According to a report,"Aquafeed Additives Market Size, Share & Trends Analysis Report By Ingredient (Anti-Parasitic, Feed Acidifiers, Prebiotics, Palatants), By Application, By Region, And Segment Forecasts, 2019 - 2025", published by Grand View Research, Inc., The global aquafeed additives market size is expected to reach USD 2.5 billion by 2025, progressing at a CAGR of 3.2% over the forecast period. Initiatives, such as Made in China by the government of China and Make in India by the government of India, are mainly beneficial for manufacturing sector and anticipated to boost the production of aquafeed in the domestic market. This is in turn anticipated to drive the demand for aquafeed additives.
In 2018, China emerged as the prominent producer of aquatic feed additives and importer of barley, fishmeal, rapeseed, soybeans, and sorghum, which are extensively utilized in producing aquafeed additives. In addition, increasing consumption of salmon, catfish, and crustaceans in food sector in Asia Pacific is anticipated to drive the demand for feed for these species. In February 2019, Olmix Group launched its Searup and Algimun from the Olmix’s Immunity range to establish a successful market presence, which is also likely to drive the growth of aqua feed additives market in the near future.
The requirement of nutrients varies with the diet and the life stage of animals. Addition of insect meal in the diet of fish helps improve their immune system as well as promote performance. Hence, several feed manufacturers are focusing on the production of insect meal. Increasing preference toward natural feed and organic feed products among aquafeed manufacturers is an evolving trend, which is anticipated to drive the use of plant-based feed additives.
Key Takeaways from the report:
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Asia Pacific held the largest market revenue share in 2018 and is projected to ascend at the highest CAGR of 3.7% over the forecast period
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In 2018, China emerged as the prominent producer of aquafeed additives and importer of barley, fishmeal, rapeseed, soybeans, and sorghum, which are extensively utilized in producing aquafeed additives
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About 80% of the producers of aquafeed additives sell their products directly to fish farmers or feed manufacturers either on credit or in cash and the remaining 20% producers sell their products through intermediaries such as traders
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Aquafeed additives, such as antiparasites, feed acidifiers, and palatants, are preferred while preparing aquafeed as they assist in diminishing bacteria present in the feed, enhance quality of the feed, and minimize the risk of diseases in fish
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High fluctuations in raw material prices coupled with moderate prices of aquafeed owing to rising competition among manufacturers are anticipated to restrict the growth of the market.
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Regional Insights
Aquaculture industry in North America market is projected to witness significant growth on account of rising consumption of seafood in countries such as the U.S. and Canada. The increasing consumption of the species such as salmonids and mollusks, especially hard clams, oysters, and mussels, is substantially contributing to the market growth.
North American aquaculture market serves both international and domestic markets. Ascending demand for aquaculture-produced seafood can be attributed to a shortfall in wild fishery production as well as increased consumption of seafood as a part of the diet of individuals in the region.
The demand for aquafeed additives in European market increased significantly over the past decade majorly on account of the expanding marine aquaculture in Norway, Denmark, and Ireland. Significant improvement in efficiency of feed and nutrient consumption coupled with improving environmental management has aided the growth of aquatic feed additives market in the region.
Growing aquaculture industry in Europe market is expected to drive the demand for aquafeed additives over the forecast period. Rising popularity of mussels in the region as a source of inexpensive protein coupled with the presence of fish breeding bases in Western Europe is anticipated to supplement the growth of market for aquafeed additives over the forecast period.
Aquafeed Additives Market Share Insights
Players in this market are major producers who are termed as leaders owing to their continuous engagement in R&D activities related to the products and the market, which prepare them to face any changes and challenges in the future. Increasing preference for natural feed and organic feed products among aquafeed manufacturers is an evolving trend, with the growing demand for such products. The key players operating in the market are Nutriad; Olmix Group; Lallemand, Inc.; Kemin Industries, Inc; Biorigin; Nouryon; DuPont de Nemours, Inc; Delacon; Camlin Fine Sciences Ltd.; Phileo by Lesaffre; Diana Group; Alltech; Norel S.A.; Calanus AS; and Aker Biomarine.
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