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Pages: 310 |
Sep 2023 |
Aquafeed Additives Overview
Modern aquaculture practices depend heavily on aquafeed, also known as fish feed, which supplies the vital nutrients and supplements required for the proper growth and development of aquatic animals including fish, prawns, and other marine species. Aquafeed additives are specialized compounds that are added to the feed to improve the nutritional value, digestion, and immunity of aquatic creatures, as well as their general health. These additives could include probiotics, prebiotics, enzymes, amino acids, vitamins, minerals, and other bioactive substances. The market for aquafeed additives is anticipated to experience significant expansion as the aquaculture industry continues to flourish, driven by developments in feed technologies, nutrition science research & development, and a growing emphasis on sustainable aquaculture practices.
Global Aquafeed Additives Market Analysis
The global aquafeed additives market size was $2.20 billion in 2022 and is predicted to grow with a CAGR of 4.5%, by generating a revenue of $3.35 billion by 2032.
COVID-19 Impact on Global Aquafeed Additives Market
The COVID-19 pandemic has had a significant impact on many industries, including the aquafeed additives industry. The aquaculture industry encountered several difficulties during the pandemic, including travel restrictions, supply chain interruptions, and a general slowdown in global economic activity. Demand and supply for aquafeed additives, which contain a variety of chemicals intended to improve the nutritional quality and general health of aquatic animals, have changed throughout time. Transportation logistics were disrupted by lockdown measures and travel restrictions, which caused delays in the delivery of goods and the purchase of raw materials. Due to the supply chain disruption, it was difficult for aquafeed producers to respond quickly to market needs.
Additionally, the market was impacted by the change in consumer behavior brought on by the pandemic. Some industries, particularly higher-end seafood products, temporarily saw a fall in demand as people's priorities turned towards necessities. The need for aquafeed additives then increased as a result of this. However, it is crucial to understand that the aquaculture sector, which includes the production of aquafeed, is crucial to guaranteeing food security, particularly in areas that rely largely on seafood as a source of protein. The aquafeed additives market probably started to rebound as the situation got better and economic activity started to pick up slowly. Governments and industry players collaborated to mitigate market instability and supply chain disruptions. Looking ahead, it is anticipated that the aquafeed additives market will recover and even expand as the aquaculture sector continues to adjust to new opportunities and difficulties in a post-pandemic environment.
Rising Popularity of Seafood to Drive the Aquafeed Additives Market Growth
Numerous key factors have contributed to the rapid expansion of the aquafeed additives market in recent years. Growing demand for seafood globally has increased the need for aquaculture production. High-quality aquafeed additives are required as a result of the depletion of wild fish supplies and the necessity of using aquaculture to satisfy the rising demand for fish and seafood. To improve the health and performance of farmed fish, feed formulation optimization has become increasingly important to aquaculture producers. Aquafeed supplements are essential for enhancing the nutritional content and digestibility of feeds, which promotes faster growth, disease resistance, and general fish health. Third, innovations and potent products have been created as a result of advances in aquafeed additive technology. Amino acids, vitamins, minerals, enzymes, probiotics, prebiotics, immune boosters, and other substances are just a few of the many categories that these additions fall under. As a result of ongoing research and development, better formulations with increased functions have been produced, further boosting market expansion.
Strict Regulatory Framework to Restrain the Aquafeed Additives Market Growth
The strict regulatory framework limiting the use of additives in aquafeed is one important restraint. The industry encountered difficulties in getting approval for new additives or guaranteeing compliance with existing standards as customers and regulatory agencies became more aware of food safety and environmental implications. Manufacturers of aquafeed additives may experience delays in product development and market entrance as a result. Additionally, the price of the basic materials—such as proteins, amino acids, and vitamins—used to make aquafeed additives can fluctuate. Variations in commodity prices may make it challenging for manufacturers to provide customers with competitive rates by putting pressure on their profit margins. Concerns regarding the effects of aquaculture and the production of aquafeed on the environment have also become a barrier. The need to solve problems with waste management, energy use, and sustainable sourcing of materials for aquafeed additives is increasing as the sector grows. Finally, the fierce competition among producers of aquafeed additives may potentially have an impact on the market's growth. Numerous competitors striving for market share may put pressure on prices and push businesses to make significant investments in R&D to stay competitive.
