Aquafeed Additives Market Outlook 2031
The global aquafeed additives market size was USD 3 Bn in 2022 and is projected to reach USD 4.2 Bn by 2031, expanding at a CAGR of 3.3% during the forecast period, 2023 – 2031. The growth of the market is attributed to the high demand for fish and fish products among people.
Aquafeed additives refer to the food supplements that are fed to aquatic animals such as fish, shrimps, crustaceans, and others. They are a part of the supplementary diet of aquatic animals, which helps in maintaining complete nutrition. Feed additives mainly include amino acids, antioxidants, binders, antibiotics, vitamins, minerals, palatants, feed acidifiers, probiotics & prebiotics, and feed enzymes.
These additives preserve the physiochemical quality of the foods and assist in the production of fish with synthetic chemicals such as hormones and antibiotics. Certain aquatic animals have nutritive ingredients such as omega-3 fatty acids, phosphorus, iron, calcium, zinc, iodine, and others, which helps in lowering blood pressure, enhancing memory, facilitating healthy skin, and offering anti-inflammatory properties.
With rising awareness regarding the health benefits of consuming seafood, consumers are increasingly demanding high-quality seafood. Aquafeed additives are used to deliver quality-maintained feeds to aquatic animals to enhance their growth and health. These additives are mainly made from raw materials such as soybean, fishmeal, sunflower seed, corn, fish oil, additive, peas, and others. They contain nutritious and growth-inhibiting properties.
Soybeans are a great source of amino acids and proteins. Feed additives play an essential role in the development of aquaculture across the globe. The availability of food supplements allows for the profitable growth of the aquaculture industry. In fact, aquaculture is one of the fastest-growing industries in the world, owing to the rising consumption of fish and other seafood products.
In recent years, aquaculture practices have been adopted in different environments such as freshwater ponds, brackish water culture, marine culture, recirculating tanks, and other similar environments. The aquafeed additives market registered robust growth, owing to its rising demand among the end-users. The increasing demand and consumption of processed seafood, processed poultry, and aqua products drive the aquafeed additives market.
Rising importance of vitamins and minerals among aquaculture practitioners is increasing the demand for feed additives. Factors including the health benefits of eating seafood and growing expenditure on seafood products are boosting the market. Additionally, increased consumption of fish as part of a regular diet and growing concerns regarding the quality and safety of seafood are driving the aquafeed additives market.
Other factors that drive the aquafeed additives market include favorable initiative measures taken by governments and increasing consumer interest in mineral-rich foods. Increasing investment on the infrastructure of aqua farming and rising research and development activities in aquaculture provide lucrative opportunities for the growth of the aquafeed additive market.
The market report finds that the COVID-19 pandemic had a negative impact on the global aquafeed additives market. The pandemic caused the shutdown of various manufacturing firms, which reduced the market operations, leading to a slowdown in the processing activities of fisheries. Halt on all manufacturing activities, a ban on import and export, and a switch to essential items amid the lockdowns created an imbalance in the aquafeed additive market.
The security of raw materials, as well as the lack of staff, posed challenges to manufacturing firms. On account of the uncertainty caused by COVID-19, the demand for seafood and seafood products decreased. Additionally, various industry events including the animal trade show and animal nutrition conference have been canceled, until the regulatory authorities provide further notice, due to the long-imposed lockdowns and restrictions on social movements and gatherings.
American Feed Industry Association (AFIA), for instance, canceled the Purchasing & Ingredients Suppliers Conference (PISC), which was expected to be held in March 2020, due to the COVID-19 restrictions. As a result of the pandemic, the aquafeed additive market registered major disruptions, leading to a decline in the market.
Aquafeed Additives Market Dynamics
The aquafeed additives market report presents a complete overview of market dynamics by focusing on the current market trends, existing drivers, growth opportunities, and emerging challenges that can shape the outcome or overall performance of the market during the forecast period, 2022 to 2030.
Major Trends
Growing usage of palatants among aquaculture practitioners is driving the market
Palatants, as flavor-enhancing agents, are increasingly used for improving the nutritive value and palatability of products by aquaculture professionals. Feed palatability helps in determining the quality of aquafeed and intake of these nutrient-rich ingredients, which, in turn, aids in reducing the economic losses of aquaculture. Growing awareness over the benefits of feeding palatants influences the sales of palatants, leading to an increase in their consumption in aquaculture.
Rising usage of insect protein in aquafeed emerges as a key market trend
Insects contain a high amount of protein. They are a sustainable and natural source of high-quality protein. Growing approval of its usage in aquafeed additive processes is a major factor that is expected to drive the market. Insect meal production emerges as a key market trend, due to its effective application as a feed ingredient in aquaculture practices. This is contributing to the aquaculture additives market growth.
