Aquafeed Additives Market Revenue, Top Companies, Report 2032

Published Date : 30 May 2024

Aquafeed Additives Market Revenue and Opportunity

The global aquafeed additives market revenue was valued at USD 2.21 billion in 2023 and is poised to grow from USD 2.3 billion in 2024 to USD 3.23 billion by 2032, at a CAGR of 4.3% during the forecast period 2023 - 2032. The aquafeed additives market is growing rapidly because of the demand for seafood in consumers.

Aquafeed Additives Market Statistics

Market Overview

Aquafeed refers to formulated feed for aquatic animals such as fish and other animals. Aquafeed provides balanced nutrition to aquatic animals, confirming their progress and development. Aquafeed additives include compounded meals such as sunflower, soybean, corn, fish meal, and fish oil. It consists of two particles: pressure-pelleted bits that sink over water and extruded bits that float on top of the water. It helps to improve the productivity of marine life and protect them from various diseases. Seafood contains protein, vitamins, fats, fatty oils, amino acids, phospholipids, and cholesterol.

For fishing sector production, feeding, and marketing, the National Marine Fisheries Service has announced a strict regulatory framework, resulting in a more structured and contemporary aquafeed market. Various aquafeeds are available on the aquafeed additives market, such as prebiotics, probiotics, emulsifiers, antioxidants, etc. Due to the health benefits for children, low cardiovascular diseases, and low fat in fish and other seafood, the demand is increasing rapidly with the growing population. Aquafeed production is expected to expand in the coming years due to worldwide public demand and health concerns.

Various factors drive the aquafeed additives market

Growth in fish farming in the entire world, along with various advanced-level research and development, are the driving factors for the market. Rising awareness to provide the best aquafeed for the health and growth of aquatic animals is also boosting the market to grow. The increase in population and high-earning sources increase the market demand for aquatic animals. The growing population's choice to consume seafood ultimately increases their income from this source. The demand for catfish in developed or developing countries is high in the market due to its taste and nutritive properties. Catfish are considered the best fit for the aquatic life.

In the 21st century, fishmeal and fish oil are considered staples in aquaculture feed. This heavy demand for fish oil and fishmeal ends up fuelling this market. Aquafeed additives are highly important for feed efficiency, growth, and overall health of aquatic animals. As the demand for aquatic food increases, research and development on the aquafeed market are of concern to companies. The continuous awareness of aquatic life balance compels me to research eco-friendly plant-based additives. Continuous evolution in the aquafeed sector results in aquafeed additives market growth. Wild fisheries face trouble because of overfishing and environmental issues; hence, aquaculture is considered the main source of seafood production. Consequently, the growing aquaculture business worldwide is increasing the request for aquafeed additives. Other protein sources like insect meal, seaweed, and single-cell protein suggest important chances for development. These can be additional or extra old-style fishmeal and oil, considering more ecological and rate-effective resolutions.

Aquafeed additives are primarily prepared with fishmeal and fish oil, but people rapidly following a vegan diet cause restrictions on the market. Aquafeed additive prices differ widely, depending on the species being required. The price of the main element of aquafeed additives is strictly connected to global goods and energy charges. Aquafeed additives usually be subject to soybeans, corn, wheat, and rice. Nonetheless, the charges for these supplies have flown in recent years. Consequently, high charges of aquafeed additives could hamper the development of the market over the estimated period.

Aquafeed Additives Market Report Scope

Report Coverage Details
Market Revenue in 2023 USD 2.21 Billion
Projected Forecast Revenue by 2032 USD 3.23 Billion
Growth Rate from 2023 to 2032 CAGR of 4.3%
Largest Market North America
Base Year 2022
Forecast Period 2023 to 2032
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Top Companies in the Aquafeed Additives Market

  • Olmix Group
  • BASF SE and Cargill
  • Inve Aquaculture
  • Lallemand, Inc.
  • Biorigin
  • Nouryon
  • Delacon
  • Growel Feeds Pvt Ltd.
  • Camlin Fine Sciences Ltd.
  • Diana Group
  • Alltech
  • Norel S.A.
  • Calanus AS
  • Aker Biomarine
  • Kemin Industries, Inc.
  • DuPont
  • Adisseo
  • Nutreco
  • Skretting

Recent Development by Nutreco

  • In February 2023, Nutreco is a worldwide leading company for animal nutrition and aquafeed. It acquired a minority stake in animal health’s most advanced microbiome biotech company, BiomEdit.

