Aquafeed Additives Market Growth & Trends
The global aquafeed additives market is expected to reach USD 3.02 billion by 2030, as per the new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.3% from 2023 to 2030. The market is experiencing significant growth, driven by the increasing demand for fish and other aquatic products as a source of protein.
The growth of the aquaculture industry is driving the demand for aquafeed additives, as farmers seek to improve the health of their stock. Additionally, the increasing awareness of the health benefits of fish consumption is also driving demand for fish and other aquatic products. One of the major trends in the market is the increasing use of functional ingredients. Functional ingredients, such as pre- and probiotics, essential oils, and enzymes are becoming more popular in fish feed as they help improve feed utilization and health, resulting in reduced mortality rates, and improved disease resistance.
Another trend is the increasing focus on sustainability and eco-friendliness. Aquafeed manufacturers are looking for ways to reduce their environmental impact and improve the sustainability of their products. This includes using alternative ingredients and reducing the amount of fishmeal and oil used in feed. Additionally, several company and governments are investing in R&D of alternative sustainable ingredients and methods for feed that are both cost effective and eco-friendly
Lastly, the increasing focus on research and development, and the introduction of new and advanced ingredients, are expected to create opportunities for key players. The market is expected to continue to grow over the forecast period, with an increasing number of players entering the market, thus triggering the growth. It’s worth noting that the current global scenario and economic uncertainty might have an effect on the market.
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Aquafeed Additives Market Report Highlights
Feed acidifiers emerged as the largest ingredient segment which accounts for 11.3% by value in 2022. This growth can be attributed to the various benefits that feed acidifiers offer to the aquaculture industry
Catfish emerged as one of the largest application segments in the aquafeed additives market which accounts for 22.1% by value. This growth can be attributed to the increasing demand for catfish as a popular food, particularly in the United States and Southeast Asia
Central & South America region is the largest market with revenue share of 37.3% in 2022. As the region is home to several emerging economies that are experiencing growth in their aquaculture industries. As the aquaculture industry grows, the demand for aquafeed additives also increases, driving the growth of the market
Alltech has made strategic acquisitions such as Lien Aquatic feeds, a leading supplier of feeds for tilapia, catfish and others, in order to expand its presence in the Asia Pacific region
Cargill, has been investing in R&D to improve its feed, and has also been focusing on building partnerships with fish farmers and hatcheries to develop more sustainable and profitable farming practices
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