Aquafeed and aquaculture additives are feed supplements used to improve the quality of fish and shellfish to provide complete nutrition. Some aquatic animals contain nutritious ingredients, such as omega 3 fatty acids, calcium, phosphorus, iron, zinc, iodine, etc., which contribute to human health by lowering blood pressure, improving memory, providing anti-inflammatory properties and promoting healthy skin. In recent years, increased consumer spending on processed seafood, along with a growing awareness of the benefits of aquatic animals, has boosted the use of fish as a regular supplement, which should increase the expansion of the aquaculture feed and aquaculture additives market over the forecast period.
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Catfish is a major source of omega-3 and omega-6 fatty acids, protein, vitamins B-12 and minerals, including magnesium. Continued consumer interest in healthy eating and growing awareness of the nutritional benefits offered by catfish are expected to fuel the demand for catfish in the food industry. Due to this positive outlook, the catfish end-use segment was valued at approximately $4 billion in 2021 and is expected to grow at a CAGR of over 6.9% over the forecast period.
Similarly, the size of aquaculture feed and aquaculture additives of the tilapia end-use segment is expected to exceed $6 billion revenue by 2030. Tilapia has low cost production as it is disease resistant, has a high survival rate of around 70% and thrives well in high stocking densities which is expected to generate its revenue on the global aquaculture market. Additionally, changing consumption patterns and an emerging trend towards healthy eating are also expected to fuel the demand for tilapia in the food industry.
Key Reasons for Aquaculture Feed and Aquaculture Additives Market Growth:
- Increased consumption of catfish and tilapia.
- Growing demand for vitamins in fish and shrimp.
- The focus is increasingly on fish farming North America.
The 2030 forecasts show that the “vitamins” segment retains its dominance:
On the product side, the vitamins segment is expected to grow at a CAGR of around 2.5% over the assessment period. Vitamins are a vital feed additive for fish and shrimp as they strengthen the defense mechanism and promote disease resistance. Hence, the growing importance of functional benefits of vitamins is poised to propel its demand in aquaculture industry, driving segmental growth.
North America to maintain its leading status in terms of turnover:
In the regional landscape, the aquaculture feeds and aquaculture additives market in North America was worth more $7.5 billion in 2021 and is expected to grow at a CAGR of over 6.5% over the life of the study. High research and development expenditures by manufacturers in fish farming systems, along with increasing investments, are expected to support the development of the regional aquaculture feed additives market. Additionally, changing consumer dietary habits and notable shift towards nutritional foods are believed to be driving the adoption of seafood products, thus complementing the market growth in the region.
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Impact of the COVID-19 Pandemic on the Aquaculture Feed and Aquaculture Additives Market:
Due to growing concerns about the spread of infections through animal meat, the consumption of seafood has declined due to the risk of contracting the coronavirus infection, which has hampered the absorption of aquaculture feed additives in fish. early stages of the COVID-19 outbreak. Subsequently, falling demand and tight lockdown restrictions prompted manufacturers to shut down their production facilities, hampering the expansion of the industry. However, the growing inclination of consumers towards seafood for benefits such as lower fat and calorie content than meat has spurred demand for the product, which has been lucrative for the market during the pandemic.
Main market players:
Some leading players in the aquaculture feed 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.
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