Aquafeed Additives Industry Overview
The global aquafeed additives market size is expected to reach USD 2.76 billion by 2028, according to a new study by Grand View Research, Inc. The market is estimated to reach a CAGR of 3.2% during the forecast years. Increasing consumption of the product for carp, salmon, tilapia, and catfish, due to their rising demand driven by their rich protein content, is anticipated to boost the industry's growth. The high content of omega-3 fatty acids in carp and its ability to reduce cholesterol levels have augmented their demand, which, in turn, is projected to propel the product demand over the forecast period.
The prevalence of fish mortality due to infections caused by parasites during fish farming also drives the consumption of anti-parasites. Moreover, increasing acceptance for aquafeed containing prebiotics, essential oils & natural extracts, palatants, and feed acidifiers is anticipated to boost the demand in the extended run. In Asia Pacific, increasing Direct Human Consumption (DHC) of fish coupled with growing population is anticipated to drive the market over the forecast period. The rapid growth in emerging countries, such as China and India can be attributed to large-scale fish farming due to favorable climatic conditions, cheap labor, and abundant availability of resources.
Aquafeed Additives Market Segmentation
Grand View Research has segmented the global aquafeed additives market on the basis of ingredients, application, and region:
Based on the Ingredients Insights, the market is segmented into Anti-parasitic, Feed Acidifiers, Prebiotics, Essential Oils & Natural Extracts, Palatants, and Others
- The feed acidifiers segment dominated the market with a revenue share of over 11% in 2020. This is attributed to their ability to prevent diseases caused by E. coli and Salmonella.
- Increasing demand for nutrient-rich ingredients for improving digestibility and palatability is anticipated to fuel the demand for palatants over the forecast period.
Based on the Application Insights, the market is segmented into Carp, Rainbow Trout, Salmon, Crustaceans, Tilapia, Catfish, Sea Bass, Groupers, and Others
- The catfish application segment dominated the market with a revenue share of more than 21.5% in 2020.The segment is expected to register the second-fastest CAGR, in terms of revenue, from 2021 to 2028.
- The tilapia segment is estimated to record the fastest CAGR from 2021 to 2028.
- The growing importance of omega-3 fatty acids in the food & beverage industry is likely to trigger the demand for carp as it helps decrease cholesterol levels.
Aquafeed Additives Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies Profile & Market Share Insights
The competition in the market is highly dependent upon the product mix, the number of sellers, and geographical location. Key manufacturers are engaged in R&D activities to produce natural & organic feed products. Online distribution of products is growing rapidly compared to direct sales; however, direct sales still hold a larger market value due to easy access. Major players are focusing on mergers and acquisitions to increase their presence throughout the value chain.
Some prominent players in the global Aquafeed Additives market include:
- Nutriad Inc.
- Olmix Group
- Lallemand Inc.
- Kemin Industries
- Nouryon
- DuPont de Nemours Inc.
- Biorigin
- AKER BIOMARINE
- Alltech
- Calanus AS
- Norel SA
- Diana Group
- Phileo by Lesaffre
Order a free sample PDF of the Aquafeed Additives Market Intelligence Study, published by Grand View Research.
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