Aquafeed Additives Market: Introduction
A recent study published by Transparency Market Research on the aquafeed additives market includes global industry analysis and opportunity assessment for 2019-2029. The global aquafeed additives market is expected to be valued at ~US$ 1.3 Bn in 2019, which is projected to rise at a CAGR of ~5%, to reach US$ 2.2 Bn by 2029.
Increasing Preference for Plant-based Additives Drives Market
In the current scenario, plant-based additives derived from corn, soybean, cotton seed, peas, sunflower seed and other organic sources are in high demand. Sources of these additives are naturally high in protein and nutrition content and are therefore more in demand in the aquafeed additives industry.
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Furthermore, additives derived from natural sources are easier to digest as compared to other animal-derived proteins. Therefore, they are better and best alternative of animal-based additives used for aquafeed manufacturing, as they are easier to digest and have a higher protein content.
Middle East Africa Region Offers Attractive Growth Opportunities
Regions such as North America, Latin America, Europe, and Asia Pacific (including East, South Asia, and Oceania) are anticipated to hold prominent share in the global aquafeed additives market in terms of value. However, the Middle East Africa aquafeed additives market is expected to grow at a higher rate during the forecast period. Growth witnessed in the region is driven by fluctuations in the aquafeed pattern. Increasing inclination towards plant-based ingredients in aquafeed additives has bode well for the regional market.
Additionally, macroeconomic factors including growing population, rapid industrialization, and urbanization across the globe have enhanced the confidence of the investors in the aquafeed additives market. Apart from this, farmers of aquaculture are more aware about what they are feeding their aquatic animals including fish and other spices; hence, the aquafeed additives market is anticipated to witness high growth over the forthcoming period.
Increasing Demand for Seafood across Multiple Regions
The global market for aquafeed additives has been segmented on the basis of product type into amino acids, antioxidants, antibiotics, vitamins, minerals, feed acidifiers, and feed enzymes. The increasing availability of different types of additives and their increases uses in feeding fishes and other aquatic animals are driving the market.
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According to the data published by Food and Agriculture Organization of the United Nations (FAO), it was observed that in 2017 aquaculture’s share in direct human consumption was 55% and is increasing with each passing year. This growing consumption of seafood by humans is directly proportionate to the growing demand for plant-based fish feed. This will in turn create growth opportunities for the aquafeed additives market over the forecast period.
Global Aquafeed Additives Market: Segmentation
Aquafeed Additives Market, by Product Type
- Amino Acids
- Antioxidants
- Antibiotics
- Vitamins
- Minerals
- Feed Acidifiers
- Feed Enzymes
Aquafeed Additives Market, by Application
- Carps
- Marine Shrimps
- Tilapia
- Catfish
- Salmon
- Sea Bass
- Others
Manufacturers Focus on Revenue Opportunities in Asia Pacific
Companies in the aquafeed additives market are eyeing opportunities in Asia Pacific and Europe, since the production of aquaculture feed is anticipated to increase in these regions. Manufacturers are targeting countries such as Vietnam, India, and Indonesia to create steady revenue streams. Likewise, China is also emerging as a profitable region for business expansions. These drivers have triggered the demand for feed supplements for optimum shrimp farming. Thus, companies in the aquafeed additives market are increasing RD to introduce phytomolecules, prebiotics, and organic acids in these supplements.
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Aquafeed Additives Market: Trends
Aquafeed additives producers need support from investors to grow, as investors have medium- to long-term horizons and a willingness to invest in capital-intensive infrastructure. Manufacturers are exploring new ways to overcome this problem. Therefore, aquafeed additives such as animal-based, plant-based and microorganism based additives are best alternative to traditional ingredients in aquafeed additives, as they reduce the cost of production and are good sources of protein.
Plant-based aquafeed additives are expected to offer better long-term value, but to withstand the price fluctuations affecting fish and grain meals, they may have to compete on the basis of enhanced functionality as compared to other sources of aquafeed additives.
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