Global Aquafeed Additives Market Grows Steadily at a CAGR of 3.0%

Introduction

Aquafeed supplements are administered to offer the necessary nutrient-rich meals. Aquafeed additives are compound foods made from raw materials such as fish meal, soybean meal, corn, sunflower, and corn. The feed's name implies it is intended for aquatic creatures such as fish, shrimp, and crabs. Aquafeed and aquaculture additives are meals and supplements provided to aquatic animals, such as fish and crustaceans, to offer a nutrient-dense, balanced diet. The most common additions used in aquaculture include amino acids, antibiotics, vitamins, and feed acidifiers. They are responsible for improving the quality of animal feed, which improves the performance and health of developing animals.

Market Dynamics

Increasing Direct Human Consumption (DHC) of Fish and Fish Products Drives the Global Market

Fish contains less fat than other types of meat, such as beef and fowl. As a result of its high protein and vitamin content, fish is primarily consumed by humans. Fish consumption has increased due to the greater variety available in retail markets. Hence, the demand for fish and fish products for direct human consumption will increase in the following years. Salmon, tuna, cod liver, whale blubber, and seal blubber are among the seafood used to extract omega-3 fatty acids. The increasing prevalence of obesity and other diseases is expected to increase the need for omega-3 supplements, which aid in fat loss. Fish consumption is expected to increase due to the numerous health benefits of fish, such as promoting cognitive development in children, lowering the risk of cardiovascular disease, and reducing body fat, reducing the risks associated with obesity.

New Product Development and Geographical Expansion Creates Tremendous Opportunities

Creating new goods using sustainable bio-ingredients is anticipated to receive widespread market acceptability. The trend toward eco-friendly aquafeed additives is projected to increase consumer demand, attracting new market entrants. Existing participants with economies of scale will present fierce competition for prospective entrants. The geographical expansion strategy is anticipated to result in increased earnings for producers as it will create new markets.

Regional Analysis

Central and South America is the most significant shareholder in the global aquafeed additives market and is estimated to grow at a CAGR of 4.3% during the forecast period. Aquaculture contributes to the region's employment, food security, and foreign currency generation. Salmonids, shrimp, tilapia, mollusks, carp, and seaweed are important aquatic species produced in this region. Using phytosterols as a feed additive for Atlantic salmon is anticipated to improve its health and lipid metabolism. In addition, together with the significant production of Atlantic salmon, these additive advantages are expected to drive product demand in this region over the projection period. Moreover, aquaculture production in Brazil and Chile drives the industry because of excellent climatic conditions. In the coming years, the availability of locally produced fish feed generated from fundamental raw resources such as fish oil and fish meal is expected to promote the aquaculture business in these nations.

North America is anticipated to grow at a CAGR of 3.6% over the forecast period. Due to the increased demand for seafood in nations like the United States and Canada, the aquaculture business in North America is expected to expand dramatically over the coming years. The rising demand for salmonids and mollusks, such as hard clams, oysters, and mussels, significantly contributes to the sector's expansion. The increasing demand for aquaculture-produced seafood can be ascribed to a fall in the yield of wild fisheries and a rise in the region's daily seafood consumption. The local climate is conducive to cultivating numerous aquaculture species, including crustaceans and catfish. The intense farming of these species throughout the region, particularly in the United States, is anticipated to contribute to the expansion of the aquaculture industry.

Key Highlights

• The global aquafeed additives market was valued at USD 2.18 billion in 2022. It is estimated to reach USD 2.84 billion by 2031, growing at a CAGR of 3.0% during the forecast period (2023–2031).
• Based on ingredients, the global aquafeed additives market is divided into anti-parasitic, feed acidifiers, prebiotics, essential oils and natural extracts, palatants, hydrolysates, yeast extracts, and others. The feed acidifiers segment is responsible for the largest market share and is anticipated to grow at a CAGR of 3.4% over the forecast period.
• Based on application, the global aquafeed additives market is segmented into carp, rainbow trout, salmon, crustaceans, tilapia, catfish, sea bass, grouper, and others. The catfish segment owns the highest market share and is estimated to grow at a CAGR of 4.4% during the forecast period.
• Central and South America is the most significant shareholder in the global aquafeed additives market and is estimated to grow at a CAGR of 4.3% during the forecast period.

Competitive Players

Competitive Players

The key global aquafeed additives market players are Nutriad, Inc., Alltech, Olmix Group, Nouryon, DuPont de Nemours, Inc., Lallemand Inc., AKER BIO MARINE, Diana Group, Delacon Biotechnik GmbH, Calmin Fine Sciences Inc., Calanua AS, Kemin Industries Inc., Biorigin, and Phileo by Lesaffre.

Recent Developments

Market News

• In February 2023, Nutreco acquired a minority position in BiomEdit, the most innovative microbiome biotech firm in animal health. The two firms have formed a ground-breaking, long-term strategic research and commercial relationship – the first since BiomEdit's inception – to provide livestock and aquaculture producers with unique, novel feed additives derived from microbiome technology.

Segmentation

Global Aquafeed Additives Market: Segmentation

By Ingredients

• Anti-Parasitic
• Feed Acidifiers
• Prebiotics
• Essential Oils and Natural Extracts
• Palatants
• Hydrolysates
• Yeast Extracts
• Others

By Applications

• Carp
• Rainbow Trout
• Salmon
• Crustaceans
• Tilapia
• Catfish
• Sea Bass
• Grouper
• Others

By Regions

• North America
• Europe
• Asia-Pacific
• Central and South America
• The Middle East and Africa