The rising consumption of seafood is directly proportional to the growing demand for aquafeed. Thus, the rising demand for seafood across the globe is driving the market growth. The rising demand for plant-based aqua additives is anticipated to offer various growth opportunities in the market over the forecast period. The North American region dominated the global aquafeed additives market with a market share of 40.01% in the year 2021.
Newark, Oct. 04, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global aquafeed additives market is expected to grow from USD 4.40 billion in 2021 to USD 6.32 billion by 2030, at a CAGR of 4.10% during the forecast period 2022-2030.
As the global population is expected to reach 9 billion by the year 2050, there will be a growing demand for more food-which can be fulfilled by the aquaculture industry. Aquaculture is an essential part of the solution to the global food industry. Seafood is recognized as the healthiest food on the planet, with less environmental impact. Fish is significant to the nutritious diet around the globe. For these reasons, they are vital for regional, national, and global nutrition and food security strategies and play a crucial role in transforming food systems and eliminating malnutrition and hunger. The growing consumption of seafood is directly proportional to the rising demand for aquafeed. Thus, the rising demand for seafood across the globe is driving market growth.
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The aquafeed additives are added during the preparation of the aquafeed to improve the quality of the feed, feed efficiency of the fish, and health performance. The aquafeed additives improve the growth, and immune response and induce the physiological functions in the fishes.
The aquafeed additives market is experiencing high growth owing to the rising consumption of seafood across the globe, which is propelling the growth of the aquafeed additives market. Increasing awareness about the health benefits of seafood is further propelling the growth of the market. However, the high cost of the aquafeed additives could hinder the growth of the market over the forecast period. In addition to this, fluctuation in raw material prices is also hampering the market’s growth in the upcoming years. However, rising research and development activities in aquafeed additives production are anticipated to offer various growth opportunities over the forecast period.
Major players in the global aquafeed additives market are Kemin Industries, Nouryon, Norel SA, Calanus AS, Alltech, Lallemand Inc., Olmix Group, Nutriad Inc., DuPont de Nemours Inc, Biorigin, Phileo by Lesaffre, and Aker Biomarine among others. The key players of the global aquafeed additives market are majorly focusing on the adoption of various strategies such as mergers & acquisitions, product launches, forming a strong distribution network, geographical expansion, and widening the product portfolio to gain a significant market share in the industry.
• In December 2020, Kemin Industries announced the distribution and logistics partnership with Pestell Nutrition across Canada. This partnership is expected to help Kemin Industries to distribute its products to a wider range of customers while giving Pestell Nutrition the opportunity to broaden its value-added feed additives product range across Canada.
• In September 2020, Lallemand Inc. announced its geographical expansion by opening a new office in Ho Chi Minh City, Vietnam, to distribute products for aquaculture feed additives, pork, ruminants, and poultry throughout Vietnam.
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The antibiotics segment is anticipated to grow at the highest CAGR of 5.7% over the forecast period
The type segment is divided into amino acids, antibiotics, vitamins, feed acidifiers, and others. The antibiotics segment is anticipated to grow at the highest CAGR of 5.7% over the forecast period. The rising prevalence of infectious diseases among the aqua life is one of the key factors which is driving the growth of the antibiotics segment. Infectious disease such as bacterial infection poses hazards to aqua life. The antibiotics aquafeed additives prevent the metabolism of microorganisms that harm animal health.
The plant-based aquafeed additives segment accounted for the major market share of 80.20% in the year 2021
The source segment is divided into plant, animal, and microorganisms. The plant-based aquafeed additives segment accounted for the major market share of 80.20% in the year 2021. Plant-based aquafeed additives are a natural source of proteins and nutrition. In addition to this, plant-based aquafeed additives are easier to digest than animal and microorganism-based aquafeed additives.
The sea bass segment is expected to grow at the highest CAGR of 5.01 over the forecast period
The application segment is divided into carp, crustaceans, rainbow trout, salmon, tilapia, sea bass, catfish, groupers, and others. The sea bass segment is expected to grow at the highest CAGR of 5.01 over the forecast period. The sea bass is a common name referred to the variety of different species of fish. The sea bass has low calories and is enriched with proteins. Therefore, rising demand for sea bass across the globe is driving the growth of this particular segment.
Regional Segment Analysis of the Aquafeed Additives Market
• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
The North American region dominated the global aquafeed additives market in the year 2021. High consumption of seafood across the countries such as the U.S. and Canada is one of the key factors that are driving the growth of the market. Besides, the Europe region accounted for a significant market share in 2021 in the global aquafeed additives market. The high demand for aquafeed additives in the countries such as Norway, Ireland, and Denmark is boosting the market’s growth in the European region.
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About the report:
The global aquafeed additives market is analyzed on the basis of value (USD Billion) and Volume (K Tons). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, and competitor position grid analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.