Aquafeed Market exceeded USD 95 billion in 2017 and industry expects consumption at over 95 million tons by 2024 as rising fish consumption and growth in processed seafood industry along with high quality aquafeed demand should stimulate aquafeed & aquaculture additives market.
Sellbyville, DE -- (SBWIRE) -- 10/12/2018 -- Global Aquafeed & Aquaculture Additives Market is set to surpass USD 200 billion by 2024; according to a new research report by Global Market Insights, Inc.
Growth in fish consumption and growing seafood industry should stimulate aquafeed & aquaculture additives market size. Fish and other aquatic animals are playing a key role mainly in the China, India, Thailand, and Malaysia owing to broad range of fishery resources in both freshwater and marine, resulting into increased product demand.
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Asia Pacific led by China, India, Japan and South Korea aquafeed market size may be valued at over USD 125 billion by 2024. Increase in seafood consumption in India and China along with shift in consumer preference towards healthy and convenient diet has accounted for rise in aquaculture output. Rising government initiatives for environmental and social change along with growing importance in carp's business should propel industry growth in Asia Pacific region. Ease of resource availability and low labor wages along with ambient environmental conditions should significantly stimulate aquaculture growth rate.
Aquaculture additive market from amino acid is likely to reach over USD 400 million at the end of 2024. Manufacturers are using amino acids in aquatic feed as they can potentially reduce nitrogen excretion. Increase in consumption of seafood along with shift in traditional aquatic feeding ways to commercial feeding techniques should enhance product demand.
Salmons should witness significant growth close to 11% during the forecast period. Increasing production of finfish along with market development of Atlantic salmon should drive aquafeed & aquaculture additive market size. Over 50% of the finfish is produced in Europe owing to consumer's preference towards salmon and benefits associated with these aquatic animals.
Fish oil and fish meal are the major raw materials used in aquafeed production process. Climatic changes and stringent regulations pertaining to catching of fish may affect aquafeed & aquaculture additive market demand supply gap and challenge industry profitability.
North America, with significant gains in the U.S. aquaculture additives market size should witness gains close to 4% in sales during the projected timeline. Rise in imported fish and fishery products joined with growing demand for tilapia and catfish feed in this region has resulted in regional aquaculture industry expansion. Low cost and easily available feeds for farmers along with consumption of disease resistance and healthy seafood should fuel product demand in the region.
Aquafeed market from mollusks is projected to reach USD 40 billion by 2024. Farming of mollusks is considered sustainable and human intervention is required to feed them. Microorganisms such as bacteria which are found in guts of mollusks are used in medicinal purpose for neurological treatment of humans. Technological advancement in medical industry also have proven that microorganism found in mollusks can be used in therapeutic treatment of brain.
Feed acidifiers market size from aquaculture additives is may witness gains at over 6% during the forecast period. Acidifier functions as conserving agent by reducing the pH of the feed, and thereby inhibiting microbial and other pathogens. Increasing usage of acidifiers to preserve food, minimize pathogen impacts and enhance feed conversion rate should propel demand in aquaculture.
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Aquafeed market from tilapia production is expected to reach over USD 22 billion by the end of 2024. Rapid expansion of tilapia production capacity in South Asia and Southeast Asia will drive aquafeed industry and meet country's food security needs. Tilapia is cultured globally which improves pond water quality and improves shrimp size, production, and survival. In Mexico, there are over 4,625 licensed tilapia farms out of over 9,230 aquaculture licenses. Tilapia and other carps have low protein requirements and can survive on plant-based diets. These aquatic species require small amount of fishmeal which are required to enhance the overall aquafeed market demand.
Cargill, Alltech, Ridley Corporation, Norel Animal Nutrition, Aller Aqua A/S, Beneo Ingredients GmbH, BASF, DSM, ADDCON, Novus International and Evonik Industries are the prominent industry participants in aquafeed & aquaculture additive market. Companies are focusing on new product development and sustainable feed techniques to ensure complete nutrition of aquatic animals.