Global Aquafeed Market size is anticipated to be valued at USD 165.04 billion by 2022, as per a new research report by Hexa Research. Increase in fish consumption for direct and indirect consumer applications is anticipated to drive the market growth. Increasing awareness regarding feed benefits in aquaculture among breeders is likely to drive the demand. Rising nutraceuticals demand such as omega 3 fortified products is expected to drive industry growth. Global aquafeed additives market is expected to reach USD 1.21 billion by 2022.
Amino acids dominated aquaculture additives market and accounted for more than 25% of the total demand in 2014. Increasing demand to maintain proper metabolism and provide proteins to aquatic animals is likely to drive growth. Feed acidifiers are likely to witness highest gains with an estimated CAGR of 6.0% from 2015 to 2022. Feed acidifiers demand has been witnessing a growth as it is effective in controlling diseases including caused by harmful bacteria such as E coli and Salmonella.
Key report insights suggest:
• Global aquafeed market size was estimated at 41.62 million tons in 2013 and may reach 96.27 million tons by 2022 growing with an estimated CAGR of 11.1% from 2015 to 2022.
• Carps were the dominant end-use consumers in aquafeed industry and accounted for 28.6% of the total demand in 2014. Carps are rich source of omega-3 fatty acids which prove to be beneficial in food & beverage industry to reduce cholesterol level among consumers. Molluscs are likely to witness higher gains with an estimated CAGR of 11.3% from 2015 to 2022
• Asia Pacific dominated the regional aquafeed market and accounted for 65.2% of the total volume in 2014 and likely to witness highest growth rates. Predominant aquaculture industry coupled with government preference to boost aquafeed demand particularly in China, Thailand and India is likely to drive regional growth.
• Europe is expected to witness above average growth rates of 11.2% from 2015 to 2022. Europe aquafeed additives market is estimated to reach USD 200.9 million by 2022, with feed acidifiers anticipated to witness maximum gains.
• Aquafeed industry is fragmented with different companies having variety of products. Prominent companies involved in this market are Dibaq Aquaculture, Addcon Group GmbH, Biomar, Ridley and Altech, Inc.
For the purpose of this study, HexaResearch has segmented the aquafeed and aquaculture additives market on the basis of product, application and region:
Global Aquaculture Additives Regional Overview (Revenue, USD Million, 2012 – 2022)
• North America
• Asia Pacific
Increase in fish demand for direct human consumption (DHC) as well as non-DHC applications is anticipated to drive aquaculture market growth. Rising awareness among breeders regarding the benefits of feed for aquaculture is anticipated to drive aquafeed market.