Philippines aquatic feed market was evaluated at US$663.633 million for the year 2020, growing at a CAGR of 3.38%, reaching the market size of US$837.532 million by the year 2027.
Aquafeeds are compound meals made of base materials and additions for feeding several aquatic animals. These blends are created and delivered according to the breed and age criteria. Aquafeed is necessary for aquatic species' normal growth and health. It also aids in reducing stress, decreasing illness susceptibility, and improving immunity.
Philippines has a reputation for being one of Asia's leading exporters of aquaculture yields. Aquaculture in the Philippines does have a longstanding experience and involves the aquaculture of a variety of species. It is one of the country's primary sources of food and protein, as well as a substantial contributor to the national economy. Seaweed, tilapia, milkfish, shrimp, oyster, carp, and mussel farming account for the majority of production. Aquaculture is vital for food security, employment, and foreign exchange revenues in the country. During the forecast period, the market is expected to develop due to rising export demand and the expansion of aquaculture farming in the country. Furthermore, greater disposable income combined with increased government backing is likely to move the region forward. Dietary habits in the region are transitioning from a largely carbohydrate-based diet to one rich in proteins, owing to rising earnings and increased health consciousness. Many consumers have been urged to pick protein sources such as meat and fish as a result of this. Moreover, the demand for aquafeed in the region has risen due to rising population and aquaculture production. Additionally, many government initiatives aimed at increasing the production of certified sustainable seafood are driving up the need for aquafeed in the regions. Changing raw material costs, such as fish oil & fish meal, stimulate demand for low-cost substitutes, limiting the market growth.
In the Philippines aquafeed market, Litopenaeus vannamei had the biggest share. On average, leading companies produce a million tonnes of aquatic feed every year. Due to its enormous economic worth and export, shrimp is one of the most significant cultivated species worldwide, particularly in the Philippines. The whiteleg shrimp (Litopenaeus vannamei) species, introduced to numerous coastal states, make up most of the country's total shrimp cultivation. As a result of the expanding international demand for litopenaeus vannamei, the Philippine aquafeed sector for the litopenaeus vannamei segment is predicted to increase rapidly throughout the forecast period.
Amino acid, as an additive, is predicted to increase rapidly over the forecast period, owing to rising consumer demand for nutritional animal products. Amino acids are essential in animal nutrition since they are the building blocks of protein. This benefits aquatic creatures' growth, production, and overall health. Likewise, feed acidifiers are expected to grow considerably in the next years. Because of their simplicity and efficiency, feed acidifiers are commonly utilized.
The backbone of East Asian cuisine, particularly Pilipino cuisine, is seafood. As a result, the aquafeed market in the country is the largest. The thriving aquaculture business, which benefits from inexpensive labor and natural resources, is a major driver of regional development.
Limitations aimed at containing the COVID-19 pandemic resulted in the shutdown of Aquatic feed companies worldwide, resulting in a feed shortage. Due to the pandemic, staff shortages and stricter hygienic standards for fisheries and processing plants have hampered operations. Feed producers, however, have assured farmers that they have the resources they need to ensure the health and wellness of aqua animals and maintain agricultural productivity levels, owing to the lifting of the region's lockdown restrictions.
In May 2022, ADM, a leading provider in animal nutrition, announced the purchase of a feed mill from Southern Sunrays Milling Corporation in Polomolok, South Cotabato. The addition represents a step forward in providing a diverse range of cutting-edge items to suit Asia's demand for modern and high animal feeding solutions.
BASF introduced Natupulse TS on December 9, 2021, to enhance nutrient digestion and make feeds more cost-effective and sustainable.
Cargill purchased a bio-based industrial business on December 22, 2021, boosting nature-derived solutions to customers.
Archer Daniels Midland Company
Santeh Feeds Corporation
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