Advancements in Technology to Drive Excellent Opportunities
The creation of new feed additive formulations is among the important areas of development. To support optimal growth, health, and disease resistance, manufacturers and researchers have been concentrating on developing additives that address the distinct nutritional requirements of various aquatic species. The regulated release of nutrients made possible by the use of cutting-edge technologies like nanotechnology and encapsulation has improved the bioavailability and effectiveness of aquafeed additives. Additionally, there have been substantial advances in the acquisition and preparation of raw materials for aquafeed additives. The importance of procuring materials sustainably and environmentally friendly has led to the use of alternative protein sources such as proteins generated from insects, single cells, and algae. These developments not only reduce reliance on conventional fishmeal and fish oil, but also contribute to the circular economy by recycling and repurposing waste materials. The aquafeed additives sector has evolved as a result of the adoption of digital technologies and data-driven initiatives. Real-time monitoring of aquatic species' feed consumption, growth patterns, and health status is now possible, thanks to smart sensors, internet of Things (IoT) gadgets, and artificial intelligence (AI) algorithms.
Global Aquafeed Additives Market Share, by Ingredient, 2022
The feed acidifiers sub-segment accounted for the highest market share in 2022. Feed acidifiers are extremely important in the aquafeed additives market for improving the general performance and well-being of aquatic species in aquaculture. These acidifiers are ingredients added to aquafeed formulations to help fish and shellfish have improved digestion, nutritional absorption, and overall gut health. By maintaining an optimal pH level in the digestive system, feed acidifiers help to create a favorable environment for the growth and activity of good gut bacteria while also avoiding the spread of hazardous illnesses. The importance of feed acidifiers in the aquafeed additives market is anticipated to increase as the aquaculture sector expands to fulfil the growing demand for seafood throughout the world. Feed acidifiers support the industry's focus on improving feed formulations for greater aquaculture performance, commercial viability, and environmental sustainability.
Global Aquafeed Additives Market Share, by Application, 2022
The catfish sub-segment accounted for the highest market share in 2022. The aquafeed additives market segment for catfish is quite important. Catfish farming is a significant contributor to the global aquafeed market because of its gradually rising popularity for both home and export consumption. The need for specialized aquafeed additives made to fulfil the dietary needs of these fish species rises as catfish farming operations grow. Aquafeed supplements are essential for improving catfish productivity, growth, and overall health, which results in higher returns for farmers. The importance of environmentally friendly and sustainable aquaculture methods has increased, and this development has increased the demand for premium aquafeed additives. The development of novel, ecologically friendly feed additives that support effective feed utilization, disease resistance, and overall sustainability in catfish farming has been a goal of manufacturers. The expansion of this market segment has helped the aquafeed additives market economically as well as the long-term sustainability of the aquaculture sector as a whole. The importance of catfish in the aquafeed additives market is anticipated to continue to grow as consumer awareness of the quality and provenance of seafood items rises.
Global Aquafeed Additives Market Share, by Region, 2022
The North America aquafeed additives market generated the highest revenue in 2022. Due to several factors, North America has made a sizable contribution to the global aquafeed additives market. The region has a strong aquaculture industry that focuses on producing a variety of seafood, including salmon, trout, tilapia, catfish, and prawns. Due to a rising understanding of the significance of nutrition in aquaculture, there has been an increase in the need for high-quality and environmentally friendly aquafeed additives in North America. Aquafeed additives are essential for improving the nutritional value and overall performance of aquafeed, which benefits farmed fish and shellfish by improving growth rates, disease resistance, and feed efficiency. Manufacturers of aquafeed additives have been spending money on R&D to create solutions that adhere to the sustainability guidelines while keeping high-performance standards. Additionally, numerous international producers of aquafeed additives have invested in North America because of its robust research and development infrastructure and aquaculture business.
Competitive Scenario in the Global Aquafeed Additives Market
Investment and agreement are common strategies followed by major market players. Some of the leading aquafeed additives market players are Aker Biomarine, Nutriad Inc., Calanus AS, Olmix Group, Norel SA, Lallemand Inc., Alltech, Kemin Industries, Nouryon, and DuPont de Nemours Inc.
| Aspect | Particulars |
| Historical Market Estimations | 2020-2021 |
| Base Year for Market Estimation | 2022 |
| Forecast Timeline for Market Projection | 2023-2032 |
| Geographical Scope | North America, Europe, Asia-Pacific, and LAMEA |
| Segmentation by Ingredient |
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| Segmentation by Application |
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| Key Companies Profiled |
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