Key Drivers
Growing demand and consumption of fish fuels the aquafeed additive market
Fish has been a regular dietary supplement across the globe. It has high protein and vitamin content and is a major source of high-quality proteins. Increasing demand for fish for human consumption is expected to boost the feed additives market. With the availability of different types of fish, fish consumption among consumers has been increasing significantly. Rising awareness of the health benefits of eating fish and increasing expenditure on highly nutritious food is driving the fisheries.
Vitamin and mineral-rich feed additives are increasingly given to aquatic animals as supplementary nutrients for enhancing their growth & health and producing high-quality fish products. These factors influence fish farmers and aquaculture professionals to obtain aquafeed additive supplements for aquatic animals. Aquafeed additives provide various health benefits to aquatic animals.
Species-specific fish nutrition provides nutrients and helps in improving digestion in aquatic animals. Rising fish consumption is influencing the sales of aquafeed additives. Increasing trade and export of fish and other aquaculture products is contributing to the rising consumption of fish, which is driving the aquafeed additive market.
Development of natural feed additives increases the demand for aquafeed additives
Aquafeed additives have been associated with adverse environmental impacts, due to the presence of specific chemical components. When shrimps and fish consume additives, they excrete ammonia and feces as an end product in the water. This accumulated waste feed pollutes the water and soil. High presence of ammonia in the water is toxic to aquatic life. It poses high risks for high-density fish farms.
Key manufacturers have developed animal feed additives, which are sustainable for the environment. For instance, feed phytogenic additives are natural products and are a good choice for both antibiotic-free feed and conventional programs. These natural solutions provide environmental benefits. Additionally, they aid in improving performance and are beneficial to consumers.
Additionally, other organic compounds including prebiotics, phyto molecule, and organic acids add nutritional value to feed supplements and are generating incremental opportunities for manufacturers to cater to the demands of consumers. Therefore, the development of these natural-based additive solutions is expected to increase the demand for aquafeed additives among people across the world. The bioavailability of these compounds motivates key manufacturers to invest in the aquafeed additive market.
Growing consumption of seafood products is propelling the market
Seafood are a great source of high protein, minerals, and vitamins. They contain low saturated fats and important nutrients such as vitamin A, B, and omega-3 fatty acids. These nutrients are important for maintaining healthy eyes and improving the immune system. For instance, seafood, including catfish, crustaceans, and others deliver omega-3 & omega-6 fatty acids, calcium, phosphorus, proteins, B-12 vitamins, minerals, iron, iodine, magnesium, and zinc.
These nutrients are beneficial to human health, as they offer anti-inflammatory properties, improve memory, and lower blood pressure. Crustaceans are an excellent source of amino acids, including methionine, histidine, threonine, leucine, and valine.
Rising awareness of health benefits of seafood consumption is increasing the demand for seafood products in the market. Along with the growing demand for seafood products, there is an increasing demand for functional ingredients for improving the quality of seafood. This raises the demand for vitamin and mineral additives for aquatic animals, which, in turn, drives the aquafeed additive market.
Processed seafood are highly demanded in the market, owing to the rising disposable income of people and increasing expenditure on nutrient-rich food. This is fostering the demand for seafood products around the globe. Rising awareness of the health benefits provided by supplementary additives to aquatic animals is anticipated to drive the aquaculture and aquafeed additive market during the forecast period.
Existing Challenges
Fluctuation in the availability of raw materials is hampering the market growth
Most fisheries face the problem of periods of scarcity and gut. This leads to fluctuations in the availability of raw materials. There is no completely safe method for storing materials, hence the large volume of unprocessed raw materials causes odor and storage problems. Moreover, unsafe storage spoils the materials and makes them difficult to process, thus hampering the market growth. The government imposed several stringent regulations regarding the approval of aqua products poses great challenges.
Emerging Opportunities
Development of anti-parasites offers growth opportunities in the aquafeed market
High availability of anti-parasites is anticipated to drive the aquafeed additives market during the forecast period. Antiparasitics are used to prevent parasitic diseases that occur in aquatic species. The existing complex and diverse parasites, including unicellular organisms, worms, myxozoans, and crustaceans, make it essential to add an anti-parasitic feed in aquafeed and aquaculture practices to prevent infection among the species.
Rising demand for mineral-rich diets provides lucrative opportunities for the key manufacturers
Rising demand for mineral-rich feed additives among people is expected to create growth opportunities for key manufacturers in the aquafeed additive market. Manufacturing companies are registering an increase in sales with increasing production capabilities to supply mineral-rich ingredients to cater to the demands of various end-users.
Growing awareness about the availability of bio-additives provides growth prospects in the global market. Additionally, increasing demand for protein-rich diets, particularly in emerging economies such as China, India, and Brazil where disposable income of people is rapidly rising, is presenting tremendous growth opportunities in the aquafeed additives market.
