03 March 2021
Visiongain has published a new report on Aquafeed Additives Market Report to 2031: Forecasts by Source (Plants, Animals, Microorganisms), By Product Type (Feed Acidifiers, Palatants, Prebiotics, Essential Oils & Natural Extracts, Hydrolysates, Yeast Extracts, Anti-Parasitic, Others), By Species (Salmon, Rainbow Trout, Sea Bass, Grouper, Crustaceans, Carp, Tilapia, Others) PLUS Profiles of Leading Aquafeed Additives Manufacturing Companies and Regional and Leading National Market Analysis, PLUS COVID-19 Recovery Scenarios.
Global Aquafeed Additives market was valued at US$ XX million in 2020 and is projected to reach a market value of US$ xx million by 2031. Growth in the cultivation of species such as catfish, salmon, tilapia in the emerging economies to meet their domestic demand is actuating the market for aquafeed additives.
COVID-19 Impact on Aquafeed Additives Market
The COVID-19 pandemic had a severe impact on the aquaculture industry, which had its impact on the aquafeed additives market as well. The manufacturers of aquafeed are the primary purchasers of aquafeed additives, however, the consumption pattern of seafood have considerably changed amid the coronavirus pandemic. The decline in demand was primarily impacted by the lockdown that has forced the food joints, hotels and restaurants to stay closed in most of the regions worldwide. Additionally, people were more concerned regarding contamination of the food as most of the countries import fish and seafood from countries such as China and India, which were hit hard by the pandemic. This has impacted the international trade of fish and seafood across globe resulting into reduction in supply and increase in the prices of product, which is the result of increasing raw material and other related prices across the value chain of the industry. However, with the resuming of international trade in most of countries, the market is experiencing a positive outlook and is expected to further grow.
Escalating market growth of aquaculture industry with a pool of investments by the market players and organizations to drive the market demand
Aquaculture industry is growing at a rapid pace and is primarily driven by the growing population and demand for protein from the consumers. The global food demand is estimated to increase by 70% by 2050, with the increasing population across globe. The major demand is driven by the emerging economies where the population is increasing at a high rate, income levels are increasing causing dietary changes including high protein intake. The demand for fish is expected to reach 30 million tons by 2030, which is creating the demand for aquafeed additives, to raise healthy fishes and to improve the overall production. Additionally, the global aquaculture production experienced growth of 527% during the period 1990 to 2018, which considerably improved the quaculture business across the globe. Additionally, most of the emerging economies are planning to commercialize the aquaculture trade, such as the companies from Norway are investing into aquaculture business in Vietnam to explore the lucrative business opportunities in the country. Along with this the players in Vietnam aquaculture market are also building trade relations to commercialize he sector. Commercialization of the aquaculture trade is proliferating the market for aquafeed additives globally.
Need to provide innovative functional ingredients to improve health of aquatic life
Functional ingredients have various advantages helping the aquatic animals in improving health, which is driving the innovations in functional feed additives. Aquatic animals are prone to diseases such as renibacteriosis, aeromonasis, vibriosis, edwardsiellosis, and pseudomonasis among others and needed to be addressed to improve the health of animals. Additionally, the aquaculture industry has reported a trend of pathogens that that are previously unreported and leads to new diseases, which leads to major production loss. Companies present in the aquafeed additives market are focusing on manufacturing products that ensures safe and healthy aquaculture production. Additionally, developments are being made to enhance the reproductive functions of aquatic animals along with support to the animal response against oxidative stress. In addition to the innovation in additives to improve reproductively in the animals manufacturers are increasing their production capabilities to develop feed additives that includes nucleotides, to improve the growth during the early development stage of lifecycle. Nucleotides have the ability to improve disease resistance among the aquaculture industry.
Development of innovative solutions for aquafeed industry using the advanced technologies
The key players in the aquafeed additives market and tech giants are coming together to develop advanced solutions to serve the aquaculture industry. Artificial Intelligence (AI) and machine learning are some of the technologies being used to ensure supply of nutritional feed for the aquaculture industry. Ensuring nutritional feed helps the fish farmers to improve their yield along with the health of fishes. Additionally, the data collected using these technologies are used by the researchers to gather in the development of improved feed additives. Some of the companies such as Cargill are using machine learning and sensors in their iQShrimp predictive software platform that provides farmers with the insights about shrimp size, feeding patterns, water quality, and weather conditions by using automated feeders, mobile devices, and sensors. This will help the farmers as well as the aquafeed additive manufacturers to gain important information that can be used to devvelope innovative solutions for shrimps. Developments like these using advanced technology are promoting the aquafeed manufacturers to provide improvised ingredients to their customers.
Rising demand for natural aquafeed additives from the key market players
Natural feed additives forges the aquaculture production more efficient and reduces the need for medicated treatments along with reducing the waste discharge in the surrounding environment while improving fillet quality and overall profitability. This also helps in making aquaculture sustainable thereby achieving the long-term goal of sustainable development. Additionally, studies have been made revealing that natural aquafeed additives improves the shrimp productivity, improves survival rate and feed conversion. The industry leaders are focusing on the further development in the natural aquafeed additives segment to maintain their leadership position in the market. Moreover, new players are also emerging to tap the opportunities in natural aquafeed additives market, which will further drive the market demand.
Some of the companies profiled in the report include Cargill Incorporated, Cermaq Group AS, Ridley Corporation Limited, BENEO GmbH, Norel Animal Nutrition, and Royal DSM among others. Market leaders are venturing into new business opportunities to maintain their leadership position in the aquafeed market space. For instance, in February 2018, ADM Animal Nutrition introduced a new protein ingredient ‘PROPLEX® T’ for aquatic feed. The new product provides feed manufacturers the flexibility in preparation of the feed due to its favorable amino acid profile and high protein content.
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