Overview and Scope
Aquafeed additives refer to a substance that is used for improving the quality of aqua species by protecting the physical and chemical quality of their diet. It is a nutritive/non-nutritive ingredient provided in a small amount. Aquafeed additives are high in protein and omega-3 fatty acids, boosting the nutritional value of the feed and giving benefits such as a higher growth rate, feed conversion, and a more robust immune system.
Sizing and Forecast
The aquafeed additives market size has grown strongly in recent years. It will grow from $1.63 billion in 2023 to $1.76 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to growing aquaculture industry, nutritional requirements, health and disease management.
The aquafeed additives market size is expected to see strong growth in the next few years. It will grow to $2.32 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to population growth and urbanization, environmental sustainability, regulatory changes, global economic trends. Major trends in the forecast period include research and development, sustainable practices, alternative proteins, functional feed ingredients, digitalization and precision aquaculture, customization in formulations, clean label additives.
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Segmentation & Regional Insights
The aquafeed additives market covered in this report is segmented –
1) By Source: Animal, Microorganisms, Plant
2) By Ingredient: Anti-Parasitic, Feed Acidifiers, Prebiotics, Essential Oils And Natural Extracts, Palatants, Other Ingredients
3) By Application: Carp, Rainbow Trout, Salmon, Crustaceans, Tilapia, Catfish, Sea Bass, Grouper, Other Application
North America was the largest region in the aquafeed additives market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the aquafeed additives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rise in consumption and demand for seafood is expected to propel the growth of the aquafeed additives market. Consumer preference for seafood as a protein source, and increased demand for exotic marine species such as shrimp and oysters, is boosting the growth of seafood. These species improve the protein requirements as they contain significant levels of vitamins, fat, and fatty oils such as sardine oil, squid oil, essential amino acids, phospholipids, and cholesterol, which are very beneficial for one’s health. For instance, according to the Organization for Economic Cooperation and Development (OECD), a France-based intergovernmental economic organization, 90% of the fish produced will be consumed by humans, with consumption anticipated to increase by 16.3% by 2029. Therefore, the rise in seafood and marine species consumption will drive the aquafeed additives market.
Key Industry Players
Major companies operating in the aquafeed additives market report are Aker Biomarine, Alltech, Biorigin, Kemin Industries Inc., Norel SA, BioMar Group A/S, Cargill Inc., DuPont de Nemours Inc., Nutreco NV, Nutriad Ltd., Calanus AS, Olmix Group, Lallemand Inc., Nouryon B. V., Delacon Biotech Nik Ges. m. b. H., Camlin Fine Sciences Ltd., Diana S. A. S., Aller Aqua A/S, Archer Daniels Midland Company, Ridley Corporation Ltd., Thai Union, Inve Aquaculture Inc., Growel Feeds Pvt. Ltd., BASF SE, Bluestar Adisseo Company, Wilbur-Ellis Nutrition LLC, Purina Animal Nutrition LLC, Koninklijke DSM N. V., Skretting, Clextral S. A. S., Trouw Nutrition LLC, Balchem Corporation, AquaBounty Technologies, Scoular, Nutra Blend LLC
The aquafeed additives market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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