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 variety of base ingredients and additives that are designed to feed a variety of aquatic animals. These mixes are made and delivered by the species’ and age'-specific requirements. Aquafeed is essential for the regular growth and health of aquatic creatures. It also aids in the reduction of stress, susceptibility to illness, and the improvement of immunity. The Asia-Pacific region now accounts for the majority of worldwide aquaculture production. Both domestic consumption and exports drive seafood demand in the Asia Pacific area. Several Asian countries, including China, Indonesia, Thailand, Vietnam, Malaysia, South Korea, and Japan, rely heavily on seafood in their diets. Due to rising earnings and increased health consciousness, dietary habits in the region are transitioning from a largely carbohydrate-based diet to one that is rich in protein. Many customers have been urged to choose protein sources such as meat and fish as a result of this. Aside from local use, several Asian countries, including India, China, Vietnam, and others, are important exporters of seafood such as fish and shrimp.
Furthermore, the demand for aquafeed in the region has risen as a result of a rising population, rising disposable incomes, and rising aquaculture production. Additionally, many government initiatives aimed at increasing the production of certified sustainable seafood are driving up 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, limiting market expansion.
In the Indian aquafeed market, Litopenaeus vannamei had the biggest share. On average, Indian companies produce a million tonnes of aqua feed every year. Due to its enormous economic worth and export, shrimp is one of the most significant cultivated species worldwide, particularly in Asia. The whiteleg shrimp (Litopenaeus vannamei) species, which has been introduced to numerous Indian coastal states, accounts for the vast majority of the country's total shrimp cultivation. As a result of the expanding international demand for litopenaeus vannamei, India's aquafeed sector for the litopenaeus vannamei segment is predicted to increase rapidly throughout the forecast period.
Amino acid production as an additive is predicted to increase rapidly over the forecast period, owing to rising consumer demand for nutritional animal products. Amino acids are the building elements of protein and are important in animal nutrition. This aids in the production, growth, and overall health of aquatic animals. Similarly, feed acidifiers are likely to develop rapidly in the future years. Feed acidifiers are widely used because of their ease of use and great efficiency.
In recent years, Asia-Pacific has held a significant market share and is likely to continue to do so by the end of the forecasted period. The backbone of East Asian cuisine, particularly Japanese, Pilipino, and Korean cuisines, is seafood. As a result, the domestic aquafeed market is also the largest. China, Japan, Vietnam, the Philippines, and India are the region's top aqua feed producers. The thriving aquaculture business, which benefits from inexpensive labour and natural resources, is a major driver of regional development. The increased consumption and trade of seafood, particularly in China, has contributed 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 world, resulting in a feed scarcity for cattle farmers. Staff shortages and tighter sanitary rules for fishing and processing facilities have hindered operations due to the epidemic. However, with the easing of the region's lockdown restrictions, feed providers have assured that farmers have the supplies they need to protect the health and wellbeing of the aqua animals and sustain agricultural productivity levels.
Thai Union Feedmill Public Company Limited launched AMG-Thai union Feedmill (Private) Limited, a fresh livestock and aquaculture feed sales, and logistics joint venture in Pakistan, in April 2021. Thai Union Feedmill is set to own 51% of the new joint venture.
In addition, Charoen Pokphand Foods (CP Foods) said in 2021 that it intends to increase its stake in CP Pokphand (CPP), its Hong Kong-listed subsidiary with aquafeed and livestock activities in Vietnam and China.
|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, 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 Popkhand Group, PT JAPFA Comfeed Indonesia Tbk, Greenfeed Vietnam|
|Customization scope||Free report customization with purchase|
Avanti Feeds Ltd
Godrej Agrovet Ltd
Growel Feeds Pvt. Ltd
The Waterbase Ltd
Thai Union Group
Inve Aquaculture Inc.
Charoen Popkhand Group
PT JAPFA Comfeed Indonesia Tbk
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