Aquafeed Additives Market Size, Share, Growth, Trend Analysis and Forecast Reportby Susan Hill Business Consultant
The global aquafeed additives market size is expected to reach USD 2.5 billion by 2025, progressing at a CAGR of 3.2% over the forecast period, as per a new report by Grand View Research, Inc. Initiatives, such as Made in China by the government of China and Make in India by the government of India, are mainly beneficial for manufacturing sector and anticipated to boost the production of aquafeed in the domestic market. This is in turn anticipated to drive the demand for aquafeed additives.
In 2018, China emerged as the prominent producer of aquatic feed additives and importer of barley, fishmeal, rapeseed, soybeans, and sorghum, which are extensively utilized in producing aquafeed additives. In addition, increasing consumption of salmon, catfish, and crustaceans in food sector in Asia Pacific is anticipated to drive the demand for feed for these species. In February 2019, Olmix Group launched its Searup and Algimun from the Olmix’s Immunity range to establish a successful market presence, which is also likely to drive the growth of aqua feed additives market in the near future.
The requirement of nutrients varies with the diet and the life stage of animals. Addition of insect meal in the diet of fish helps improve their immune system as well as promote performance. Hence, several feed manufacturers are focusing on the production of insect meal. Increasing preference toward natural feed and organic feed products among aquafeed manufacturers is an evolving trend, which is anticipated to drive the use of plant-based feed additives.
Further key findings from the report suggest:
- Asia Pacific held the largest market revenue share in 2018 and is projected to ascend at the highest CAGR of 3.7% over the forecast period
- In 2018, China emerged as the prominent producer of aquafeed additives and importer of barley, fishmeal, rapeseed, soybeans, and sorghum, which are extensively utilized in producing aquafeed additives
- About 80% of the producers of aquafeed additives sell their products directly to fish farmers or feed manufacturers either on credit or in cash and the remaining 20% producers sell their products through intermediaries such as traders
- Aquafeed additives, such as antiparasites, feed acidifiers, and palatants, are preferred while preparing aquafeed as they assist in diminishing bacteria present in the feed, enhance quality of the feed, and minimize the risk of diseases in fish
- High fluctuations in raw material prices coupled with moderate prices of aquafeed owing to rising competition among manufacturers are anticipated to restrict the growth of the market.
research report on global aquafeed additives market:
Created on Oct 10th 2019 02:10. Viewed 351 times.