New York, March 31, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Aquafeed Additives Global Market Report 2023" - https://www.reportlinker.com/p06320102/?utm_source=GNW
, Skretting, MJI Universal Pte Ltd., Biomar A/S, Dibaq AS, Charoen Pokphand Foods Public Company Limited and Nutreco NV.
The global aquafeed additives market grew from $1.5 billion in 2022 to $1.58 billion in 2023 at a compound annual growth rate (CAGR) of 5.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The aquafeed additives market is expected to grow to $1.96 billion in 2027 at a CAGR of 5.5%.
The aquafeed additives market consists of sales of preservatives, antioxidants, and emulsifiers.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Aquafeed additives refer to a substance that is used for improving the quality of aqua species by protecting the physical and chemical quality of their diet.It is a nutritive/non-nutritive ingredients provided in a small amount.
Aquafeed additives are high in protein and omega-3 fatty acids, boosting the nutritional value of the feed and giving benefits such as a higher growth rate, feed conversion, and a more robust immune system.
North America was the largest region in the aquafeed additives market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the aquafeed additives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main sources of aquafeed additives are animals, microorganisms and plants.Animal-sourced aquafeed additives are additives sourced by animals.
It includes growth promotants, antibiotics, hormones, and essential nutrients in the purified form like vitamins, minerals, amino acids, cholesterol, and phospholipids. The ingredients for aquafeed additives includes anti-parasitic, feed acidifiers, prebiotics, essential oils and natural extracts, palatants and others and are used as ingredients to make feed for carp, rainbow trout, salmon, crustaceans, tilapia, catfish, sea bass and grouper.
The rise in consumption and demand for seafood is expected to propel the growth of the aquafeed additives market.Consumer preference for seafood as a protein source, and increased demand for exotic marine species such as shrimp and oysters, is boosting the growth of seafood.
These species improve the protein requirements as they contain significant levels of vitamins, fat, and fatty oils such as sardine oil, squid oil, essential amino acids, phospholipids, and cholesterol, which are very beneficial for one’s health.According to the FAO’s The State of World Fisheries and Aquaculture 2020 report, the proportion of fish produced for human consumption is predicted to reach 89% by 2030, and with a significant fish consumption growth in Asia, Africa, and North America.
Therefore, the rise in seafood and marine species consumption will drive the aquafeed additives market.
Innovative product development is gaining popularity as a major trend in the aquafeed additives market.Product innovation enables businesses to remain relevant in their market while growing and improving over time.
Aquafeed is a diverse industry that produces hundreds of species on widely disparate production platforms.Major companies focus on improving nutritional understanding by conducting better analyses of alternative raw ingredients and utilizing advanced innovation.
These Innovations include water-stable supplements, organic minerals, ingredient pretreatment, gut environment modifiers, and enzymes. For instance, in February 2020, Denmark-based Aller Aqua, a fish feed producer company, developed Recirculating Aquaculture Systems (RAS), which meets the high demand for feed efficiency, optimal water quality, and subsequent fish growth.
In April 2022, Marel, an Iceland-based food processing company, acquired Wenger Manufacturing LLC for a $540 million deal amount.Through this acquisition of Wenger, Marel is investing in new, complementary, and attractive growth markets, forming the fourth business segment alongside poultry, meat, and fish.
Wenger Manufacturing LLC is a US-based processing solutions company focused on pet food, plant-based proteins, and aqua feed.
The countries covered in the aquafeed additives market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The aquafeed additives market research report is one of a series of new reports that provides aquafeed additives market statistics, including aquafeed additives industry global market size, regional shares, competitors with a aquafeed additives market share, detailed aquafeed additives market segments, market trends and opportunities, and any further data you may need to thrive in the aquafeed additives industry. This aquafeed additives market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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