Global aquafeed and aquaculture additives market size will project appreciable growth during 2021 -2027. According to Global Market Insights Inc., the aquafeed and aquaculture additives industry will be worth over USD 116 Bn by 2027.
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A rapid upsurge in the world population and the proliferating need for food resources are the primary factors contributing to the expansion of the aquafeed additives market in the foreseeable future. The presence of essential fatty acids like omega-3 and omega-6 in fish has substantially boosted fish consumption and fish farming activities, which will support the industry forecast in the years ahead.
Moreover, expanding aquaculture industry coupled with the rising concerns about animal health and nutrition will propel the aquafeed and aquaculture additives market outlook during the forecast period.
The sudden onset of COVID-19 posed several challenges to the aquafeed and aquaculture additives industry, especially during the first half of 2020. Logistic constraints, mobility restrictions, and government limitations on non-essential product categories severely impacted the production and manufacturing operations. Shutting down of restaurants and food cafeterias along with falling tour and travel industry significantly reduced the seafood consumption, further hampering the industry share.
However, industry players are now implementing necessary growth initiatives to maintain the steady flow of goods and services by running industrial operations at an optimum pace. This, in turn, will push the aquafeed and aquaculture additives market trends and help it recover from the current pandemic situation shortly.
The report features a detailed analysis of major segments of the aquaculture feed market based on product, end-use, and region.
By Product
- Antibiotics
- Amino acids
- Feed acidifiers
- Vitamins
- Other
By End-Use
- Mollusks
- Crustaceans
- Carp
- Catfish
- Salmon
- Tilapia
- Other
By Region
- Asia Pacific
- North America
- Europe
- Latin America
- Middle East and Africa
Some of the eminent players of the aquaculture feed market include Alltech, Biomar, Addcon, Ridley, Aller Aqua, Dibaq Aquaculture, Biomin, and Cargill, Inc.
Integration of amino acids in aquafeeds will trigger industry expansion.
There has been a considerable rise in the usage of synthetic amino acids in animal feeds over the past few years. Amino acids boost the digestibility measurements of several feed ingredients and allow better utilization of nutrients by reducing the amount of crude protein. The incorporation of amino acids helps support sustainable livestock production by reducing nitrogen excretion, CO2 emissions, and ecological footprint. Furthermore, they have significantly reduced antibiotic abuse among livestock animals and enhanced overall livestock performance.
These factors, coupled with the reduction in the aquafeed expenditure and improvement in the nutritional value of the feed due to amino acids, will support the aquafeed and aquaculture additives market outlook in the near future.
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Escalating tactical alliances will bring about substantial progression.
Industry players are adopting necessary growth strategies like collaborations, partnerships, mergers, and acquisitions to foster industry growth and strengthen their existing customer base. For instance, Adisseo and Calysta established a Joint-Venture in February 2020 to depreciate FeedKind®, which is an innovative Feed Solution for Aquaculture.
In December 2021, Nutreco announced the acquisition of Danish company Nutrimin. The deal will benefit the latter with the former’s cost-effective, environmentally conscious, and innovative species solutions.
This, in addition to several other expansion tactics, will boost the aquafeed and aquaculture additives market forecast in the forthcoming years.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision-making.
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