Scope of Aquafeed Additives Market Report
The market report includes an assessment of the market, trends, market segments, and regional markets. Market overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Aquafeed Additives Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Product Type (Amino Acids, Antioxidants, Binders, Antibiotics, Vitamins, Minerals, Palatants, Feed Acidifiers, Probiotics & Prebiotics, and Feed Enzymes), Form (Dry Form, Moist Form, and Wet form), Species Type (Fish, Tilapia, Salmonids, Marine Shrimps, Catfish, Crustaceans, Carps, Sea Bass, Mollusks, Mullet , and Others), Source (Plants, Microorganisms, and Animals), Ingredient (Soybean, Fishmeal, Sunflower Seed, Corn, Fish Oil, Additive, Peas, and Others), and Lifecycle (Grower Feed, Starter Feed, Finisher Feed, and Brooder Feed)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Aker Biomarine; Kraeber & Co Gmbh; EcooFeed LLC; Lican Food; Nutriad Inc.; Nutreco; Puretein Agri LLC; Rocky Mountain Biological; Cargil Corporation; Calanus AS; Olmix Group; Norel SA; Lallemand Inc.; Alltech; Nouryon; Darling Ingredients Inc; Kemin Industries; DuPont de Nemours Inc; The Lauridsen Group Inc; Biorigin; Phileo by Lesaffre; and others
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Aquafeed Additives Market Segment Insights
Based on product type, the global aquafeed additive market is segmented as amino acids, antioxidants, binders, antibiotics, vitamins, minerals, palatants, feed acidifiers, probiotics & prebiotics, and feed enzymes. The feed acidifiers segment is leading the market with a growth rate of over 6.8% and is expected to expand at a high CAGR during the forecast period.
Use of feed acidifiers prevents diseases and infections caused by salmonella and E. coli. It has the ability to increase the digestion, which aids in improving immune response, reducing mortality, enhancing feed conversion, increasing resource efficiency, and others. These additives are usually made from organic acid along with their salts and maintain the acid level of the aquatic species.
Additionally, restrictions by the FDA on the usage of various antibiotics encourage people to adopt feed acidifiers. This is driving the aquafeed additive market.
In terms of form, the global aquafeed additive market is divided into dry form, moist form, and wet form. The dry aquafeed segment emerges as the fastest-growing segment, accounting for a CAGR of 4.8% in the global market. This is attributed to its beneficial properties, including easy production, long storage life, quick dispense into the cultured environment, and convenience of transport.
On the basis of species type, the market is segmented into fish, tilapia, salmonids, marine shrimps, catfish, crustaceans, carps, sea bass, mollusks, mullet, and others. The fish segment remained dominant in the market and is anticipated to register high growth during the forecast period. Extensive consumption and growing demand for fish products surge the demand for nutrient-rich ingredients in aquafeed for the production of healthy seafood.
The number of fish culturing farms such as ponds, rivers, lakes, and others is rising to cater to the demand and supply of fish and seafood products. Growing number of fisheries is increasing the usage of feed additives. Tilapia, salmon, catfish, and carp are highly preferred fish among consumers.
The catfish segment market size was valued at around USD 4.1 billion in 2021 and is projected to expand at a high CAGR during the forecast period. Catfish contains omega-3 & omega-6 fatty acids, vitamins and minerals, and high protein content. Catfish gained significant popularity among consumers, due to the increasing adoption of healthy diets and rising preference for nutritious food with health benefits.
Similarly, tilapia is high in demand, as it is resistant to diseases and has a high survival rate. Production of tilapia through aquaculture requires less investment and it grows well in high-density farming.
Based on source, the global aquafeed additive market is fragmented into plants, microorganisms, and animals. The plant-based additives segment is anticipated to contribute to the market revenue in the global market. Plant-based additives are made from various components, including soybean, cottonseed, corn, sunflower seed, peas, and other natural sources.
These additives have highly rich protein and nutrient content, which is increasing their demand across the global aquafeed additives market. These organic additives are sustainable, hence they are progressively used as an alternative to traditional animal-based supplements and used in aquafeed manufacturing. Plant-based additives are easily digestible and have more protein content than other additives. Increased consumption and rising sales of plant-based additives are aiding the market.
On the basis of ingredient, the global aquafeed additive market is divided into soybean, fishmeal, sunflower seed, corn, fish oil, additive, peas, and others. The soybean segment holds a major share of the global aquafeed additive market. The adoption of non-fish sources and ingredients in aquafeed, consisting of a high amount of protein, omega-3 fatty acids, and unsaturated fats, is boosting the market.
