The global aquafeed additives market size was valued at USD 2.13 billion in 2022 and it is expected to hit around USD 3.23 billion by 2032, poised to grow at a CAGR of 4.3% over the forecast period from 2023 to 2032. The North America region is expected to expand at the fastest CAGR of 4.39% By 2032.
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The aquafeed additives market is growing at a noticeable rate owing to the increasing interest in growing aquatic animals in an anti-biotic environment. Aquafeed additives are used as a nutritive ingredient to preserve and improve the quality of the fish as an end product. The aquafeed additive is used to preserve the physical and chemical properties of seafood, which are later on used in serving the consumers. The rising consumer demand for the safety and quality of seafood leads to the growth of the market. The growing consumption of seafood as a source of protein is also one of the market-boosting elements of the aquafeed additive market.
Aker Bio Marine, one of the leading player in the aquafeed additives market which is also observed as a leading krill processing company grew closer to the annual revenue of $300 million in the financial year 2022.
The growing demand for aquafeed additives is due to the high consumption of aquatic animals or fish as a good source of protein worldwide. Since aquatic animals are a rich source of Omega 3. And it has high nutritive properties for the human body a very good source of protein without any hazardous side effects it is widely accepted globally. The increasing use of additives may increase the shelf life of the fish and increase the popularity of having fish as a meal in the human diet.
The continuously growing population and shift in the demand for high-protein food results in a higher demand for seafood which has directly impacted on the aquafeed additives market in a positive way. The shift in consumer taste and preference towards more health consciousness will rise the consumption of seafood and growth in the demand for the aquafeed additives and other related products during the forecast period. Seafood had various benefits for health such as an increase in the mental development of children lower fat levels in the body and prevention of chronic diseases like cardiovascular diseases.
Providing the high-quality fish product to the consumer and fulfilling the demand for seafood and increasing the quality standards and increasing the storage life of the fish with the same quality standards the aquafeed additive are used. Hence the growing demand for seafood has positively impacted the market of aquafeed additives market.
Report Scope of the Aquafeed Additives Market:
|Market Size in 2023||USD 2.21 Billion|
|Market Size by 2032||USD 3.23 Billion|
|Growth Rate from 2023 to 2032||CAGR of 4.3%|
|Largest Market||North America|
|Forecast Period||2023 to 2032|
|Segments Covered||By Ingredient and By Application|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
Higher consumption of seafood drives the demand of the market
The growing adaption of fish and seafood in the human diet is expected to result in an increased demand for the aquafeed additives products across the globe. Fishes and other aquatic animals carry multiple nutrients that are observed as excellent sources for health benefits. The seafood has lower fatty properties than other meat products. Such products are well known for reducing stress levels and offering strength to overcome the problems like cardiovascular disease and multiple deficiencies. Fish production can be obtained from fresh and saltwater. It can be found naturally or it can be farmed also. Fish is easily available in all regions of the world so there are no problems regarding the availability of the product. Fish is a rich source of proteins as well as it stores the highest nutritive value for the human body.
The increasing concern about health and body consumers shifting towards seafood and adding additional nutritive value to seafood aquafeed additives are used in some proportions. And it can be used as a great preservative agent in seafood. Therefore the higher demand for seafood tends to the growth in the demand for the aquafeed additive market.
Shifting consumer preference towards plant-based additives hampers the market
Since fishmeal and fish oil is the primary raw material for manufacturing the aquafeed additives, the rising trend of veganism across the world is observed to act as a major restraint for the market’s growth. With the shortage in the supply of fishmeal, the manufacturing of additives is becoming less active. Additionally, the majority of the population shifting towards the veg or plant-based diet so the increase in the consumption of plant-based additives is increasing. The demand for plant-based additives is negatively impacting on the demand for aquafeed additives by limiting the growth of the market. As well as the higher demand for fishmeal in the pharmaceuticals industry will create a shortage in the supply for the manufacturing of additives which is also one of the primary factors restraining the aquafeed additives market.
Rising capital investments in the market by potential key players
Rising capital investments in the aquafeed additives market are observed to offer a plethora of opportunities for the market’s growth. With the rising acceptance of aquafeed additives in the global population, market players are forced to develop new products to stay competitive in the market. Market players in the global aquafeed additives market are expected to invest in research purposes and product development during the forecast period owing to the rising consumer demand.
The rising acceptance of the additives will inspire manufacturers the development of new products by using bio-ingredients and sustainable features. An increase in the regional acceptance of aquafeed additives will also promote the major market manufacturers to invest capital in the feed additive business. The increase in capital investment in the regional area will propel the profits for the manufacturer of the aquafeed additives market. The increasing economic expansion will result in opening new market opportunities in the aquafeed additives market.
The Feed Acidifier segment had the largest market share in 2022, the segment is expected to hold a significant share of the market during the forecast period. The growth of the segment in recent times is contributed to the rising preferences towards low pH level additives in the market. The growing health concern in the population would be shifting to the feed acidifier due to its several health benefits. Additionally, consumers show more interest in organic and natural products which will result in an increase in demand for the feed. There are many health benefits of the feed acidifier is helpful in digestive and intestinal issues. These are some of the factors for the higher demand of the feed acidifier segment.
The anti-Parasite segment also shows significant growth in the forecast period. The demand for Antiparasite is increasing due to its effective and controlling properties of the parasite over the environment which is highly needed for the health and growth of the aquatic animals. It also carries the benefit of reducing the use of antibiotics, which is good for the environment and fish bodies. In addition, the pharmaceutical benefits of anti-parasites open opportunities for such ingredients in the rapidly growing pharmaceutical industry.
Catfish is projected as the largest segment with the highest revenue in the forecast period. The catfish segment is highly gaining popularity in multiple geographical areas for its taste and adaptability in nature. Catfish can be found in the fresh water and can be farmed in more cost-effective ways. Aquafeed such as antibiotics, and antiparasitics play an important role in controlling disease formulation and will result in higher demand in the market. The rising demand for catfish, mostly in developing countries is predicted to act as a driver for the growth of the segment.
Carp is another lucrative segment of the market, the segment is expected to show a significant increase during the forecast period. The high nutritional values offered by carp and increased applications of carp in multiple industries are expected to fuel the growth of the segment in the upcoming period.
North America holds the largest share of the aquafeed additives market. The rising population in this region and the increasing consumption of seafood products across the region will attribute to the increasing demand for the aquafeed additives in the region. The region has one of the biggest aquaculture industries which are increasing the demand of the aquafeed additives. The population shifting towards a high protein-based diet for a healthy life will propel the market demand for the aquafeed additives market.
North America is expected to grow significantly in the aquafeed additives market in the predicted period. The rise in the aquaculture industries in the countries like the U.S. will boost the demand for aquafeed additives. Additionally, the rising awareness of the health benefits of the aquafeed additives will expand the consumption of seafood over the period. Furthermore, the rising government regulations as well as support for the manufacturers of aquafeed additives will result in an increase in the growth of the market.
On the other hand, Asia Pacific is observed to witness noticeable growth during the forecast period. The rising government regulations in the field of food additives are expected to drive the growth of the aquafeed additives market in the Asia Pacific.
Key Market Players:
Segments Covered in the Report:
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