The Aquafeed and Aquaculture Additives Market would exceed $117 billion by 2030, says Global Market Insights Inc.
The growth of the aquafeed and aquaculture additives market is driven by increasing consumption of aquaculture produce, growing purchasing power of consumers, and rising consumer demand for processed seafood, says this report.
SELBYVILLE, Del., July 5, 2022 /PRNewswire/ — According to the report published by Global Market Insights Inc., the global Aquafeed And Aquaculture Additives Market was estimated at USD 66.5 billion in 2021 and is estimated to reach a valuation of over $117 billion by 2030, progressing at a CAGR of 7% from 2022 to 2030. This report offers a detailed analysis of drivers & opportunities, top winning strategies, wavering market trends, competitive scenarios, major investment pockets, and market size & estimations.
Aquafeed and aquaculture additives are dietary supplements used to enhance the quality of fish and crustaceans to deliver complete nutrition. Certain aquatic animals contain nutritive ingredients, such as omega 3 fatty acids, calcium, phosphorus, iron, zinc, iodine, etc., which aid human health by lowering blood pressure, improving memory, offering anti-inflammatory properties, and facilitating healthy skin. In recent years, increased consumer spending on processed seafood, along with growing awareness regarding the advantages of aquatic animals, has bolstered the uptake of fish as a regular supplement, which is set to augment aquafeed and aquaculture additives market expansion over the forecast timespan.
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Catfish is a major source of omega-3 & omega-6 fatty acids, proteins, B-12 vitamins, and minerals, including magnesium. Ongoing consumer interest in a healthy diet and surging awareness pertaining to nutritional benefits offered by catfish are anticipated to fuel the demand for catfish in the food industry. As a result of the positive outlook, the catfish end-use segment was valued at around $4 billion in 2021 and is expected to grow at a CAGR of more than 6.9% over the forecast period.
Likewise, the aquafeed and aquaculture additives size from the tilapia end-use segment is primed to exceed $6 billion in revenue by 2030. Tilapia has low-cost production as it is resistant to diseases, has a high survival rate of around 70%, and grows well in high stocking densities, which is slated to drive its revenue in the global aquaculture market. In addition, shifting consumption patterns and an emerging trend toward healthy eating is also set to fuel the demand for tilapia in the food industry.
Key reasons for aquafeed and aquaculture additives market growth:
- Increasing consumption of catfish and tilapia.
- Rising demand for vitamins in fish and shrimp.
- Growing focus on fish farming in North America.
2030 forecasts show the “vitamin” segment retaining its dominance:
With reference to product, the vitamin segment is projected to expand at a CAGR of approximately 2.5% over the assessment period. Vitamins are a vital feed additive for fishes and shrimps since it enhances the defense mechanism and supports disease resistance. Therefore, growing prominence of the functional benefits of vitamins is poised to propel its demand in the aquaculture industry, impelling segmental growth.
North America to continue its top status in terms of revenue:
In the regional landscape, the aquafeed and aquaculture additives market in North America was worth over $7.5 billion in 2021 and is foreseen to progress at a CAGR of above 6.5% through the study timeline. High research & development spending by manufacturers in fish farming systems, along with increasing investments, is speculated to bolster the regional aquafeed additives market development. Furthermore, the shift in consumer eating patterns and notable switch toward nutritional foods are estimated to garner the uptake of seafood, thereby supplementing market growth in the region.
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Impact of COVID-19 pandemic on aquafeed and aquaculture additives market:
Due to growing concerns over infections spreading through animal meat, seafood consumption decreased on account of the risk of contracting the coronavirus infection, which hampered the uptake of aquafeed additives in the initial stages of the COVID-19 outbreak. Subsequently, declining demand and stringent lockdown restrictions prompted manufacturers to shut down production facilities, hampering industry expansion. However, mounting consumer inclination toward seafood for benefits like lesser fat and caloric content than meat has stimulated product demand, which has been lucrative for the market during the pandemic.
Leading market players:
Some leading players in the aquafeed and aquaculture additives industry include Alltech, Biomar, Cargill, Ridley Corporation, Aller Aqua A/S, Norel Animal Nutrition, Beneo GmbH, ADM, BASF, DSM, Biomin Gmbh, Addcon, Nutriad International, Evonik, and others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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