Soy protein is extensively used for feeding farm-reared fish and shellfish, as it facilitates their overall growth and development. Key soybean products in aquafeed are mechanically extracted soybean cake, heat-processed full-fat soybean, dehulled solvent-extracted soybean meal, and solvent-extracted soybean meal. Soybean meal is priced significantly lesser than fishmeal, and the consumption of soybean meal is high. This leads to the growth of the segment, which in turn, contributes to the expansion of the market.
In terms of lifecycle, the global aquafeed additive market is fragmented into grower feed, starter feed, finisher feed, and brooder feed. The grower feed segment holds a large market share and is expanding at a CAGR of 4.8%, owing to its increasing demand among the producers of aquafeed. Grower feed facilitates continuous growth among the aquatic species without providing extra minerals and vitamin intake.
In terms of region, the global aquafeed additive market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is expected to register robust growth during the forecast period, 2022-2030. The market in Asia Pacific is driven by various factors. Extensive consumption of fish and other aqua products in the region drives the market.
The rising consumption of processed seafood, poultry meat, and dairy products presents tremendous growth opportunities in the region. The market in Asia Pacific is booming with the rapid expansion of aquaculture industries, fisheries, and other fishing activities. Presence of a large number of manufacturing companies in the region is another key factor that drives the market in the region.
China is the key producer, processor, and consumer of aquaculture products, holding about one-third of the global aquafeed additive supply. Additionally, seafood trading in the region underwent a significant transformation with rapid urbanization and diversification of diets among consumers. This is contributing to the market growth. The feed additive industry in the region is boosted with the availability of a wide range of natural resources and low labor wages, thus propelling the global aquafeed additive market.
The market in North America is projected to register significant growth, owing to the massive consumption of seafood products in the region. Rising intake of seafood on a daily basis, particularly in nations including Canada and the US in response to declining wild fishery productivity, offers a lucrative growth opportunity for the manufacturers of aqua products. Increasing exports of aquafeed products are stimulating market growth in North America.
Development
- In December 2021, Nutreco launched a grower and starter feed for rainbow trout to assist farms to reach their full potential. Validation trials for the launched product reported a growth increase of up to 8% and an 8% reduction in the Feed Conversion Ratio.
- In September 2021, Cargill signed a multi-year contract with The Conservation Fund's Freshwater Institute to evaluate, develop, and improve feeds for the land-based aquaculture industry. The Institute provides guidance and resources to Cargill researchers and nutritionists in recirculating aquaculture systems. The collaboration is expected to develop testing feeds to enhance the economic and environmental performance of land-based aquaculture for recirculating aquaculture systems.
Segments
The global aquafeed additives market has been segmented on the basis of
Product Type
- Amino Acids
- Antioxidants
- Binders
- Antibiotics
- Vitamins
- Minerals
- Palatants
- Feed Acidifiers
- Probiotics & Prebiotics
- Feed Enzymes
Form
- Dry Form
- Moist Form
- Wet form
Species Type
- Fish
- Tilapia
- Rainbow Trout
- Salmonids
- Marine Shrimps
- Catfish
- Crustaceans
- Carps
- Sea Bass
- Mollusks
- Mullet
- Others
Source
- Plants
- Microorganisms
- Animals
Ingredient
- Soybean
- Fishmeal
- Sunflower Seed
- Corn
- Fish Oil
- Additive
- Peas
- Others
Lifecycle
- Grower Feed
- Starter Feed
- Finisher Feed
- Brooder Feed
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Aker Biomarine
- Kraeber & Co Gmbh
- EcooFeed LLC
- Lican Food
- Nutriad Inc.
- Nutreco
- Puretein Agri LLC
- Rocky Mountain Biological
- Cargil Corporation
- Calanus AS
- Olmix Group
- Norel SA
- Lallemand Inc.
- Alltech
- Nouryon
- Darling Ingredients Inc
- Kemin Industries
- DuPont de Nemours Inc
- The Lauridsen Group Inc
- Biorigin
- Phileo by Lesaffre
Competitive Landscape
Key players competing in the global aquafeed additive market are Aker Biomarine; Kraeber & Co Gmbh; EcooFeed LLC; Lican Food; Nutriad Inc.; Nutreco; Puretein Agri LLC; Rocky Mountain Biological; Cargil Corporation; Calanus AS; Olmix Group; Norel SA; Lallemand Inc.; Alltech; Nouryon; Darling Ingredients Inc; Kemin Industries; DuPont de Nemours Inc; The Lauridsen Group Inc; Biorigin; Phileo by Lesaffre; and others.
Some of these players have adopted a series of business development strategies, including mergers and acquisitions, partnerships and collaborations, product launches, pricing analysis, and expansion of production capacity to expand their consumer base and enhance their market share.
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