Recent Development by Skretting and Calanus AS

  • In November 2023, Skretting, the largest manufacturer of fish feed in the world, is working with biotechnology startup Zooca Calanus to create a copepod-based feed specifically for the aquaculture sector. Through this new relationship, Zooca Calanus will be able to utilize its experience in the gathering and processing of Calanus finmarchicus, a small marine copepod rich in critical minerals, to create creative and sustainable nutritional solutions.

Regional Insights

North America dominated the aquafeed additives market in 2023. The growing population in this area and the growing consumption of all the seafood products in the entire region will contribute to the growing demand for aquafeed additives in the area. The area has one of the major aquaculture productions, which is growing the demand for aquafeed additives. The population fluctuating towards a huge protein-based regime for a good life will drive the market request towards the market.

  • In January 2023, BASF and Cargill announced at the IPPE exhibition in Atlanta that they are expanding their collaboration and include the US in their current feed enzyme development and distribution arrangement. Together, the two businesses are dedicated to providing clients with animal feed with unique value by introducing cutting-edge enzyme-based solutions to the market.

Asia-Pacific is estimated to have noticeable growth from 2024 to 2033. This is because of the increasing demand for managed seafood, growing urbanization, and diet divergence. Higher earning sources are the reason people demand premium quality seafood, and hence, the demand for aquaculture production is growing amongst the major creating countries, China, India, Bangladesh, Vietnam, etc., which are the top countries in the area. The regional section gives ideas about individual market growth factors and variations in market regulation that influence the current and future tendencies of the market.

The occurrence and accessibility of global companies and their encounters faced due to huge or infrequent competition from both local and domestic companies, as well as the influence of domestic traffic and trade ways, are measured while providing a prediction study of the country's data. A growing number of customers in the Asia-Pacific has resulted in an enlarged demand for protein obtained from animals (counting fish). This is expected to drive the request for fish food, growing the aquafeed additives market over the predicted period.

Market Potential and Growth Opportunities

Health benefits

The human consumption of fish is predicted to increase on an interpretation of the numerous health benefits linked to fish, counting attractive intellectual growth in children, supporting in dropping the risk of cardiac diseases, and reducing the fat level in the human body, which reduces the risks related to obesity. This is predicted to boost the demand for strong and disease-free fish and good-quality fish products, subsequently improving the feeding of aquafeed additives over the predicted period. Aquafeed additives are the best consumption for getting omega-3 fatty acids and proteins.

They increase the nutritional worth of the feed and provide multiple health benefits, such as improved protein digestibility, increased growth rate, improved feed adaptation, decreased mortality rate of aquatic species, and better immune system. Consequently, growing consciousness among aquafeed producers concerning the nutritional assistance of aquafeed additives rich in protein is predicted to activate market growth. Additionally, protein demand is witnessing a flow due to increasing consumer consciousness and overwhelming food with good nutritional value.

Aquafeed Additives Market News

  • In April 2023, MiAlgae launched Omega 3 products derived from algae for aqua feed and pet food. They have introduced NaturalAlgae, which is a dry powder with a high concentration of DHA and other oils that can be supplied as a supplement to aqua feed and pet food formulation.
  • In July 2023, De Heus, a top company in animal nutrition, launched the opening of a dedicated fish feed plant in Uganda.

Market Segmentation

By Ingredient

  • Anti-Parasitic
  • Feed Acidifiers
  • Prebiotics
  • Essential Oils and Natural Extracts
  • Palatants
  • Hydrolysates
  • Yeast Extracts
  • Others

By Application

  • Carp
  • Rainbow Trout
  • Salmon
  • Crustaceans
  • Tilapia
  • Catfish
  • Sea Bass
  • Grouper
  • Others

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