturity earlier, which can increase their market value and improve the efficiency of the operation. Additionally, faster growth rates can help reduce the amount of feed needed to produce a given amount of fish or shrimp, thereby reducing feed costs and improving profitability. The benefits of feed additives on growth rates have been extensively studied, and their efficacy has been demonstrated in many different species of aquatic animals.
US Aquafeed Additives Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2.86 billion
Largest Segment
Tilapia.
Fastest Growth
Tilapia.
Growth Rate
3.21% CAGR
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Global aquafeed additives market is segmented based on application, ingredient, function, types of additive, and region. By application, the market is segmented into tilapia, catfish, and others. By ingredient, the market is segmented into feed acidifier, essential oil and natural extracts, prebiotics, and others. By function, the market is segmented into growth promoters, immune stimulants, binders, antioxidants, and others. By type of additives, the market is segmented into amino acids, vitamins, minerals, enzymes, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Aquafeed Additives Market Analysis by Application
The market was dominated by the catfish application segment, accounting for major revenue share. This can be attributed to the high demand from consumers for catfish due to its rich vitamin D and omega-6 fatty acid content. The catfish segment is projected to have the second-fastest CAGR in terms of revenue from 2021 to 2028. On the other hand, the tilapia segment is estimated to record the fastest CAGR during the same period. Tilapia is a freshwater fish that is farmed in over 135 countries due to its low-cost vegetarian feed, high protein content, fast growth, and large size. Its adaptability and robustness to various cultural systems are expected to widen its production scope.
The increasing importance of omega-3 fatty acids in the food and beverage industry is expected to drive the demand for carp, as it is known to decrease cholesterol levels. These factors are anticipated to positively impact the growth of the carp application segment. Crustaceans, including lobsters, crabs, shrimps, crayfish, krill, and prawns, among others, are used in several food products, such as fish cakes, soups, pies, stocks, seafood chowder, and processed foods.
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The global market was dominated by Central & South America, with a significant revenue share. The region's dominance is attributed to the favorable climatic conditions and the availability of locally produced fish feed made from basic raw materials such as fish oil and fish meal. Additionally, the region is expected to register the fastest CAGR during the forecast period. Egypt's aquaculture sector is growing significantly due to the abundant availability of raw materials and the presence of large-scale manufacturers. The country mainly cultivated species such as tilapia, carp, and mullet and is a significant producer and consumer of seafood. North America is projected to witness substantial growth due to the rising consumption of seafood in countries such as the U.S. and Canada. The increased demand for species such as salmonids and mollusks, hard clams, oysters, and mussels is contributing to the growth of the regional market. The growing demand for aquaculture-produced seafood is due to the decline in wild fishery production, along with increased daily consumption of seafood across the region. Furthermore, the improved environmental management and an increase in feed and nutrient consumption efficiency have aided the market's growth in the region. The growing demand for salmon in the interior regions has led to an increase in the demand for anesthetics and sedation materials during transportation, thereby driving the product demand.
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Aquafeed Additives Market Drivers
Rising Demand for Seafood is Boosting the Aquafeed Additives Market
Aquafeed Additives Market Restraints
Several Environmental Concerns to Hamper Market Growth
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The aqua feed additives market is a highly competitive industry, with a multitude of companies vying for a share of the market. These companies are in fierce competition with one another, and they compete on various factors such as the quality of their products, their prices, distribution channels, and their ability to innovate. Product quality is one of the most important competitive factors in the aqua feed additives market. Aquaculture producers require feed additives that can provide their aquatic animals with the essential nutrients and minerals they need while also promoting their health and growth. Companies that can deliver high-quality products that meet these requirements are likely to be successful in the market. Price is another significant factor in the competitive landscape of the aqua feed additives market. Producers are willing to pay a premium for high-quality feed additives, but they also look for cost-effective solutions that can help them enhance their bottom line. Companies that offer competitively priced products that meet the same quality standards are more likely to succeed in the market. Innovation is the final competitive factor in the aqua feed additives market. Aquaculture producers are continually searching for new and innovative products that can help them improve the health and productivity of their aquatic animals. Companies that can create and bring to market new products that meet these needs are likely to gain a competitive edge over their rivals. Overall the aqua feed additives market is highly competitive, with companies competing on factors such as product quality, price, distribution, and innovation. Companies that excel in these areas are likely to succeed in the market, while those that fall short may struggle to gain market share.
Aquafeed Additives Market Top Player’s Company Profiles
Aquafeed Additives Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
After conducting a thorough analysis of the global Aquafeed Additives market, we anticipate substantial growth during the forecast period due to the array of benefits that it offers. These benefits include enhancing the health of aquatic animals, promoting increased growth rates, optimizing feed conversion, improving water quality, and enhancing the taste and color of seafood. As a result, there will be a high demand for aquaculture products, creating significant opportunities for the aqua feed additives market. These feed additives are critical in enhancing the productivity and growth of aquatic animals, thereby addressing the growing demand for seafood.
However, the environmental impact of the aquaculture industry has been a major concern, with issues related to water pollution and disease outbreaks being some of the pressing issues. Hence, it is important for the aqua feed additives industry to adopt sustainable practices that can mitigate these concerns, thereby promoting a more environmentally responsible and profitable industry.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 2.86 billion |
Market size value in 2031 | USD 3.80 billion |
Growth Rate | 3.21% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Aquafeed Additives Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Aquafeed Additives Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Report ID: SQMIG35H2066