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Aquafeed Market Analysis by worldwide Players - Cargill, Addcon, Ridley Corp., Biomin and Norel Animal Nutrition
aquafeed Market
Limited availability of marine feed resources in export and domestic market should influence the supply of global demand for quality aquafeed & aquaculture additive demand. Seafood accounted 15% of the global volume of animal protein intake. Asia Pacific accounted over 60% of global fish production in 2016 owing to rising per capita disposable income and busy consumer lifestyle demanding nutritious food.
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Aquaculture additive market from vitamins should witness gains surpassing USD 70 million by 2024. Deficiency of vitamins lead to aberrant biochemical functions which consequently lead to cellular problems manifesting clinical disfunctions. It leads to weak integrity of skin and epithelial tissues in fish increasing the risk of infections, thus driving product demand.
Growing aquaculture production has led to rise in the demand of shrimp, salmons and mollusks feed. This growth in demand for feed can be attributed to technological advancements and techniques driving aquaculture additives market demand. Expansion in fishery business to cater the global food industry consumption along with government initiatives, spending and support for these businesses should propel product demand.
Aquafeed market for carp consumption should witness gains at over 11% during forecast period. Carp proves to be a major source for omega-3 fatty acid, imparting low-fat content and other nutrition. They are also reared widely due to its ability to adapt extreme climatic conditions whilst propelling aquafeed market.
Soybean is increasingly observed to be consumed in aquafeed production due to its inherent properties such as superior amino acid profile, high energy content and high phosphorus content. Soybean is a source usually containing over 45% of high-quality protein which is widely used in feeding catfish, thus propelling aquafeed & aquaculture additive market growth.
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Asia Pacific aquafeed market is expected to surpass USD 125 billion by 2024 owing to strong aquaculture business expansion in India, China and Malaysia. Increasing salmon fishing in lieu of easy farming technology and ability to produce on land-based farm system should drive regional industry growth. Low-cost labor, lenient regulatory commissions, ambient production conditions along with availability of resources should stimulate industry growth.
Global aquafeed & aquaculture additives market share is moderately fragmented with presence of key industry participants including Biomar, Cargill, Addcon, Ridley Corp., Biomin and Norel Animal Nutrition. Market should witness consolidation in the form of mergers & acquisition strengthening product portfolio and widening regional presence.
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