The Asia-Pacific Aquatic Feed Market is evaluated at US$34.435 billion for the year 2020, growing at a CAGR of 4.19% to reach the market size of US$45.911 billion by the year 2027.
Aquafeeds are compounded meals made up of a range of base ingredients and additives that are designed to feed a wide variety of aquatic animals. These mixes are created and delivered according to the species and age-specific requirements. Aquafeed is essential for the normal growth and health of aquatic animals. It also helps in the reduction of stress, susceptibility to illnesses, and the enhancement of immunity. The Asia-Pacific region accounts for the majority of worldwide aquaculture production. Both domestic consumption and exports are driving seafood demand in the Asia Pacific region. Several Asian countries, including China, Indonesia, Thailand, Vietnam, Malaysia, South Korea, and Japan, are heavily reliant on seafood in their diets. Owing to the rising earnings along with increased health consciousness, dietary habits in the region are transitioning from a largely carbohydrate-based diet to one that is rich in protein. Multiple consumers have been urged to choose protein sources such as meat and fish as a result of this shift. Aside from their local use, several Asian countries, including India, China, Vietnam, and others, are eminent exporters of seafood such as fish and shrimp.
Further, the demand for aquafeed in the region has risen due to the rising population, rising disposable incomes, and rising aquaculture production. Additionally, many government initiatives focused on increasing the production of certified sustainable seafood are driving the demand for aquafeed in the regions. However, fluctuating raw material prices, such as fish oil and fish meal, fuel the demand for low-cost replacements, thus, limiting market expansion.
In the aquafeed market in India, Litopenaeus vannamei had the biggest share. On average, Indian companies produce a million tonnes of aqua feed annually. Due to its enormous economic worth and export, shrimp is one of the most significant cultivated species worldwide and particularly in Asia. The whiteleg shrimp (Litopenaeus vannamei) species, which has been introduced to many Indian coastal states, accounts for the vast majority of the country's overall shrimp cultivation. As a result of the expanding international demand for litopenaeus vannamei, India's aquafeed sector for the litopenaeus vannamei segment is expected to increase rapidly throughout the analyzed period.
Amino acid production as an additive is predicted to increase rapidly over the analyzed period, due to rising consumer demand for nutritional animal products. Amino acids are the building elements of protein and are crucial in animal nutrition. This helps in the production, growth, and overall health of aquatic animals. Similarly, feed acidifiers are expected to develop rapidly in future years. Feed acidifiers are widely used due to their ease of use and high efficiency.
In recent years, Asia-Pacific has held a substantial market share and is likely to continue to do so by over the forecasted period. The base of East Asian cuisine, particularly Japanese, Pilipino, and Korean cuisines, is seafood. As a result, the domestic aquafeed market in the region is also the largest. China, Japan, Vietnam, the Philippines, and India are the top aqua feed producers in the region. The thriving aquaculture business, which benefits from inexpensive labor and natural resources, is a key driver of regional development. The growing consumption and trade of seafood, particularly in China, has aided this even more to this expansion.
In the early stages of the COVID-19 pandemic, limitations aimed at containing it resulted in the closure of aquatic feed companies all over the region, resulting in a feed scarcity for cattle farmers, which posed a negative impact on the market. Staff shortages and stricter sanitary rules for fishing and processing facilities hindered operations due to the pandemic. However, with the ease of restrictions in the region, feed providers assured that farmers are equipped with the supplies that they need to protect the health and well-being of the aquatic animals and sustain agricultural productivity levels.
|Market Size Value in 2020||US$34.435 billion|
|Market Size Value in 2027||US$45.911 billion|
|Growth Rate||CAGR of 4.19% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||End-User, Additives, And Country|
|Regions Covered||China, Japan, India, South Korea, Indonesia, Vietnam, and Others|
|Companies Covered||Avanti Feeds Ltd, Godrej Agrovet Ltd, Growel Feeds Pvt. Ltd, The Waterbase Ltd, Grobest International, Thai Union Group, Inve Aquaculture Inc., Charoen Pokphand Group, PT JAPFA Comfeed Indonesia Tbk, Greenfeed Vietnam|
|Customization Scope||Free report customization with purchase|
1.1. Market Overview
1.2. Covid-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
4.5. Industry Value Chain Analysis
5. ASIA PACIFIC (APAC) AQUATIC FEED MARKET, BY END-USER
5.2. Litopenaeus Vannamei
6. ASIA PACIFIC (APAC) AQUATIC FEED MARKET, BY ADDITIVES
6.5. Amino Acids
6.6. Feed Enzymes
6.7. Feed Acidifiers
7. ASIA PACIFIC (APAC) AQUATIC FEED MARKET, BY COUNTRY
7.5. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.1. Avanti Feeds Ltd
9.2. Godrej Agrovet Ltd
9.3. Growel Feeds Pvt. Ltd
9.4. The Waterbase Ltd
9.5. Grobest International
9.6. Thai Union Group
9.7. Inve Aquaculture Inc.
9.8. Charoen Pokphand Group
9.9. PT JAPFA Comfeed Indonesia Tbk
9.10. Greenfeed Vietnam
Avanti Feeds Ltd
Godrej Agrovet Ltd
The Waterbase Ltd
Thai Union Group
Inve Aquaculture Inc.
Charoen Pokphand Group
PT JAPFA Comfeed Indonesia Tbk
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