Aquafeed Additives Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Vitamins, Enzymes, Acidifiers, Amino Acids, Minerals, Others), By Animal Type (Fish, Crustaceans, Others), And By Geography - Forecasts From 2023 To 2028

Supplements and diets that are supplied to aquatic animals like fish and crustaceans to provide a balanced, nutrient-rich diet are known as aquafeed additives. Acidifiers for feed, vitamins, antibiotics, and amino acids are the main types of aquaculture additives. These are in charge of raising the standard of feed, which elevates animal health and growth performance as a result. A strong need for fish-based protein as a result of rising consumption has also increased the demand for aquafeed additives, which is projected to fuel market expansion. Fish is mostly utilised for direct human consumption since it is a great source of vitamins and proteins. Due to the increased availability of a wide variety of fish in the retail market, fish consumption has been on the rise. The demand for fish and fish products for direct human consumption is then projected to increase during the predicted period.

Rising seafood consumption to drive the market

The Food and Agriculture Organization (FAO) of the United Nations predicted that by 2030, seafood consumption will reach a level of 21.5 kilogrammes per person worldwide, maintaining a trend of annual growth that has already lasted 60 years. Rising market demand and increased fisheries and aquaculture production are the factors driving the growth. As a result, it is anticipated that this aspect would increase demand for aquafeed additives as well, in order to preserve the health and well-being of the fish intended for human consumption. The FAO report "The State of World Fisheries and Aquaculture 2020," also known as "SOFIA 2020," states that the amount of fish consumed as food per person increased from 9 kg in 1961 to 20.5 kg in 2018 or almost 1.5% annually. In addition, since 1961, the average yearly growth in fish consumption over the world has been 3.1%, outpacing both population growth of 1.6% and the 2.1% annual growth in consumption of all other animal protein meals. Thus, it is anticipated that the market would remain strong amid this significant increase in fish consumption.

Key development

• In May 2022, Biomar A/S purchased AQ1 Systems, a maker of innovative shrimp-feeding technology. This tactical move would assist Biomar A/S in offering sophisticated feeding systems to the ones operating in shrimp farming.
• In order to help farms operate to their full potential, Skretting, a Nutreco subsidiary, introduced starter and grower feed for rainbow trout in December 2021 under the names Nutra Sprint and Celero, respectively. Trials conducted to validate the product before it was released showed growth of up to 8% and a decline in the Feed Conversion Ratio of 8%.
• In order to create, assess, and enhance feeds for the land-based aquaculture sector, Cargill and The Conservation Fund's Freshwater Institute announced a multi-year cooperation in September 2021. The Institute would share its knowledge of sustainable aquaculture-based food production systems with Cargill nutritionists and researchers. Through the development and testing of feeds designed for recirculating aquaculture systems, the collaboration helps enhance the environmental and financial performance of land-based aquaculture.
• In September 2021, Alltech announced a 50% expansion of its research centre, the Alltech Coppens Aqua Centre (ACAC). The growth would enable Alltech to concentrate on developing fresh feed for sustainable food production systems, enhancing the financial success of fish farmers.
• In December 2020, Kemin Industries and Pestell Nutrition established a collaboration in logistics and distribution. Through this agreement, Kemin Industries was able to reach a wider audience of consumers with its goods, and Pestell Nutrition was able to expand the market for its high-quality and value-added feed additives in Canada.
• In June 2020, DSM and North Carolina State University announced a 10-year research partnership for three functional areas, including animal gastrointestinal health and tailored nutrition for animal care. Through this partnership, the business was able to broaden its product offering, enhance its brand reputation, and increase its market share.

COVID-19 Impact on the Aquafeed Additives Market

The market for aquafeed additives was significantly affected by the COVID-19 outbreak. The meat sector suffered during that time as a result of restaurant closures during the lockdown and a change in consumer consumption habits. Less feed was produced as a result of this adverse effect, which also decreased the need for certain feed additives. The pandemic also had an impact on the supply chain and the production process, which caused significant losses for businesses. It had a significant effect on the feed business because the lockout caused many feed companies to close. The demand for these additives decreased as a result of the closure of feed factories. However, the industry is anticipated to expand steadily with bettering of the overall situation and the resumption of these services.

Aquafeed Additives Market Scope:

Segmentation:

• By type
  • Vitamins
  • Enzymes
  • Acidifiers
  • Amino Acids
  • Minerals
  • Others
• By animal type
  • Fish
  • Crustaceans
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • Indonesia
    • South Korea
    • Thailand
    • Vietnam
    • Others