Asia Pacific led by India, Japan, South Korea, and China aquafeed market demand was estimated at over 30 million tons in 2017. Rapid urbanization in India and China coupled with increase in disposable income has led to rise in fish consumption due to reduced wastage are key attributes driving the regional industry growth. Aquafeed & Aquaculture Additives Market is set to surpass USD 215 billion by 2024; according to a new research report by Global Market Insights, Inc.
Growing consumer demand towards seafood products and its types should stimulate aquafeed and aquaculture additives market size. Rise in consumer demand for fish mainly in China, India, Malaysia and Thailand owing to wide range of fishery sources in marine and freshwater will result into enhanced product demand.
High quality aquafeed demand has led to rise in feed additives and compound feed consumption. Fish meal and fish oil are the key ingredients used for aquafeed production process. Manufacturers are investing in R&D and looking for suitable replacement to these raw materials which are used for functional feeds, which in turn will promulgate industry growth.
Feed acidifiers based aquaculture additives market size is likely to reach over USD 115 million by 2024. Acidifiers have the ability to preserve food, reduce pathogen impacts and improve feed conversion rate. They function as preserving agent by dipping the pH of the feed, and thereby hindering microbial and other pathogenically growth, which may propel industry growth.
Major raw materials used in aquafeed manufacturing include fish oil and fish meal. Fishmeal contains antioxidants that reduces the damage possibility from highly reactive toxic substances. Fish oil is widely used as a feed ingredient in human and animal nutritional applications. Increasing consumer awareness pertaining to health benefits of EPA and DHA should drive fish oil market size.
Aquafeed market size from tilapia will witness significant growth close to 10.5% by the end of projected timeframe. Tilapia is among the easiest and most profitable to farm owing to its omnivorous diet, mode of reproduction, rapid growth and tolerance to high stocking density. They have high survival rate up to 70% and are resistant to diseases, thus keeping production cost low and drives the overall industry growth.
North America led by the U.S. aquaculture additives market size may exceed USD 190 million by the end of foreseeable timeframe. Increasing demand for imported seafood products coupled with growing demand for catfish and tilapia feed result in increased industry expansion. Incorporation of fish meal in the diet of aquatic animals minimize effects of waste water effluents by enhancing greater nutrient digestibility which is likely to have positive influence on fish meal demand.
Germany aquaculture additives market size was valued at over USD 2 million in 2017. Approval of insect-based protein by EU for manufacturers complying with hygiene and safety standards should drive product demand. Substantially rising processed food and fast food industry, change in consumer preference of ready to eat foods and rising disposable income should propel regional industry growth.
Aquafeed market demand from catfish should register significant growth at over 10.5% by 2024. Cat fish are carnivorous, and diet mostly is based on frogs, worms and insects. Cat fish is a source of omega-3 and omega-6 fatty acids, protein, B-12 vitamin and minerals like magnesium. The feed for cat fish are unique and must be pelleted, water stable and floatable on water surface. These feeds are manufactured in highly digestible form which provide rapid and efficient growth.
Cargill, Alltech, Norel Animal Nutrition, ADM and Skretting are the key manufacturers in aquafeed & aquaculture additives market. Most of the companies are focusing to develop advanced products to increase the market demand which in turn may escalate the market over the foreseeable timeframe.